The global intravenous (IV) access devices market is highly fragmented, wherein a few top players, namely Hospira, Inc., CareFusion Corporation Becton, Dickinson and Company, and Baxter International, commanded over half the total market revenue in 2012. Hospira, Inc. dominated the market at 17.4% in 2012 and was followed by Becton, Dickinson and Company, CareFusion Corporation, and Baxter International.
Competition among the dominant and other players in the market for intravenous access devices is high. On account of this, as well as limited product differentiation, there has been a continuous price war in the market. One of the popular business strategies leveraged by the manufacturers of intravenous access devices to retain their clients is to sign contracts with end users such as hospitals and diagnostic centers path labs to provide long-term warranty and post-purchase services.
Innovative products of various well-entrenched players such as pen needles, SmartSite, Trellis Peripheral Infusion Pumps, and Echelon catheters have helped them further improve their sales and revenues.
Barriers to entry are low in the global market for intravenous access devices. This, coupled with stiff competition, will result in the healthy growth of the market, which is expected to be worth US$46.4 bn by 2019.
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Asia Pacific Increasingly Attractive Market due to Large Geriatric Population and Patient Pool
Product-wise, intravenous access devices can be divided into intravenous needles, intravenous infusion pumps, and intravenous catheters. Intravenous catheters come in two different forms – central catheters and midline peripheral catheters. Central catheters are further segmented into peripherally inserted central catheters (PICC) and centrally inserted central catheters. TMR reveals that intravenous catheters contributed the most toward the global market. In terms of percentage share contribution, the segment has accounted for almost half the market and is slated to increase marginally in the forthcoming years. Its market was valued at US$17.11 bn in 2015. It was followed by intravenous needles in terms of market share.
From a geographical standpoint, North America has accounted for the maximum market share with a revenue of US$15.72 bn in 2015. The drastic increase in cancer patient population has resulted in the growth of the market. Europe follows next, with Germany, the U.K., Italy, France, and Spain being major markets. Asia Pacific, however, is the most lucrative market and is predicted to demonstrate the strongest growth through 2019 because of a large geriatric population and patient pool. The market is powered mostly by China, followed by other regions, namely Japan, Koreas, the Indian subcontinent, Southeast Asia, Australia, and New Zealand.
Growing Number of Elderly Worldwide Driving Market Growth
Intravenous access devices find application in administration of various medications such as analgesics, antipyretics, anesthesia, and anticancer drugs. The growing occurrence of cancer, tuberculosis (TB), and viral infections is expected to drive the market. Yet another factor that is likely to boost growth is an increasing geriatric population worldwide.
“Due to an improvement in healthcare policies in various nations such as the U.S., Japan, the U.K. and China, access to various diagnostic and treatment services has been enhanced, which has, in turn, increased the life expectancy of the population. Elderly people are prone to various chronic and acute diseases; hence an increase in the patient pool. These patients are usually unable to take oral medication and are therefore given medication and nutrition intravenously,” explains the analyst of the TMR report.
Countering market growth are concerns over risks associated with the use of needles. Also hampering the market is the lack of regulatory approval for intravenous insulin in infusion pumps in important markets such as the U.S., which is home to a large diabetic population.
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