PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424970
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1424970
Disposable IV Therapy Products Market size was valued at USD 2,837.22 Million in 2023, expanding at a CAGR of 6.1% from 2024 to 2032.
Disposable IV therapy products are medical devices specifically designed for intravenous (IV) therapy. This essential medical procedure involves the direct delivery of fluids, medications, and other treatments into a patient's bloodstream through a vein. These disposable products are created for single-use purposes, serving to prevent the risk of infection and guarantee patient safety. For example, a sterile disposable IV infusion set is utilized to safely administer fluids and medication to the patient, while also providing ongoing venipuncture access for blood sampling. Additionally, the ADVIN infusion set is specifically designed for delivering insulin under the skin. It comprises a comprehensive tubing system that connects an insulin pump to the user, including a subcutaneous cannula, adhesive mount, quick disconnect, and a pump cartridge connector. The specific disposable IV therapy products employed may vary depending on the healthcare setting, patient requirements, and the type of treatment being administered. Healthcare professionals strictly adhere to rigorous protocols to ensure the utmost safety and effectiveness of IV therapy.
Disposable IV Therapy Products Market- Market Dynamics
An increasing number of patients suffering from chronic diseases are expected to augment market growth
Chronic illnesses such as cancer, diabetes, cardiovascular diseases, and autoimmune disorders often necessitate regular administration of medications, fluids, or other therapeutic agents through intravenous routes. This ongoing need for IV therapies contributes to the demand for disposable IV therapy products. A significant portion of the American population, six out of ten individuals, live with at least one chronic disease, including heart disease, stroke, cancer, or diabetes. These chronic diseases are the primary causes of death and disability in the United States, and they also contribute significantly to healthcare expenses. The World Health Organization reports that cardiovascular diseases account for the highest number of deaths due to non-communicable diseases, with 17.9 million people succumbing to them annually. Cancers follow closely with 9.3 million deaths, chronic respiratory diseases with 4.1 million deaths, and diabetes with 2.0 million deaths, including those caused by kidney disease related to diabetes.
Disposable IV Therapy Products Market- Key Insights
As per the analysis shared by our research analyst, the global Disposable IV Therapy Products market is estimated to grow annually at a CAGR of around 6.1% over the forecast period (2024-2032)
Based on product type segmentation, IV Catheters was predicted to show maximum market share in the year 2023
Based on End-User segmentation, hospitals were the leading type in 2023
Based on region, North America was the leading revenue generator in 2023
The Global Disposable IV Therapy Products Market is segmented based on Product Type, End-User, and Region.
The market is divided into five categories based on product type: IV Catheters, Infusion Sets, IV Cannulas, Stopcocks & Check Valves, Needleless Connectors and Others. The market is primarily dominated by the IV Catheters segment. These catheters have been specifically designed with safety features to minimize the occurrence of needle stick injuries for healthcare providers. Additionally, they frequently incorporate mechanisms that allow for the retraction or covering of the needle post-use.
The market is divided into three categories based on End-User: Hospitals, Clinics and Home Care Settings. The market is largely dominated by the hospital segment. Patient safety is of utmost importance to hospitals, and they adhere to infection control measures by utilizing disposable IV therapy products. By using single-use items, the risk of cross-contamination is minimized, thereby reducing the occurrence of healthcare-associated infections.
Disposable IV Therapy Products Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further categorized based on the countries involved in business activities. The growth of the market is expected to be driven by North America, primarily due to its strong healthcare infrastructure and increasing utilization of various products to enhance patient care and safety. The United States and Canada, in particular, have well-established and robust healthcare systems. In 2020, the U.S. healthcare expenditure reached $3.8 trillion, accounting for 19.7% of the GDP, as reported by healthcare industry statistics. The use of disposable IV therapy products helps reduce the risk of infections and improves overall patient safety. This focus on patient safety aligns with the growing adoption of disposable medical devices. Europe holds the second-largest region for market growth, mainly due to the rising incidents of needle stick injuries and injections.
The competitive landscape of the Disposable IV Therapy Products Market is characterized by the crucial role these products play in the healthcare industry. They provide a safe and efficient method of delivering fluids, medications, and nutrients to patients. Designed for single use, these products minimize the risk of contamination and infection. To stay ahead in the market, all major players must invest in research and development to incorporate innovative features and technologies into their disposable IV therapy products. Expanding globally and entering emerging markets are common strategies employed to counter competition and explore new avenues for growth. For instance, Sanofi, Novo Nordisk, and Eli Lilly dominate the market due to their strong positions in the insulin market, which is the largest segment of the overall diabetes market. Sanofi is currently working on a biosimilar to Eli Lilly's popular rapid-acting insulin analog, Humalog, while Eli Lilly has recently partnered with Boehringer Ingelheim to develop Basaglar, a biosimilar to Sanofi's equally popular long-acting insulin analog, Lantus.
In December 2023, Baxter International Inc., a leading innovator in infusion therapies and technologies, announced the successful completion of the initial phase of its pilot program for recycling intravenous (IV) bags. This program, launched in collaboration with Northwestern Medicine, an esteemed integrated academic health system in Chicago, has diverted over six tons (or 12,000 pounds) of polyvinyl chloride (PVC) IV bag waste from landfills. If these bags were laid end-to-end, they would span the entire city of Chicago. This pioneering program is the first of its kind in the United States.
GLOBAL DISPOSABLE IV THERAPY PRODUCTS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
B. Braun SE
Baxter
BD
ICU Medical, Inc.
JMS Co.Ltd.
Terumo Corporation
3M
Moog Inc.
NIPRO
ARCOMED
Fresenius Kabi AG
Teleflex Incorporated
Others