PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498739
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498739
IV Dressing Market size was valued at USD 818.2 Million in 2023, expanding at a CAGR of 6.00% from 2024 to 2032.
An IV dressing sometimes referred to as an intravenous dressing or device, is essential for holding intravenous catheters in place securely and safely. These dressings, which are often composed of porous, transparent materials like fabric or film, have an adhesive backing that ensures a snug fit against the skin. IV dressings assist in preserving the integrity of the insertion site and lower the risk of infection by acting as a barrier against outside pollutants.
IV Dressing Market- Market Dynamics
Developments in Medical Technology to Propel Market Growth
Recent developments in medical technology have opened up new commercial potential for IV dressings. In the forecast year, strong developments by major companies and their participation would further increase market demand. For instance, in September 2022, the Evonik Industries AG Company and Coopmed inked a deal for Epicite, an alternative hydrogel treatment for outpatients with chronic wounds. In the coming years, the IV dressing business will be driven by these distribution agreements with top sales organizations. Intravenous therapy is becoming more and more popular because of innovations in materials science, adhesives, and design. Similarly, in December 2022, REVIV opened an innovative clinic in Harrods and started IV drip therapy as a way to strengthen nutritional support in the United Kingdom. These advancements make the removal procedure simpler, lower the risk of infection, and improve patient comfort. Additionally, the need for dependable and effective IV dressing solutions has increased because of the rise in chronic illnesses requiring long-term IV therapy. In the upcoming years, the IV dressing market is expected to grow thanks to continued research and development efforts that improve functionality and durability even further.
IV Dressing Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.00% over the forecast period (2024-2032)
Based on product type segmentation, the transparent category was predicted to show maximum market share in the year 2023
Based on end-user segmentation, the hospitals category was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global IV Dressing Market is segmented on the basis of Product Type, Application, End User, and Region.
The market is divided into two categories based on product type: Transparent and Translucent. The transparent category dominates the market. Transparent IV dressings provide many benefits, including lowering the number of dressings needed, preserving skin integrity, lowering the risk of infection and damage, and acting as a barrier against external pathogens and air pollutants. Transparent IV dressing also lessens the requirement for skin preparation before each dressing, which saves money and time. Applying preparation solutions repeatedly might cause skin irritation, particularly if the skin is already more delicate due to frequent tape removal.
The market is divided into the following categories based on application: Reusable and Disposable. The disposable category dominates the market and is likely to maintain its dominance in the forecast period. They are convenient and simple to use, lowering the chance of cross-contamination and doing away with the requirement for sterilizing. Second, and most importantly for patient safety, disposable dressings generally show better adherence to infection control procedures. Furthermore, they provide healthcare facilities an economical choice because they do not require regular repairs and save total maintenance expenses. Ultimately, the increasing focus on infection control is what propels the use of disposable IV dressings.
IV Dressing Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
Throughout the forecast period, North America is anticipated to hold the greatest share of the global market for IV dressing. The availability of cutting-edge healthcare facilities and a growing need for technologically enhanced medical care are some of the major drivers of regional market expansion. Additionally, the region's growing awareness of and use of IV therapies is anticipated to propel market expansion. Furthermore, the aging population in North America is driving up demand for IV therapy and other healthcare services, which means that IV dressings are becoming more and more necessary to support patient care. For instance, it is projected that the number of senior citizens in the United States who are 65 years of age or older will climb from 58 million to 82 million by 2050, a noteworthy 47% increase. As a result, it is anticipated that the percentage of this age group in the total population will increase from the present 17% to 23%.
In addition, the IV dressing market is anticipated to expand at the fastest rate in the world during the projected period in Asia Pacific. The market for IV dressing solutions has increased in Asia-Pacific due to factors such as the region's aging population, expanding healthcare infrastructure, and rising incidence of chronic illnesses. This expansion is explained by the region's emphasis on cutting-edge medical technology as well as the expanding popularity of at-home healthcare services. In addition, new items have been developed as a result of continuous improvements in material science and production techniques. To address wounds that are acute, traumatic, chronic, or postoperative, the Indian government's venture fund, KITVEN Fund, Karnataka, Fibroheal Woundcare, and Biotechnology Company created wound treatment products based on silk proteins in November 2022. Asia-Pacific is, therefore, the region in the IV dressing industry that is expanding at the highest rate.
The IV dressing market is highly competitive, with a mix of large international corporations and smaller to medium-sized businesses vying for market share. The constant launch of novel items that make use of a variety of technologies is a crucial component of market strategy. Prominent companies such as 3M Company, Cardinal Health, Inc., Covalon Technologies Ltd., and DermaRite Industries, LLC., among others, hold significant sway in this ever-changing market, frequently propelling innovations through huge investments in research and development. In addition, despite changing regulatory environments, strategic partnerships, acquisitions, and mergers are essential for bolstering market positions and growing worldwide footprint.
January 2024: United Medco, a nationwide supplier and partner of member engagement and supplemental benefits, was acquired by Medline. By strengthening the organization's best-in-class distribution capabilities and increasing the range of additional benefits it offers, this strategic deal represented a major turning point in Medline's expansion of its Health Plans business. It is expected that this acquisition will give the company a competitive advantage.
June 2023: Leading provider of advanced wound care and surgical solutions, Advanced Medical Solutions Group Plc., announced that the FDA had granted 510(k) clearance for its ground-breaking LiquiBand Rapid product. An interesting addition to AMS's LiquiBand portfolio, LiquiBand Rapid has a drying time that is noticeably faster than that of its competitors and has great potential for application in a variety of situations, including emergency rooms and operating rooms.
February 2023: In an effort to better understand and apply the most cutting-edge techniques for neonatal intensive care and shield kids and newborns from infection, Covalon Technologies Ltd. attended the Conference for Neonatology (NEO). IV Clear is a transparent, antibacterial vascular access dressing from Covalon that helps avoid infections. It was anticipated that this project would increase the company's IV dressing offerings.
GLOBAL IV DRESSING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
3M Company
Lohmann & Rauscher GmbH & Co. KG
Cardinal Health, Inc.
DermaRite Industries, LLC.
Covalon Technologies Ltd.
Molnlycke Health Care AB
DeRoyal Industries, Inc.
McKesson Corporation
Medline Industries, LP.
Paul Hartmann AG
Richardson Healthcare, Inc.
Smith & Nephew plc
Others