The North America Intravenous Equipment Market would witness market growth of 4.9% CAGR during the forecast period (2023-2030).
The different medical equipment and tools used to administer fluids, medicines, and nutrients straight into a patient's veins are called intravenous equipment. This equipment is made to provide precise and secure drug administration during intravenous (IV) therapy. IV catheters, infusion pumps, administration sets, securement devices, needleless connectors, drip chambers, and stopcocks are just a few examples of the various intravenous equipment used.
The market is expanding as a result of the rise in chronic disease prevalence, the rapid aging of the population, and technical improvements. Chronic diseases like diabetes, cancer, cardiovascular disease, and respiratory conditions are on the rise. In order to effectively treat and control these diseases, intravenous therapy is frequently needed. The demand for intravenous equipment, including catheters, infusion pumps, and administration sets, is driven by the rise in the prevalence of chronic diseases.
Chronic diseases are more common as people age, and intravenous therapy is more necessary. Since intravenous equipment is essential for providing drugs, fluids, and nutrition to manage and treat various age-related disorders, the rising geriatric population is increasing demand for it. The market is growing significantly as a result of this demographic change.
The medical device sector in Canada is very diverse, and the majority of key market players are small and medium-sized enterprises (SMEs). The main activities include the development of diagnostic, medical, and therapeutic gadgets, as well as their manufacturing and regulation. According to the International Trade Administration, the medical device industry is estimated to be worth USD 6.5 billion and is projected to expand by 2.1% year through 2026. Medical equipment exporters from the United States have prospects in the Canadian sector. About 70areof domestic demand for medical gadgets is met by total imports. In 2021, the United States provided around 32% of Canada’s total imports of manufactured medical goods and equipment, followed by China, Mexico, and Germany. Therefore, North America has very profitable future prospects for the market.
The US market dominated the North America Intravenous Equipment Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $5,745.3 Million by 2030. The Canada market is experiencing a CAGR of 7.3% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 6.4% during (2023 - 2030).
Based on Product Type, the market is segmented into IV catheters, Infusion Pumps, Administration Sets, Needleless Connectors, and Others. Based on End User, the market is segmented into Hospitals & Clinics, Homecare Settings and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Worldwide Intravenous Equipment Market is Projected to reach USD 21.9 Billion by 2030, at a CAGR of 5.6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include AngioDynamics, Inc., B. Braun Melsungen AG, ICU Medical, Inc., 3M Company, Teleflex, Inc., Terumo Corporation, Baxter International, Inc., Becton, Dickinson and Company, Vygon and Poly Medicure Limited
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