Intravenous therapy is used to administer medicine, nutrients, blood, and buffer solution directly into the vein. IV therapy works faster for the quick immune system response and relief from chronic diseases as compared to oral mode of medication.

IV therapy can be easily monitored and has infusion pump that controls the volume of the substance to be administered in the body. Increase in incidence of chronic disorders, surge in trauma cases, rise in geriatric population, and growth in road accidents are expected to boost the market growth during the analysis period. However, lack of skilled professionals is projected to restrain the market growth during the forecast period.

North America dominated the market, with highest share in 2016, and is expected to maintain the lead during the analysis period. However, Asia-Pacific is expected to grow with the highest CAGR, owing to significant increase in the number of well-equipped hospitals with advanced healthcare systems to cater to the needs of the large patient population.

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According to a new report published by Allied Market Research, titled, Intravenous Therapy and Vein Access Devices Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global intravenous therapy and vein access devices market was valued at $18,000 million in 2016, and is projected to reach $27,971 million by 2023, growing at a CAGR of 6.4% from 2017 to 2023. The intravenous catheter segment accounted for one-third share of the total market in 2016.

The major players profiled in the global IV therapy and vein access devices market are Becton, Dickinson and Company, B. Braun Melsungen AG, Terumo Medical Corporation, Teleflex Medical Inc., Medtronic Inc., Smith & Nephew plc., AngioDynamics, Inc., Pfizer Inc., Insulet Corporation, and Fresenius SE & Co. KGaA.

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The intravenous catheter market segment held the highest share in 2016, owing to increase in healthcare expenditure and continuous advancement in intravenous catheter technology, which are expected to support the growth of this market during the forecast period.

Medical administration held the highest market share in 2016, owing to wide use of IV therapy for medication administration as it is most effective, fast acting, and suitable for unconscious and emergency patients. The hospitals segment gained the highest market share in 2016, owing to highest number of surgical procedures in hospitals resulting in usage of IV therapy.

North America accounted for two-fifths share in 2016, and is expected to dominate the market throughout the forecast period. This is attributed to increase in incidence of chronic diseases due to rise in geriatric population, well-established healthcare systems, and increase in awareness among the population toward timely diagnosis and treatment of diseases. In addition, higher adoption rate for technologically advanced devices is anticipated to provide new growth opportunities for the key players in the market.

However, Asia-Pacific is projected to grow at the highest growth rate during the analysis period, owing to rise in healthcare expenditure, increase in per capita income, growth in demand for healthcare services from large pool of patient population, and improvement in healthcare infrastructure.

Key Market Benefits

• The study provides an in-depth analysis of the IV therapy and vein access devices market with current trends and future estimations to elucidate the imminent investment pockets.
• The report provides a quantitative analysis from 2016 to 2023 to enable the stakeholders capitalize on prevailing market opportunities.
• Extensive analysis by product, application, and end user helps to understand various trends and prevailing opportunities in the respective market.
• Comprehensive analysis of all geographical regions is provided, which determines the main opportunities in these geographies.
• Key market players are profiled and their strategies are analyzed thoroughly to predict the competitive outlook of the market.

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Author's Bio: 

I am Srushti. My keen interest in reading and writing. I forayed into the field of writing due to my love for words and the urge to do something different. I have been a part of the content resource team here in Allied Market Research. We have a dedicated team for content development wherein, we coordinate with the Market Analysts and create a precise content. I am personally involved in writing content for user engagement. I owe a responsibility to make sure the content is rich and user-centric. Allied Market Research has given me the chance to gain knowledge about different subjects.