The global IV therapy and vein access devices market is projected to reach an impressive USD 28.7 billion by 2024, with a forecasted growth rate of 5.1% CAGR, bringing the market value to an estimated USD 47.3 billion by 2034. This growth reflects the increasing demand for effective intravenous therapies in various healthcare settings, from hospitals and clinics to home care environments.
A key development in this market is the introduction of innovative dressing and securement methods for vein access devices (VADs), which significantly reduce the risk of venous access failures. Clinical trials are currently assessing new securement and dressing technologies aimed at preventing central venous catheter failures, highlighting the importance of effective care for VADs, particularly for patients undergoing long-term IV therapy.
IV therapy, commonly known as intravenous therapy, plays a vital role in modern medicine by allowing the direct injection of fluids, medications, or vitamins into the bloodstream. This method is especially beneficial for patients facing digestive challenges that hinder nutrient absorption. By administering vitamins and other nutrients intravenously, healthcare providers can ensure optimal absorption, thus enhancing patient outcomes.
Among the various types of VADs, peripheral IVs remain the most frequently used due to their simplicity, cost-effectiveness, and suitability for short-term treatment. However, regular replacement is essential to prevent complications such as headaches, infiltration, and phlebitis.
Moreover, advancements in vein access devices are designed to improve patient comfort by minimizing needle insertion pain and ensuring safer, more reliable administration of fluids and medications. These innovations contribute to an overall enhanced patient experience, emphasizing the critical role of IV therapy in healthcare.
As the IV therapy market continues to expand, the focus on improving securement technologies and patient care practices will be essential for ensuring successful treatment outcomes and minimizing complications associated with intravenous access.
“Advances in drug delivery systems and innovative devices will propel IV therapy and vein access devices market growth. A combination of intravenous improvements and ongoing developments in IV therapy and vein access devices.” – Says an analyst at FMI.
Key Takeaways from the IV Therapy and Vein Access Devices Market:
- The IV therapy and vein access devices market generated USD 21.9 billion in 2019.
- A CAGR of 2.7% is predicted for the United Kingdom market through 2034.
- Spain is predicted to exhibit a CAGR of 4.4% over the forecast period.
- A CAGR of 3.5% is predicted for the Australia market between 2024 and 2034.
- Based on type, IV Therapy and Vein Access Intravenous Catheters accounted for 32.5% of the market in 2023.
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Competitive Landscape:
Several companies are researching and developing smart infusion pumps that can measure and adjust infusion rates in real time. Utilizing these devices improves accuracy and reduces the possibility of medication errors. The integration of superior virtual health solutions into IV treatment and vein access devices is possible with the collaboration of technology companies.
Recent Development:
- In November 2023, BD (Becton, Dickinson, and Company), a global leader in medical technology, introduced integrated catheters compatible with needle-free blood drawing technology, further enabling a “One-Stick Hospital Stay.” In compliance with U.S. Food and Drug Administration (FDA), the Nexiva Closed IV Catheter System with NearPort IV Access is compatible for the first time with integrated and long peripheral IV catheters with the new PIVO Pro Needle-free Blood Collection Device.
Key Players of the IV therapy and vein access devices Industry:
- BD (Becton Dickinson & Company)
- B. Braun Holding GmbH & Co. KG
- Terumo Medical Corporation
- Teleflex Medical Inc.
- Medtronic Inc.
- Smith & Nephew Plc.
- Angiodynamics Inc.
- Pfizer Inc.
- Insulet Corporation
- Fresenius SE & Co. KGaA
IV Therapy and Vein Access Devices Market Segmentation:
By Type:
In terms of type, the industry is divided into Therapy and Vein Access Implantable Ports, Therapy and Vein Access Intravenous Catheters, Hypodermic IV Therapy and Vein Access Needles, Therapy and Vein Access Infusion Pumps, Other IV Therapy and Vein Access Devices Therapy and Vein Access Implantable Ports is further classified into Single Lumen Implantable Port, Double Lumen Implantable Port.
Therapy and Vein Access Intravenous Catheters is further classified into Peripheral Intravenous Catheter, Central Intravenous Catheter, Peripherally Inserted Central Catheter.
By Application:
In terms of application, the industry is segregated into Volume Expanders, Medication Administration, Blood-Based Products, Nutrition & Buffer Solutions.
By End Use:
In terms of end use, the industry is segmented into Hospitals, Ambulatory Surgical Centres, and Clinics.
By Region:
Key countries of North America, Latin America, Western Europe, Eastern Europe, South Asia, East Asia, the Middle East, and Africa have been covered in the report.
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