Market Trends of IV Poles Industry
This section covers the major market trends shaping the IV Poles Market according to our research experts:
The Hospitals and Clinics Segment is Expected to Witness Growth During the Forecast Period
Hospitals and clinics are well-equipped with advanced technological equipment for patient management. The improving infrastructure of healthcare facilities in emerging economies and support from government organizations fuel the growth of the segment in the IV poles market. Furthermore, the increasing pool of patients also has a positive effect on this segment.
Additionally, IV poles are equipment that holds IV bags filled with medicine or fluid in place. They are a standard component of hospital operations. The hooks at the top of the pole are used to hang the bags. The necessary fluids are then securely and effectively delivered by connecting them via a tube into the patient's veins. Thus, with increasing numbers of hospital admissions, the demand for IV poles is growing for various applications, such as IV saline and IV vitamin therapy. For instance, according to the data published by the AIHW in May 2022, about 11.8 million hospital admissions occurred in Australia in 2021, which is 6.3% more compared to the previous years. The data also indicated that out of 11.8 million admissions, 7.0% of hospitalizations involved a stay in the intensive care unit, and 3.8% of hospitalizations involved cardiovascular disease. Such increasing admissions to emergency and critical care generate the need for IV supplements. Thus, the abovementioned factors are expected to drive the growth of the segment.
Furthermore, the increasing number of hospitals is another factor that contributes to the growth of the segment. According to the statistics report published by the AHA, there were 2,946 non-government, not-for-profit community hospitals in the United States in 2020, which increased to 2,960 in 2022. This increase in the number of hospitals creates a demand for IV poles in hospital settings. Hence, it is expected to boost the growth of the segment.
Therefore, owing to the abovementioned factors, the segment is expected to witness growth over the forecast period.
North America is Expected to Witness Growth During the Forecast Period
North America currently holds a significant share, and it is expected to continue its stronghold for a few more years. The United States is expected to retain its significant market share among other countries, owing to rising healthcare expenditure and the increasing burden of chronic diseases.
The increasing trend of rising healthcare expenditures in the United States is also predicted to propel market growth. For instance, as per the data from the Centers for Medicare and Medicaid Services (CMS) published in December 2022, the national health expenditure in the United States grew by around 2.7% during the year 2021 and reached USD 4.3 trillion. Thus, high expenditure on healthcare is anticipated to increase hospital development activities and hospital admissions for various chronic diseases. Simultaneously, it will generate demand for IV poles used in hospitals, clinics, and other end users. Therefore, the abovementioned factors are expected to drive the growth of the market.
Furthermore, the incidence and prevalence of chronic diseases like cancer are increasing in the country. According to the American Cancer Society, there were around 61,090 new estimated cases of leukemia in 2021, compared to 60,530 in 2020. As cancer cases increase, hospital admissions and IV therapies for cancer patients will also increase, driving the growth of the market.
With the increase in cancer cases, the development of IV therapies is also increasing in the country. For instance, in August 2022, the FDA approved Enhertu (fam-trastuzumab-deruxtecan-nxki), an IV infusion, for the treatment of patients with unresectable (unable to be removed) or metastatic (spread to other parts of the body) HER2-low breast cancer. This development of therapies is creating demand for the availability of IV poles used during infusion. Hence, this is expected to fuel the growth of the market.
Therefore, the abovementioned factors are expected to contribute to the growth of the market for IV poles in North America.
