Market Trends of Global IV Tubing Sets & Accessories Industry
This section covers the major market trends shaping the IV Tubing Sets & Accessories Market according to our research experts:
Peripheral Intravenous Catheter Insertion is Expected to Witness Growth Over The Forecast Period
Peripheral intravenous catheter (PIVC) is also known as a cannula or drip is one of the most practiced clinical procedures in hospitals worldwide. The peripheral intravenous catheters are inserted into peripheral veins to provide IV fluids, including dextrose and parenteral nutrition, blood product transfusions and medication. These products are directly put into the cardiovascular system and further absorb by target organs.
The segment's growth is attributed to an increasing number of targeted patient pools, growing awareness about the procedure and a wide range of applicability. Moreover, elderly people are also facing malnourishment and the growing number aging population around the world and technological advancements with the surgical procedures will result in the adoption of peripheral intravenous catheter insertion procedure and promotes the segment growth.
Additionally, with the rising number of people using PIVC leads to increased government initiatives and guidelines to ensure safety in the procedures and thus drive the segment growth. For instance, in May 2021, the Australian Commission on Safety and Quality in Health Care issued new guidelines for the 7.7 million Australians who have a PIVC inserted each year to improve the experience of all patients while ensuring their safety. The Royal Australasian College of Physicians, the Australasian College for Emergency Medicine, the Australian and New Zealand Society for Geriatric Medicine, the Australian College of Nursing, and the Australian Vascular Access Society are among the 19 medical and nursing colleges and other professional organizations that have endorsed the new clinical care standard. These initiatives are projected to boost the segment's growth during the forecast period.
North America is Expected to Dominate The IV Tubing Sets & Accessories Market Over The Forecast Period
North America expected to hold a significant market share in the global IV Tubing Sets & Accessories Market due to the increasing aging population, rising burden diseases and increasing adoption of innovative healthcare technologies. The rising rate of chronic diseases due to the increasing geriatric population and the growing use of IV therapy in their treatment are also promoting the growth of IV tubing Sets & the accessories market in this region.
Furthermore, increasing healthcare expenditure and the presence of well-established healthcare infrastructure is also fueling the growth of the overall regional market to a large extent. In April 2020 the National Institutes of Health (NIH) launched the Accelerating COVID-19 Therapeutic Interventions and Vaccines (ACTIV) public-private partnership with the goal of prioritizing and accelerating the development of research strategy for most promising treatments and vaccines. The intravenous adminstration of medications and Vaccines is likely to boost the utility of IV tubing sets and accessories. Such research initiatives are expected to propel the market growth.
