SAN FRANCISCO, April 15, 2020 /PRNewswire/ -- The global IV tubing sets and accessories market size is expected to reach USD 1.5 billion by 2027, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Rising incidence of cancer, favorable government initiatives related to IV tubing sets and accessories, and increasing risk of malnutrition across the globe are the key driving factors for the market.
Key suggestions from the report:
- In terms of revenue, the primary IV tubing sets segment held the largest share in 2019 owing to its increasing use and continuous product launches by key market players
- The central venous catheter placement segment is anticipated to witness fastest growth over the forecast period owing to its wide applicability
- The hospitals segment dominated the market in 2019 owing to increasing number of hospitals across the globe
- Asia Pacific market is expected to witness the fastest growth over the forecast period owing to increasing healthcare expenditure, rising patient awareness, and growing need for technologically advanced and cost-efficient healthcare solutions
- Prominent players present in the IV tubing sets and accessories market include B. Braun Medical, Inc.; Fresenius Kabi AG; Baxter; and ICU Medical, Inc.
- Key players are involved in adopting strategies such as merger, acquisitions, agreement, product launch, and partnerships to strengthen their position in the market.
Read 105 page research report with ToC on "IV Tubing Sets & Accessories Market Size, Share & Trends Analysis Report By Product, By Application, By End Use (Hospitals, Clinics, Ambulatory Surgery Centers), By Region, And Segment Forecasts, 2020 - 2027'' at: https://www.grandviewresearch.com/industry-analysis/iv-tubing-sets-accessories-market
Increasing prevalence of chronic conditions, such as cancer, is positively impacting the use of parenteral nutrition across the globe. Parenteral nutrition helps in the administration of vital nutrients, which help in maintaining strength, energy, and hydration level in patients suffering from a disease. According to statistics published by WHO, around 8.2 million deaths occur every year due to cancer, accounting for 13.0% of the deaths worldwide. Moreover, cancer cases are estimated to increase by 70.0% over the next couple of decades. Increasing prevalence of cancer is one of the major drivers of IV tubing sets and accessories.
Cancer generally leads to a rise in the incidence of stomach ulcers, disturbance in the normal functioning of the GI tract, and development of physical obstructions, thereby resulting in an increased requirement for parenteral nutrition. In addition, a common symptom associated with cancer is anorexia or unintentional weight loss, requiring replenishment through the parenteral route of administration. Since IV tubing sets and accessories is one of the essential requirements for the parenteral nutrition, the demand is anticipated to surge in the coming years. These factors are anticipated to propel the IV tubing sets and accessories market growth over the forecast period.
Ambulatory surgery centers (ASC), also known as outpatient surgery centers, segment is anticipated to be the fastest growing segment over the forecast period. ASC are generally opted by patients undergoing less complicated procedures as minimally invasive interventional procedures allow rapid healing and require shorter hospital stay.
Grand View Research has segmented the global IV tubing sets and accessories market based on product, application, end use and region:
- IV Tubing Sets & Accessories Product Outlook (Revenue, USD Million, 2016 - 2027)
- Primary IV Tubing Sets
- Secondary IV Tubing Sets
- Extension IV Tubing Sets
- IV Tubing Accessories
- IV Tubing Sets & Accessories Application Outlook (Revenue, USD Million, 2016 - 2027)
- Peripheral Intravenous Catheter Insertion
- Central Venous Catheter Placement
- PICC Line Insertion
- IV Tubing Sets & Accessories End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Ambulatory Surgery Centers
- IV Tubing Sets & Accessories Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
Find more research reports on Medical Devices Industry, by Grand View Research:
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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