NEW YORK, May 4, 2021 /PRNewswire/ -- Rising geriatric population across regions is expected to drive demand for IV tubing sets and accessories, since people aged above 60 years are at a high risk of developing cancer. As indicated by a World Health Organization (WHO) report, around 23.6 million new instances of chronic diseases are projected to be accounted for worldwide by 2031. High occurrence of chronic diseases, for example, malignant diseases and kidney problems, demand for expanding diagnostic and therapeutic procedures, including dialysis.
Key players in the market are focusing on production of advanced tubing sets using medical and pharmaceutical-grade silicones and thermoplastics as raw material in order to deliver increasing level of performance. Increasing demand for smaller devices made from micro components and tubing in order to meet demand requirements in minimal invasive procedures is anticipated to provide large opportunities for market players.
The global IV tubing sets and accessories market is estimated to be valued at US$ 1.7 Bn in 2021, and is expected to exhibit a CAGR of close to 5% over the forecast period (2021 – 2031).
Key Takeaways from Market Study
- Primary IV tubing sets held maximum value in the market, owing to rising number of chronic diseases leading to increased medical procedures.
- Adults, by age group, are expected to hold maximum share in 2021, due to increasing unhealthy lifestyle habits.
- By application, peripheral intravenous catheter insertion captured a notable revenue share of more than half of all the applications in IV tubing sets and accessories.
- Owing to the rising cancer cases requiring surgeries, hospitals are expected to experience lucrative growth among all end users at a CAGR of 5%.
- North America accounted a share of around 30% in 2020, and is expected to show significant growth over the next ten years.
- Europe is the next dominating region with a market share of 25% in 2020, due to its flourishing medical devices industry.
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"Increasing geriatric population, rising number of medical procedures, rising chronic diseases, and advanced tubing technology are expected to drive market growth," says a Persistence Market Research analyst
Increase in Product Launch - Imperative Strategy for Market Players
To sustain in the market, manufacturers are working toward the development of innovative products that are not only suitable and required for various medical procedures but also for increasing the comfort level of patients. This is because, when the patient is comfortable, he will be more co-operative throughout the procedure.
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Furthermore, as kidney disorders affect different people, for every patient, there is a need for customization and development of products that can easily be utilized for dialysis. Thus, most manufactures are focused on the development and approval of new products.
- For instance, in 2021, the American Diabetes Association and the Baxter International Foundation partnered in a health equity initiative to address barriers to diabetes management.
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What else is in the report?
Persistence Market Research offers a unique perspective and actionable insights on the IV tubing sets and accessories market in its latest study, presenting historical demand assessment of 2016 – 2020 and projections for 2021–2031, based on product (primary IV tubing sets, secondary IV tubing sets, extension IV tubing sets, IV infusion sets with flow regulators, filtered IV tubing sets, non-vented IV tubing sets, vented IV tubing sets, and IV tubing accessories), age group (paediatric, adults, and geriatric), application (peripheral intravenous catheter insertion, central venous catheter and placement, and PICC line insertion), and end user (hospitals, ambulatory surgical centers, specialized clinics, skilled nursing facilities, long-term care centers, and others), across seven key regions of the world.
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