IV Therapy and Vein Access Devices Market Size, Share | 2032

Report Description

IV Therapy and Vein Access Devices Market Outlook 2032

The global IV therapy and vein access devices market size was USD 27.8 Billion in 2023 and is projected to reach USD 49.01 Billion by 2032, expanding at a CAGR of 6.5% during 2024–2032. The market growth is attributed to the rising adoption of IV therapy and vein access devices in various healthcare settings.

Surging demand for minimally invasive procedures is projected to boost the adoption of IV therapy and vein access devices. Patients prefer minimally invasive treatments due to reduced pain, shorter recovery times, and lower risk of complications compared to traditional surgical interventions. Additionally, the growing prevalence of chronic diseases and the aging population further boosted the need for reliable and efficient intravenous therapies, thereby fueling the market.

• According to the report published by the National Library of Medicine on January 13, 2023, in the US, most individuals with at least one chronic condition (62.75% in 2020 and 58.54% in 2050) or multimorbidity (62.9% in 2020 and 58.9% in 2050) are between the age group of 60 to 79 years.
  

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Impact of Artificial Intelligence (AI) on the IV Therapy and Vein Access Devices Market

The use of artificial intelligence is likely to boost the IV therapy and vein access devices market. AI algorithms analyze patient data to predict optimal vein access points, reducing the risk of complications and improving first-stick success rates during catheter insertion. Additionally, AI-powered infusion pumps autonomously adjust medication dosages based on real-time physiological data to ensure precise drug delivery and minimize adverse reactions.

IV Therapy and Vein Access Devices Market Dynamics

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Major Drivers

Rising prevalence of chronic diseases, including cancer, is expected to drive the market during the forecast period. The growing elderly population suffering from these types of conditions led to high utilization of IV therapy and vein access devices. For instance, according to the report published by the WHO on February 1, 2024, approximately 20 million new cases of cancer were reported in 2022. Moreover, the availability of IV therapy in in-home care and ambulatory settings is projected to increase the adoption of vein access devices in the coming years, thereby boosting the market.

Existing Restraints

High costs associated with advanced IV therapy and vein access devices hinder the market. These devices require a high initial investment for procurement, maintenance, and disposables. Furthermore, the growing preference for alternative routes of medication administration, such as oral and transdermal drug delivery systems, limits the widespread adoption of these devices.

Emerging Opportunities

­Ongoing innovations and advancements in IV therapy and vein access devices create immense opportunities for key players competing in the market. Companies are focusing on the development of smart infusion pumps with advanced features, such as dose-error reduction systems and wireless connectivity for remote management, which fuel the market. Furthermore, the growing adoption of telemedicine and remote patient monitoring platforms is further boosting the demand for advanced and portable IV therapy and vein access devices.

Scope of the IV Therapy and Vein Access Devices Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics are included in the report.

IV Therapy and Vein Access Devices Market Segment Insights

Type Segment Analysis

Based on type, the IV therapy and vein access devices market is divided into infusion pumps, implantable ports, intravenous sets, central venous catheters, and others. The infusion pumps segment held a major share of the market in 2023, as they are widely used in healthcare settings for the controlled administration of fluids, medications, and nutrients intravenously. Additionally, the advancements in drug infusion pump technology, such as integrated smart safety features and connectivity options for remote monitoring, propel the segment.

The central venous catheters segment is expected to expand at a significant growth rate in the coming years, due to the increasing prevalence of critical illnesses requiring intensive care management. Central venous catheters (CVCs) have the ability to deliver multiple medications simultaneously and provide long-term vascular access for patients requiring prolonged IV therapy. Moreover, the introduction of catheter design with antimicrobial coatings boosts their utilization across various hospital settings.

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Application Segment Analysis

On the basis of application, the global market is segregated into medication administration, volume expander, blood-based products, and others. The medication administration segment held a large market share in 2023, owing to its ability to deliver various medications, including antibiotics, analgesics, chemotherapy drugs, and anticoagulants, through intravenous routes. Additionally, the versatility and efficacy of intravenous medication delivery in achieving rapid drug contributes to the widespread adoption of IV therapy for medication administration

The blood-based products segment is anticipated to expand at a substantial CAGR during the forecast period, due to the increasing demand for blood transfusions in surgical and critical care settings. Moreover, the growing emphasis on patient blood management and transfusion safety is further propelling the segment.

Distribution Channel Segment Analysis

Based on distribution channel, the IV therapy and vein access devices market is segmented into retail pharmacies, hospital pharmacies, and others. The retail pharmacies segment is projected to register a robust growth rate during the assessment years. The segment growth is attributed to the growing trend toward home-based healthcare and ambulatory infusion services. Moreover, the expansion of retail pharmacy chains to provide patients with great accessibility to vein access devices and intravenous medications boosts the segment.

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End-user Segment Analysis

Based on end-user, the IV therapy and vein access devices market is segmented into clinics, ambulatory surgical centers, hospitals, and others. The hospitals segment dominated the market in terms of revenue generation in 2023, due to their well-established infrastructure and resources to support the utilization of IV therapy and vein access devices across different departments. Moreover, hospitals often treat patients with complex medical conditions that necessitate intravenous medications and fluids for treatment, which fuels the demand for these devices and contributes to segmental growth.

The ambulatory surgical centers segment is projected to expand at a robust growth rate during the assessment years, owing to their ability to provide cost-effective outpatient surgical procedures conveniently and efficiently. Ambulatory surgical centers (ASCs) offer a streamlined and patient-centered approach to healthcare, making them attractive options for both patients and healthcare providers. Furthermore, the growing demand for outpatient services and the emphasis on reducing healthcare costs are expected to boost the segment in the coming years.

Regional Outlook

In terms of region, the global IV therapy and vein access devices market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America held a major market share in 2023, due to the presence of well-established healthcare infrastructure and high healthcare expenditure. Moreover, favorable reimbursement policies and supportive regulatory frameworks help healthcare providers adopt these types of devices, which fuels the market.

The market in Asia Pacific is projected to grow at a significant pace in the coming years, owing to rapidly expanding healthcare infrastructure and increasing awareness about the importance of intravenous therapy in disease management. Moreover, the growing geriatric population in this region and the rising prevalence of lifestyle-related diseases are expected to boost the adoption of vein-access devices during the forecast period.

• According to the report published by the US Census Bureau on June 21, 2022, about 33.7% of the population in Eastern Asia is expected to be aged 65 and older by 2060.
  

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