Global Intravenous (IV) Therapy And Vein Access Market Size

Global Intravenous (IV) Therapy And Vein Access Market Analysis

The intravenous therapy (IV) and vein access market is expected to register a CAGR of 5.0% over the forecast period.

The COVID-19 pandemic significantly impacted the market studied. Due to the sudden onset of the pandemic, initially, a short-term negative impact was seen on the market owing to the decreased patient visits to hospitals and clinics. However, due to ongoing R&D activities in IV therapies and the rising demand for medication administration at home, the market witnessed considerable growth in the post-pandemic phase. As per a March 2022 update by the Allergy & Asthma Network, monoclonal antibodies were given by intravenous (IV) or a single-dose injection to people diagnosed with COVID-19. The administration of medication or therapy through IV in patients with severe COVID-19 infection improved the clinical outcome and aided in a significant reduction of the mortality rate. Thus, these instances during the pandemic created a demand for IV treatments, which ultimately generated opportunities for intravenous therapy (IV) and vein access products among end users and impacted the market positively. It is further expected to contribute to the market growth over the forecast period.

Factors such as the increasing incidences of chronic diseases, the growing number of surgeries worldwide, the rising number of intravenous (IV) drug approvals, and increasing technological advancements in intravenous therapy (IV) and vein access are anticipated to fuel the market growth during the forecast period.

Intravenous therapy is used to deliver various medications for chronic conditions such as rheumatoid arthritis, Crohn's disease, osteoporosis, systemic lupus, multiple sclerosis, psoriasis, and gout. The increasing number of incidences of such chronic diseases and the growing number of surgeries worldwide is predicted to generate demand for intravenous therapy and vein access devices. According to OECD data updated in August 2022, 0.10 million surgeries were conducted in Portugal, followed by 0.05 million in Denmark, 0.033 million in Ireland, and 0.023 million in Norway, among other European nations, demonstrating the high number of surgeries in developed European countries.

In addition, as per an article by the Thoracic and Cardiovascular Surgeon Journal in June 2021, a total of 92,809 operations were classified as heart surgery procedures in the classical sense, of which 29,444 were isolated coronary artery bypass grafting procedures, 35,469 were isolated heart valve procedures, and the number of isolated heart transplantations increased by 2% to 340 in the previous year. Since IV therapies play a vital role in managing blood loss caused due to open-heart surgeries, and other surgeries, This is expected to lead to increased adoption of IV therapy and vein access procedures during and after surgeries. Hence, it is expected to accelerate the growth of the studied market.

Furthermore, the lunch of new products and activities by major players is predicted to fuel market growth. For instance, in April 2022, the FDA granted priority review to Genentech's Actemra (tocilizumab) intravenous (IV) for the treatment of COVID-19 in hospitalized adults who are receiving systemic corticosteroids and require supplemental oxygen, non-invasive or invasive mechanical ventilation, or extracorporeal membrane oxygenation (ECMO). In addition, in September 2021, B. Braun Medical Inc. launched its new CARESAFE IV Administration Sets with Optional AirStop. CARESAFE IV Sets are the first robust portfolio of IV administration sets in the United States market not made with polyvinyl chloride (PVC) and diethylhexyl phthalate (DEHP). Thus, such developments are expected to generate demand for IV poles for drug or therapy administration to patients and drive market growth over the forecast period.

However, complications associated with intravenous therapy and a lack of experienced healthcare professionals hinder the market's growth.