IV Poles Market Size

IV Poles Market Analysis

The IV poles market is projected to register a CAGR of 6.3% during the forecast period.

The COVID-19 pandemic had a short-term negative impact on the market due to decreased patient visits to hospitals and clinics in the initial phases. However, during the later phases of the pandemic, the demand for research and clinical trials increased to find out if intravenous (IV) injections and supplements helped escalate the symptoms of COVID-19 in infected patients. For instance, the COVID-19 treatment guideline that the National Institute of Health updated in September 2022 mentioned that when patients were randomized to receive IV vitamin C (50 mg/kg per day) with standard therapy or standard therapy such as antipyretics, dexamethasone, and prophylactic antibiotics in an open-label trial of hospitalized patients with severe COVID-19 in Pakistan, those who got vitamin C experienced earlier symptom remission and shorter hospital stays than those who just received standard therapy. Thus, these instances during the pandemic created a demand for IV treatments, ultimately generating opportunities for the IV pole market. Therefore, owing to the abovementioned factors and instances, the COVID-19 pandemic significantly impacted the market studied.

Factors like increasing chronic diseases, such as cancer, neurological diseases, and gastrointestinal disorders, and an increase in the geriatric population contribute to the growth of the IV pole market.

The population is aging globally, ultimately increasing the disease burden. Moreover, due to insufficient intake of food and nutrition at an older age, vitamin deficiency increases among the elderly population aged 60 years or more. Iron deficiency anemia (IDA) is the most common type of nutrient deficit linked with anemia, followed by vitamin B12, folate, and iron in the older population. Additionally, the above source also stated that, in elderly surgical patients with IDA, intravenous iron supplementation raises hemoglobin (Hb) levels and lowers the need for blood transfusions. Thus, there is a demand for IV supplements among hospitalized patients.

In addition, the aging population is increasing rapidly, and it is expected to increase even more quickly in the future. For instance, the data updated by the WHO in October 2021 shows that one in six individuals will be 60 or older by 2030 globally. By this time, there will be 1.4 billion people over 60, up from 1 billion in 2020. The number of people around the globe who are 60 years of age or older will double to 2.1 billion by 2050. Thus, the increasing geriatric population, coupled with the burden of vitamin deficiency among this population, is expected to create opportunities for IV supplements and vitamins. This is projected to generate demand for IV poles, thus driving the growth of the market over the forecast period.

Furthermore, the introduction of new products and activities by major players is predicted to fuel the growth of the market. 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 receiving systemic corticosteroids who require supplemental oxygen, non-invasive or invasive mechanical ventilation, or extracorporeal membrane oxygenation (ECMO). Thus, such developments are expected to generate demand for IV poles for drug or therapy administration to patients and drive the growth of the market over the forecast period.

Therefore, the market is expected to witness growth over the forecast period due to the factors mentioned above. However, the challenges faced by conventional IV poles are anticipated to hamper the growth of the market slightly during the forecast period.