Global IV Tubing Sets & Accessories Market Size

IV Tubing Sets & Accessories Market Analysis

The IV Tubing Sets & Accessories Market is expected to register a CAGR of 4.1% during the forecast period.

The impact of COVID-19 on IV tubing sets & accessories was significant owing to the increasing malnutrition through reductions in health care use, immunization, treatment of malnutrition, and antenatal care. For instance, according to Global Hunger index 2021 report, a 2020 survey stated that pandemic-induced disruptions to health care services were widespread. Services intended to manage malnutrition were partially or severely disrupted in around half of the surveyed nations. Between 60% - 70% of nations reported delays in routine immunization programs. At least one-third of households surveyed across 25 nations said they had postponed, skipped, or been unable to complete essential medical appointments ever since the COVID-19 outbreak began. Thus the high burden of malnutrition and delayed immunization due to COVID-19 is projected to boost the studied market during the forecast period.

As IV tubing sets & accessories widely used in electrolyte imbalances, dehydration, and specialized medication delivery of patients thus benefits associated with this IV tubing sets such as precise and accurate drug delivery, improved medication and faster rate. According to Food and Agriculture Organization of the United Nations July 2022 report, the number of people affected by hunger globally rose to around 828 million in 2021, an increase of roughly 46 million since 2020 and 150 million since the outbreak of the COVID-19 pandemic, according to a United Nations report. The report provided evidence that the world is getting further away from its objective of eradicating hunger, food insecurity, and malnutrition in all of its forms by 2030. The high burden of malnutrition in people worldwide is likely to boost the demand for IV tubing sets and accessories used during emergency cases. These can be cured by providing essential nutrients through IV tubing sets & accessories to the targeted patient pool and further propel the market.

Favorable reimbursement policies in various countries are anticipated to drive the market growth. The Centers for Medicare & Medicaid Services (CMS) in the U.S. covers various surgeries and treatment procedures that require IV administration sets. Similarly, various government agencies in other countries cover some part of treatment procedures, which is expected to increase the demand for IV tubing sets and accessories.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, a strict regulatory framework is likely to impede market growth. For instance, in May 2020, the umbrella emergency use authorization issued by Food and Drug Administration for infusion pumps and accessories to treat COVID-19 patients was revoked due to a lack of use by the industry.