AI Impact on Intravenous (IV) Fluid Monitoring Devices Market growth, set to increase by USD 2.18 billion from 2024-2028, Increase in number of hospitalizations. To boost the revenue, Technavio

NEW YORK, Aug. 22, 2024 /PRNewswire/ -- The global intravenous (IV) fluid monitoring devices market size is estimated to grow by USD 2184.2 mn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.09% during the forecast period. Increase in number of hospitalizations. is driving market growth, with a trend towards increasing incidence of diseases. However, technical limitations of iv fluid monitoring systems poses a challenge. Key market players include B.Braun SE, Baxter International Inc., BC Group International Inc., Becton Dickinson and Co., Cole Parmer Instrument Co. LLC, Datrend Systems Inc., EVELABS TECHNOLOGIES Pvt. Ltd., Fortive Corp., Gossen Metrawatt GmbH, ICU Medical Inc., IRadimed Corp., ivWatch LLC, Micrel Medical Devices SA, MONIDOR Oy Ltd., NETECH Corp., Pentland Medical Ltd., Pronk Technologies Inc., Seaward Electronic Ltd., Shift Labs Inc., and Sino Medical Device Technology Co. Ltd..

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Key Market Trends Fueling Growth

The global IV fluid monitoring devices market is experiencing significant growth due to several factors. Chronic diseases and conditions, such as diabetes, colorectal cancer, bladder cancer, inflammatory bowel diseases, and diverticular disease, are on the rise, leading to an increased demand for IV fluid monitoring devices. According to The World Bank Group, the global diabetic population is projected to reach 700 million by 2045, increasing the risk of chronic kidney disease (CKD) and end-stage renal disease (ESRD). The aging population, which is more susceptible to chronic diseases, is also growing rapidly, with approximately 910 million people aged 65 and above expected by 2030. Obesity is another factor contributing to the increasing incidence of chronic diseases and the subsequent demand for IV fluid monitoring devices. As the global population ages and the prevalence of chronic diseases continues to rise, the market for IV fluid monitoring devices is expected to grow steadily during the forecast period. 

The Intravenous (IV) Fluid Monitoring Devices market is witnessing significant growth in the acute care hospitals due to the rising prevalence of hospital-acquired and healthcare-associated infections. Cutting-edge technologies like sensors and electronic devices are being integrated into infusion systems to ensure efficacy, safety, and efficiency. Biodegradable materials are gaining popularity to reduce medical and electronic waste, and minimize the carbon footprint. Pharmaceutical companies are investing in these devices to prevent overdoses and underdoses, while biomedical technology advances continue to improve patient care. Telemedicine systems, including remote consultation, videoconferencing, and continuous monitoring, are enhancing patient education and convenience in home care for chronic diseases like cancer. Wireless IV fluid transfer systems and desktop or portable devices are improving healthcare infrastructure in hospitals and clinics, as well as Ambulatory Surgery Centers (ASCs). 

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Market Challenges

• The Intravenous (IV) Fluid Monitoring Devices market encompasses Class II medical devices, as categorized by the Food and Drug Administration (FDA). These devices include subcutaneous, implanted, infusion port catheters, infusion pumps, percutaneous, and long-term IV catheters. Due to the greater risk they pose compared to Class I devices, manufacturers face stringent regulations. The FDA implements special controls, requiring special labeling, adherence to international and mandatory performance standards, and post-market surveillance. Pre-market notification via 510(k) clearance submission and FDA review is mandatory. Non-compliance with regulations may result in product recalls, negatively impacting market growth. Approximately 56,000 adverse events related to infusion systems were reported between 2005 and 2009, including injuries and deaths. Common causes were software defects, user interface issues, and mechanical or electrical failure. Software errors led to over- or under-infusion of medication, while improper programming resulted in inappropriate dosing. Mechanical or electrical failures included pump housing breakage, premature battery failure, and sparks or pump fires. These complications pose risks, such as over- and under-administration of critical fluids, negatively affecting market growth. In December 2022, Teleflex Inc and Arrow International LLC recalled Arrow MAC Two-Lumen Central Venous Access and Pressure Injectable Arrowg+ard Blue Plus Three-Lumen Central Venous Catheter (CVC) Kits due to serious injury or death risks. This Class I recall underscores the importance of adhering to regulations to mitigate risks and ensure patient safety.
• The Iv Fluid Monitoring Devices market is witnessing significant growth due to increasing demand from intensive care units, cardiology, surgery, and hospitals. However, high therapy costs remain a challenge. Historic growth analysis reveals a steady increase in demand, driven by developments in infusion solutions, consumables, cleaning supplies, suture materials, surgical tools, ostomy care, anesthesia, and dialysis. Strategic actions like contractual agreements, investments, and partnerships with medical products companies, clinics, nursing homes, rehab centers, and alternative sites are key developmental strategies. Affordable products made of materials like natural rubber latex are essential to expand the global footprint. Direct sales teams and independent distributors, along with drug wholesalers and specialty pharmacies, are crucial channels for reaching customers. In summary, the Iv Fluid Monitoring Devices market presents actionable insights for stakeholders in the medical supplies industry.

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Segment Overview 

This intravenous (iv) fluid monitoring devices market report extensively covers market segmentation by

1. End-user 
• 1.1 Hospitals and clinics
• 1.2 ASCs
• 1.3 Home care
2. Type 
• 2.1 Desktop
• 2.2 Portable
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 Asia
• 3.4 Rest of World (ROW)

1.1 Hospitals and clinics- The IV fluid monitoring devices market is primarily driven by the demand from hospitals and clinics. Large hospitals, with over 500 beds, are significant buyers due to their high patient volume and advanced medical infrastructure. These hospitals generate substantial revenue and procure medical products in bulk. The increasing number of hospital admissions will gradually boost sales of infusion pumps and monitoring devices. Medium-sized hospitals and clinics, with a limited number of beds and decentralized administration, also contribute to market growth. With the trend of clinics collaborating with hospitals, the adoption of IV fluid monitoring devices is increasing in this segment due to improved patient care, favorable reimbursement scenarios, and the conversion of clinics into hospital-based outpatient departments. Despite limited reimbursements, hospitals' technical fees have increased, making the investment in IV fluid monitoring devices more worthwhile. Overall, the growing number of patients in hospitals and clinics will fuel the demand for IV fluid monitoring devices in the global market during the forecast period.

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Research Analysis

The Iv Fluid Monitoring Devices market encompasses advanced infusion systems designed to ensure the safe and efficient administration of intravenous fluids in acute care hospitals. These devices address the critical issues of hospital-acquired and healthcare-associated infections, which pose significant risks to patient safety. Cutting-edge technologies, such as sensors and electronic devices, play a pivotal role in enhancing the efficacy and safety of iv fluid transfer. The market caters to potential customers in various businesses, including pharmaceutical and healthcare, by addressing concerns of overdose and underdose, contamination issues, and chronic inflammatory conditions. Biodegradable materials and wireless homecare infusion systems are emerging trends in the market, aimed at reducing healthcare spending and improving patient convenience. Infusion therapy devices are essential for infusion treatment and contribute significantly to medical costs during hospital visits.

Market Research Overview

The Intravenous (IV) Fluid Monitoring Devices market is a significant segment of the healthcare industry, focusing on ensuring the efficacy, safety, and efficiency of IV fluid administration in various healthcare settings. These devices play a crucial role in preventing Hospital-Acquired Infections (HAIs) and Healthcare-Associated Infections (HAIs) in Acute Care Hospitals. Cutting-edge technologies, such as sensors and electronic devices, are revolutionizing IV fluid monitoring, enabling continuous monitoring and remote consultation through telemedicine systems. Biodegradable materials are also gaining popularity to reduce medical and electronic waste, minimizing the carbon footprint. IV Fluid Monitoring Devices are essential in chronic disease management, including cancer treatment, and are increasingly being adopted for home care. New technologies, such as wireless and portable devices, offer accessibility and convenience, enhancing healthcare delivery. However, challenges such as contamination issues, overdose or underdose risks, and potential costs for businesses and patients require ongoing developmental strategies, including contractual agreements, investments, and strategic actions to expand the global footprint and offer affordable products to potential customers. Historic growth analysis reveals a current scenario of significant market expansion, with actionable insights indicating continued growth in the coming years. Healthcare professionals and businesses alike are investing in infusion solutions, consumables, cleaning supplies, suture materials, surgical tools, ostomy care, anesthesia, intensive care, and cardiology applications to improve patient care and reduce healthcare spending.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
• Hospitals And Clinics
• ASCs
• Home Care
• Type
• Desktop
• Portable
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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