Portland, OR -- (SBWIRE) -- 07/17/2017 -- According to a new report published by Allied Market Research, titled, Intravenous Therapy and Vein Access Devices Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global intravenous therapy and vein access devices market was valued at $18,000 million in 2016, and is projected to reach $27,971 million by 2023, growing at a CAGR of 6.4% from 2017 to 2023. The intravenous catheter segment accounted for a one-third share of the total market in 2016.

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Intravenous therapy is used to administer medicine, nutrients, blood, and buffer solution directly into the vein. IV therapy works faster for the quick immune system response and relief from chronic diseases as compared to oral mode of medication. IV therapy can be easily monitored and has infusion pump that controls the volume of the substance to be administered in the body. Increase in incidence of chronic disorders, surge in trauma cases, rise in geriatric population, and growth in road accidents are expected to boost the market growth during the analysis period. However, lack of skilled professionals is projected to restrain the market growth during the forecast period.

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The intravenous catheter market segment held the highest share in 2016, owing to increase in healthcare expenditure and continuous advancement in intravenous catheter technology, which are expected to support the growth of this market during the forecast period.

Medical administration held the highest market share in 2016, owing to wide use of IV therapy for medication administration as it is most effective, fast acting, and suitable for unconscious and emergency patients. The hospital's segment gained the highest market share in 2016, owing to the highest number of surgical procedures in hospitals resulting in usage of IV therapy.

North America dominated the market, with highest share in 2016, and is expected to maintain the lead during the analysis period. However, Asia-Pacific is expected to grow with the highest CAGR, owing to significant increase in the number of well-equipped hospitals with advanced healthcare systems to cater to the needs of the large patient population.

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North America accounted for a two-fifths share in 2016, and is expected to dominate the market throughout the forecast period. This is attributed to increase in the incidence of chronic diseases due to rise in geriatric population, well-established healthcare systems, and increase in awareness among the population toward timely diagnosis and treatment of diseases. In addition, higher adoption rate for technologically advanced devices is anticipated to provide new growth opportunities for the key players in the market. However, Asia-Pacific is projected to grow at the highest growth rate during the analysis period, owing to rise in healthcare expenditure, increase in per capita income, growth in demand for healthcare services from large pool of patient population, and improvement in healthcare infrastructure.

The major players profiled in the global IV therapy and vein access devices market are Becton, Dickinson and Company, B. Braun Melsungen AG, Terumo Medical Corporation, Teleflex Medical Inc., Medtronic Inc., Smith & Nephew plc., AngioDynamics, Inc., Pfizer Inc., Insulet Corporation, and Fresenius SE & Co. KGaA.