Emergency medical services (EMS) estimated to Expand at a Higher CAGR During the Forecast Period
The rise in the number of emergency cases such as heart attack and trauma-related attacks is estimated to be a significant factor for the growth of the intraosseous devices market during the forecast period of 2018-2026. Intraosseous devices assure of safe, better, and a convenient way of administering fluids and medications to the patients via the bone marrow. Based on end-user, the intraosseous devices market can be classified into portable, bench top, handheld, and others.
An increase in the number of approvals by the government and regulatory bodies are proving to be building blocks for the intraosseous devices market. Restructuring of guidelines seeing the increasing fatality rate due to cardiovascular diseases also aids the growth of the intraosseous devices market.
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Technological advances are making a mark in the intraosseous devices market. Manufacturers in the intraosseous devices market invest largely on research and development activities to launch efficient products that provide increased efficiency in the treatment procedure. Improvisations in needle tips, a change in needle assembly, and enhancements in the catheter are bringing good growth for the intraosseous devices market. Cutting-edge designs with the use of superior quality materials in the intraosseous devices are making a mark in the intraosseous devices market.
Mergers and acquisitions, mergers, collaborations, and joint ventures are proving to be the light at the end of the tunnel for the intraosseous devices market. Key players involved in the intraosseous devices market are Becton Dickinson Company, Pyng Medical Corporation, PerSys Medical, and Aero Healthcare.
Rise in the geriatric population along with technological advancements may make North America as the most profitable region across the forecast period. Asia Pacific is also estimated to record steady growth during the forecast period due to numerous factors such as government initiatives, the undertaking of large-scale research and development activities as well as the increasing population numbers.
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Intraosseous Devices Market – Snapshot
The global intraosseous devices market is expanding due to the increasing number of emergency cases and ailments, such as cardiac arrest and trauma. The global intraosseous devices market was valued at more than US$ 361.0 Mn in 2017. It is projected to reach a value of US$ 586.9 Mn by 2026, expanding at a CAGR of more than 5.5% from 2018 to 2026. The global market is expanding at a relatively higher growth rate due to increase in geriatric population, rising prevalence of various diseases and expansion in research, rising number of medical emergency situations, and developmental activities and approaches in healthcare sector in both developed and developing countries.
Intraosseous devices can be used to deliver medications and fluids in an emergency, when there's unavailability of venous access or it can't be quickly established. Initially, intraosseous devices were utilized for pediatric emergencies requiring urgent vascular access. In 2005, the American Heart Association (AHA) and the European Resuscitation Council (ERC) reconsidered their guidelines to incorporate advocating intraosseous infusion access in adults with cardiac arrest when there’s no availability of IV access.
During military engagements of the U.K. and the U.S. armies in Afghanistan and Iraq and the Israeli army in the Second Lebanon War, intraosseous access appeared as a viable alternative to IV. The U.S. Army Committee on the Tactical Combat Casualty Care (TCCC) guidelines presently recommends using intraosseous infusion in any resuscitation case in which IV access is not achievable.
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Manual needles were the first intraosseous devices to be introduced, which are still extensively employed by several practitioners. There are presently several different manual intraosseous needles commercially available. High prevalence of various diseases, such as cardiac arrest, and emergency situations, including trauma, and increasing military engagements have led to an increase in patient population needing intraosseous devices for treatment. These factors are anticipated to drive the demand for global intraosseous devices in the future years. Furthermore, extensive research and technological advancements are estimated to fuel the intraosseous device market.
The global intraosseous device market has been segmented based on type, end-user, and region. In terms of type, the global market has been divided into manual, semi-automatic, and automatic. Semi-automatic is projected to hold a prominent share of the market, while the automatic segment is expected to expand at a significant pace during the forecast period. The semi-automatic segment is estimated to expand at a CAGR of 6.0% during the forecast period. Semi-automatic intraosseous devices provide comparatively fast and easy vascular access, as compared to manual intraosseous devices. Compared to manual and semi-automatic devices; automatic intraosseous devices are recently developed, therefore penetration of this device is comparatively low.
In terms of end-user, the global market has been segregated into hospitals, emergency medical services (EMS), and military. The EMS segment is expected to dominate the market and expand at a CAGR of 6.0% during the forecast period. This is due to the rising number of emergency situations, including road accidents, injuries, trauma, and cardiac arrest, increasing penetration of intraosseous devices, and the availability of well-trained and equipped medical professionals.
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Geographically, the global intraosseous devices market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is expected to dominate the global market and account for a prominent share of the global market. The market in the North America is primarily driven by the rapid increase in geriatric population, rise in patient population, high rate of adoption of technological advancements, and increase in prevalence of various diseases. Moreover, increase in awareness among people and the number of players and products coupled with substantial focus on research and development is anticipated to fuel the global intraosseous devices market in North America during the forecast period. The market in Asia Pacific is projected to expand at a rapid pace during the forecast period. China dominated the market in Asia Pacific, it is estimated to expand at a significant CAGR during the forecast period. Increasing population, governmental initiatives taken in healthcare field, and expansion in research and development activities are driving the market in Asia Pacific.
Companies such as Teleflex Incorporated, PERSYS MEDICAL, and Cook, accounted for a major share of the global market in 2017. Strong network with hospitals and distributors, increasing number of acquisitions and mergers, and prominent involvement in research and development, are key factors strengthening the position of these players in the market. On April 3, 2017, Teleflex Incorporated completed the acquisition of Pyng Medical, a medical device company that developed and marketed sternal intraosseous infusion products, which complements the Teleflex Incorporated’s anesthesia product portfolio. Companies are adopting the strategy acquisition and collaboration with parallel companies to improve and strengthen their presence in the global market.
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