Intravenous (IV) Therapy And Vein Access Devices To Witness Increased Demand
Intravenous (IV) Therapy And Vein Access Market Overview:
Intravenous therapy (IV) therapy is a delivery method for medications and fluids and it is administered through the veins. Vitamin and minerals containing medications are delivered through an IV drip or injected into the vein, which enables the therapy to move quickly through the bloodstream.
IV therapy is beneficial for several reasons, among them is the ease of administration. IV therapy is an easy and convenient option if the patient does not want to visit the hospital. You can opt for in-home IV therapy and avoid unnecessary travel. Apart from this, IV therapy promotes wellness and health. The IV drop containing minerals, fluids, and vitamins can help the patient lead a healthy lifestyle and boost the immune system. Moreover, it keeps the patient hydrated and boosts energy levels. Due to the rise in demand for hospital beds and unending waiting lists, in-home IV therapy gained popularity as an alternative to hospitalization.
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Moreover, several healthcare services offer IV therapy services as an option to avoid hospital admission for patients with long-term medications. For instance, Pasithea Therapeutics Corp., a leading biotechnology company launched its subsidiary, Pasithea Clinics, which will offer in-home IV ketamine therapy to those who suffer from treatment-resistance mental health issues. Since patients with mental health disorders struggle to compete with routine activities, the small step of in-home IV therapy would minimize their hassle and offer therapy from the comfort of their home.
According to Allied Market Research, the global intravenous therapy and vein access market is expected to reach $27.97 billion by 2030, growing at a CAGR of 6.4% from 2017 to 2023. The rise in the geriatric population, wide advantages of IV therapy and vein access devices, and surge in the prevalence of chronic diseases and cases of traffic accidents have boosted the market growth.
Impact of COVID-19 Pandemic on Intravenous (IV) Therapy And Vein Access Market:
Over the years, vascular access management has improved significantly and enhanced patient outcomes. Moreover, its demand surged during the Covid-19 pandemic. The advent of new therapies and outpatient access centers has dramatically improved the therapeutic approach to vascular access. The surge in the prevalence of diseases and the number of trauma cases has increased drastically. As per World Health Organization (WHO), chronic diseases such as cancer and respiratory diseases have increased and often lead to death. Thus, IV therapies and vein access devices could be the most sophisticated methods of administration of drugs. In the future, advancements in vein finder technology and IV therapies would increase their demand and would be preferred over other routes such as oral, enteral, and topical.
Top Leading Players:
- Baxter International Inc.
- iRadimed Corporation
- BioScrip, Inc.
- Grifols, S.A.
- JW Life Science Co. Ltd.
- BRIEF-Sichuan Kelun Pharmaceutical Co. Ltd.
- CVS Health Corporation
- Vifor Pharma Group
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