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The intravenous (IV) fluid monitoring devices market size is estimated to grow by USD 2.18 billion at a CAGR of 8.09% between 2023 and 2028. The market exhibits significant growth, driven by several key factors. Firstly, the rising number of hospitalizations globally fuels the demand for these devices in healthcare settings. Secondly, the expanding use of infusion therapy in home care settings propels market expansion, enabling patients to receive treatment in the comfort of their own homes. Lastly, emerging economies present lucrative opportunities for market growth, as healthcare infrastructure develops and the focus on advanced medical technologies increases. These factors collectively contribute to the robust growth trajectory of the market.
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The market encompasses cutting-edge technologies designed for Acute Care Hospitals to ensure the efficacy, safety, and efficiency of infusion systems. Intravenous (IV) fluid monitoring devices are essential for ensuring the accurate administration and management of intravenous (IV) solutions, thereby enhancing patient safety and treatment effectiveness in medical settings. These devices address contamination issues in the administration of drugs and intravenous fluid transfer. Pharmaceutical companies invest significantly in research and development of biodegradable materials, sensors, and electronic devices for these systems. The market holds immense potential for businesses involved in manufacturing and supplying infusion treatment and therapy devices. The integration of wireless technology and homecare infusion has expanded the market's reach, enabling healthcare providers to monitor patients remotely and reduce hospital visits and medical costs.
Key applications of these devices include addressing chronic inflammatory conditions and ensuring the correct dosage during the infusion of pharmaceuticals. The market's growth is driven by the need to prevent overdose and underdose incidents, which can significantly impact healthcare spending and patient outcomes. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing the use of infusion therapy devices in home care settings is a key factor driving the growth of the global market. Home-based treatments using medical devices such as infusion therapy devices are increasing due to the growing prevalence of chronic diseases such as cancer. Home infusion therapy devices enable safe, accurate, and precise drug delivery based on the patient’s needs and reduce the requirement of lengthy hospital stays and additional healthcare costs for the treatment of chronic diseases. The growing trend of wireless and remote programming capabilities of home-care infusion pumps, which allow clinicians and pharmacists to determine and monitor the medication dosing parameters and mitigate the need for frequent hospital visits, is driving market growth.
For instance, EVELABS TECHNOLOGIES offers Dripo Smart Infusion Monitor that ensures infusion safety and improves the patient experience. The monitor can accurately set the drop rate; avoid air embolism on completion; and send alerts on blocks, rate changes, and completion of the infusion. Therefore, the increasing use of infusion therapy devices in home care settings will drive the growth of the market during the forecast period.
Technological advances are the primary trend in the global market growth. Most pharmaceutical and medical device companies are focusing on incorporating advanced technologies in infusion systems to enhance the effectiveness, safety, and efficiency of medications and minimize the risk of adverse reactions due to a drug overdose or underdose. For instance, Becton, Dickinson, and Co. offer the BD Alaris pump module, a large-volume infusion pump that continuously or intermittently delivers fluids, medications, blood, and blood products to adult, pediatric, and neonatal patients. Clinicians can attach up to four infusion modules, allowing four independent infusions on a single BD Alaris PC unit. The product has an LCD screen that displays the IV drug or fluid name, dose, and rate, as well as color indicators of the channel status. Such technological advances help in providing efficient, safe, and cost-effective treatment to patients.
Advanced features, such as user-friendly interfaces, auto-programming, error-reduction capabilities, and data documentation capabilities, have also increased the adoption in clinical and research activities. For instance, Pentland Medical offers Monidrop-W, which is equipped with IV Screen software. The device and software work in conjunction to allow nursing staff to remotely monitor all infusions in a ward or department from a central computer, tablet, or mobile device. These factors will drive the growth of the market during the forecast period.
Pricing pressure coupled with intense competition is a major challenge to the growth of the global market. The market is witnessing intense competition due to the presence of several global and regional vendors. Only major vendors such as BD, Baxter, ICU Medical and B. Braun are focusing on developing advanced and innovative products. Though established global vendors have wide distribution channels and contracts with leading hospitals and healthcare facilities, they are facing intense competition from small regional vendors that offer similar products at relatively lower prices.
Hence, customers have the choice of purchasing high-quality products at low prices. The market is volume-driven and price-sensitive. The intense competition is leading to price wars among vendors. Vendors are focusing on increasing their sales volume by reducing the cost of their products to compete in the market. At present, the leading vendors are operating on low-profit margins. Therefore, the pricing pressure is expected to affect the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
B. Braun SE- The company offers various types of IV fluid monitoring devices namely, Spaceplus infusion pump system, digital smart OnlineSuite solution, and Infusomat Space line system.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the hospitals and clinics segment will be significant during the forecast period. In this segment, many people are undergoing treatment in clinics due to the availability of improved patient care, easy appointment rescheduling, and favorable reimbursement scenario. The number of patient visits to clinics is increasing. As a result, hospitals collaborating with clinics have become hospital-based healthcare providers. Hospitals receive limited reimbursements when compared to clinics. The conversion of clinics into outpatient departments using hospitals' outpatient ambulatory payment classification structure has increased the technical fees. This will increase the adoption of infusion pumps and monitoring devices in clinics. Such factors will increase segment growth during the forecast period.
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The hospitals and clinics segment were valued at USD 1.88 billion in 2018. Hospitals and clinics are the key end-users that influence market growth. Large hospitals such as multispecialty hospitals and hospital groups work under government sponsorship or through private ownership. These hospitals have more than 500 hospital beds, allowing the accommodation of patients within an area. These hospitals offer many inpatient and outpatient services and generate more revenue when compared to other end-users. Similarly, clinics often require third-party laboratory testing support and medical equipment. They have a limited budget and have 200-300 patient beds. Unlike large hospitals, the administration of clinics is often decentralized. The number of medium-sized hospitals is higher than the number of large hospitals as the former is easily accessible to people. This will increase the sales in medium-sized hospitals. The above factors will increase the segment growth during the forecast period.
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Asia is estimated to contribute 36% to the growth of the global market during the market forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America accounted for the largest share of the global intravenous fluid monitoring devices market. This was mainly attributed to the growing prevalence of chronic diseases such as diabetes, cancer, and arthritis; the increasing geriatric population; the development of innovative devices; and rising healthcare expenditure. As per the CDC, in the US, the number of adults aged 65 years and above will double to about 71 million by 2030. The increasing number of product approvals and the growing presence of global and local manufacturers are also fueling the growth of the market in North America.
The market report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
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The market is a significant segment in the healthcare industry. These devices play a crucial role in ensuring accurate and timely administration of IV fluids to patients. The market is driven by various factors, including the increasing number of hospitalizations, rising prevalence of chronic diseases, and the growing emphasis on patient safety. These help healthcare professionals to maintain the correct fluid balance in patients by continuously monitoring the flow rate, volume, and composition of IV fluids. These devices are essential in various clinical settings, including hospitals, clinics, and home care. The market is expected to grow at a steady pace due to the increasing demand for advanced and user-friendly devices. The market is also driven by the development of new technologies, such as wireless monitoring and remote monitoring, which offer enhanced convenience and improved patient outcomes. Moreover, the increasing focus on cost-effective healthcare solutions and the growing adoption of telemedicine are expected to provide significant opportunities for market growth. Overall, the market is an essential segment in the healthcare industry, and its growth is expected to continue in the coming years. Keywords: Intravenous, Fluid Monitoring Devices, Market, Healthcare Industry, Accurate, Timely, Administration, Patients, Factors, Number, Hospitalizations, Prevalence, Chronic Diseases, Patient Safety, Flow Rate, Volume, Composition, Clinical Settings, Hospitals, Clinics, Home Care, Advanced, User-friendly, New Technologies, Wireless Monitoring, Remote Monitoring, Cost-effective, Telemedicine.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.09% |
Market growth 2024-2028 |
USD 2.18 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.32 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
Asia at 36% |
Key countries |
US, Germany, France, UK, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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