The global IV tubing sets and accessories market size is expected to reach USD 1.5 billion by 2027, registering a CAGR of 4.0% over the forecast period, according to a new report by Grand View Research, Inc. Rising incidence of cancer, favorable government initiatives related to IV tubing sets and accessories, and increasing risk of malnutrition across the globe are the key driving factors for the market.

Increasing prevalence of chronic conditions, such as cancer, is positively impacting the use of parenteral nutrition across the globe. Parenteral nutrition helps in the administration of vital nutrients, which help in maintaining strength, energy, and hydration level in patients suffering from a disease. According to statistics published by WHO, around 8.2 million deaths occur every year due to cancer, accounting for 13.0% of the deaths worldwide. Moreover, cancer cases are estimated to increase by 70.0% over the next couple of decades. Increasing prevalence of cancer is one of the major drivers of IV tubing sets and accessories.

Cancer generally leads to a rise in the incidence of stomach ulcers, disturbance in the normal functioning of the GI tract, and development of physical obstructions, thereby resulting in an increased requirement for parenteral nutrition. In addition, a common symptom associated with cancer is anorexia or unintentional weight loss, requiring replenishment through the parenteral route of administration. Since IV tubing sets and accessories is one of the essential requirements for the parenteral nutrition, the demand is anticipated to surge in the coming years. These factors are anticipated to propel the IV tubing sets and accessories market growth over the forecast period.

Ambulatory surgery centers (ASC), also known as outpatient surgery centers, segment is anticipated to be the fastest growing segment over the forecast period. ASC are generally opted by patients undergoing less complicated procedures as minimally invasive interventional procedures allow rapid healing and require shorter hospital stay.

Further key findings from the report suggest:

  • In terms of revenue, the primary IV tubing sets segment held the largest share in 2019 owing to its increasing use and continuous product launches by key market players
  • The central venous catheter placement segment is anticipated to witness fastest growth over the forecast period owing to its wide applicability
  • The hospitals segment dominated the market in 2019 owing to increasing number of hospitals across the globe
  • Asia Pacific market is expected to witness the fastest growth over the forecast period owing to increasing healthcare expenditure, rising patient awareness, and growing need for technologically advanced and cost-efficient healthcare solutions
  • Prominent players present in the IV tubing sets and accessories market include B. Braun Medical, Inc.; Fresenius Kabi AG; Baxter; and ICU Medical, Inc.
  • Key players are involved in adopting strategies such as merger, acquisitions, agreement, product launch, and partnerships to strengthen their position in the market.