As per Future Market Insights, the IV disinfecting caps market is estimated to secure a valuation of US$ 372 Million in 2023 and is estimated to rise to US$ 529 Million by 2033. The market is anticipated to expand at a CAGR of 3.4% during the forecast period. The factors accelerating the demand for IV disinfecting caps are as follows-
The increased number of clinics and surgical procedures performed is the major factor to boost the market growth during the forecast period growing requirement of maintaining hygiene and cleanliness in hospitals. Also, the growing number of hospital-acquired infections is likely to increase the demand for IV disinfecting caps.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 372 million |
| Projected Market Value in 2033 | US$ 529 million |
| Growth Rate (2023 to 2033) | CAGR of 3.4% |
Technological advances in IV disinfecting caps are anticipated to fuel the market growth during the forecast period. The need for IV disinfecting caps has increased globally as the number of surgeries performed has increased globally. The increased application of IV disinfecting caps in hospitals, clinics, diagnostic centers, and others is also supporting market growth.
North America dominates the IV disinfectant caps market during the forecast period owing to the increased Technological advances in healthcare. Also, the presence of leading market players in the region is likely to drive market growth in North America.
Europe is expected to provide a lucrative opportunity for IV disinfectant caps market growth during the forecast period due to the increased investment in the healthcare sector and the growing awareness among medical practitioners in the region.
The IV disinfectant caps market in Asia-Pacific is estimated to grow with the fastest CAGR during the forecast period. The expansion of the healthcare sector with technological advances is primarily contributing to the market growth in the region. The increased prevalence of chronic disorders in nations like China and India is also contributing to market growth.
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The key players operating in the market for IV disinfectant caps are Phenomenon Discoveries Inc., Human Metabolome Technologies Inc., Thermofisher Scientific Inc., Bio-Rad Laboratories Inc., Biocrates Lifescience AG, Agilent Technologies Inc., Merit Medical, BD, and 3M among others. These players are investing heavily in research & development to manufacture technologically advanced products. Also, the key players are adopting strategies like mergers, partnerships, and acquisitions.
The IV disinfectant caps market is expected to grow in the coming years. The demand for IV disinfecting caps increases owing to the increased prevalence of various hospital-acquired infections. Also, the increased application of IV disinfecting scaps in blood collection, and blood transfusion increase the sales of the market. Several start-ups have entered the IV disinfecting caps market with innovative disinfecting products and technology.
IV Disinfecting Caps Market is looking forward to grow at a higher rate in the forecast period of 2023 to 2033. It is estimated that nearly, 32.0% of HAIs are urinary tract infections (UTIs), 22.0% are surgical site infections (SSIs), 15.0% are pneumonia, and 14.0% are bloodstream infections (BSIs). IV caps are most useful in avoiding hospital acquired infections and helps hospital staff to protect themselves.
The IV disinfecting caps market is said to grow steadily as the increase in number of hospital admissions and infections that can be easily affected to the people in it. Society for Healthcare Epidemiology of America (SHEA) and other top infection-control organizations in 2014 recognized the use of disinfection caps for hospitals.
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The demand for IV Disinfecting Caps Market has seen at a higher rate at a global level as there has increase in the number of diseases that leads into surgery. Furthermore, the rising ageing population and lack of hygiene is expected to drive the market. According to a CDC report in 2018, around 1.7 million cases of HAIs and around 99,000 associated deaths are reported each year in American hospitals.
Precautions and sanitation measures have been driving the market at a pace. Globally, this diseases are more prone towards people with low immunity. The demand of IV Disinfecting Caps Market is on to the higher as Government is indulging into keeping the hospitals clean to avoid HAIs.
Rise in cancer deaths every year has brought attention to parenteral nutrition, says WHO which leads to increase in demand for the IV Connectors. These reasons have said to be the driving factors for the market in the given forecast period 2023 to 2033.
USA is said to be the most dominating in terms of disease growth rate and will be the top one to boost the IV Disinfecting Caps Market. This is due to the rising number in the health diseases, and immunocompromised patients. According to CDC histoplasmosis is the commonest disease seen in HIV/ AIDS patients and due to their immunocompromised state 30% of them result in death.
This can be an opportunistic driving factor for the treatment market to grow. In addition, rising R&D and technological advancement in the region are some of the drivers of IV Disinfecting Caps Market. Ivera Medical Corporation, got approved with its Curos® disinfecting port protector, in January 2012, and it has been taking efforts in constantly improving its product. ICU Medical signed definitive agreement to acquire Pursuit Vascular, Inc. in January 2008.
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European Centre for Disease Prevention and Control (ECDC) in 2018, prevalence of HAIs in European countries was around 7.1%. It also reported that around 4,131,000 patients suffer from HAIs in Europe each year. The increasing focus on the healthcare facility, increase in the population of above 65 age group is likely to drive the market growth.
Furthermore, the growing chronic diseases which diminishes the immunity of a person and AIDS in the region are boosting the demand of IV Disinfecting Caps Market. Centre’s for Disease Control and Prevention (CDC), about 1 in 25 hospital patients has at least one healthcare-associated infection, on any given day. This has hiked the growth of the demand of disinfecting caps.
Some of the key players operating in the IV Disinfecting Caps Market are
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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IV Disinfecting Caps Market
