by The global market for intraosseous infusion devices is on an upward trajectory, with a market size of USD 829.5 million in 2021 and a projected compound annual growth rate (CAGR) of 5.1% during the forecast period. This growth is underpinned by various factors, including the increasing prevalence of chronic conditions, the surge in emergency medical cases, and the pivotal role played by intraosseous infusion in emergency healthcare.
Key Drivers of Intraosseous Infusion Devices Market Growth
- Rising Demand for Emergency Healthcare: The need for prompt and effective emergency medical services has been on the rise, especially in the context of the COVID-19 pandemic. Intraosseous infusion devices have proven invaluable in delivering fluids and medications swiftly in critical situations, such as severe burns, accidents, or trauma when traditional intravenous access is not feasible.
- Increasing Prevalence of Chronic Conditions: Sedentary lifestyles have contributed to a rise in chronic conditions such as diabetes, cardiovascular diseases, urological disorders, and more. These conditions necessitate the use of vascular access devices, further boosting the demand for intraosseous infusion devices.
- Rising Number of Traumatic Surgeries: Traumatic surgeries, particularly in children, have become more common. In scenarios where intravenous access is challenging, intraosseous infusion devices offer a reliable alternative, driving market growth.
COVID-19 Impact on the Market
The COVID-19 pandemic has had a significant impact on the intraosseous infusion devices market. The increased need for emergency medical services during the pandemic has led to a growing demand for these devices. Additionally, COVID-19 has been associated with an increased risk of strokes, further emphasizing the importance of swift and effective medical interventions provided by intraosseous infusion.
Challenges and Restraints
While intraosseous infusion devices have proven to be life-saving tools, there is a growing concern about the overuse of these devices without sufficient evidence. Balancing the need for rapid interventions with the requirement for rigorous evaluation remains a challenge. However, conducting randomized research for such rare emergency procedures can be time-consuming and resource-intensive.
Segment Overview
- Automatic Segment Dominance: The automatic segment has emerged as the dominant category in the intraosseous infusion devices market due to its reliability and lower chances of error. Devices such as EZ-IO, equipped with lithium-powered battery drivers, have gained prominence.
Regional Landscape
- North America Leads the Way: North America currently leads the global intraosseous infusion devices market, driven by increased adoption in ambulatory and emergency settings, rising prevalence of chronic diseases, and a substantial presence in the military healthcare sector.
- Asia-Pacific Shows Promise: The Asia-Pacific region is expected to exhibit substantial growth potential in the intraosseous device market, with India emerging as a key market. Challenges such as high costs and a lack of training and guidelines will need to be addressed for sustained growth.
Competitive Landscape
Key players in the intraosseous infusion devices market include Pyng Medical Corp., Cook Medical Incorporated, PerSys Medical, Aero Healthcare, Teleflex, Inc., and Becton Dickinson and Co. Recent developments include FDA clearances, acquisitions, and expansions, demonstrating the markets dynamic nature.
The global intraosseous infusion devices market continues to evolve, driven by the imperative need for rapid and effective emergency healthcare solutions. With ongoing technological advancements and a focus on patient care, this market is poised for steady growth in the coming years.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/intraosseous-infusion-devices-market
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This press release first seen on Brilad
COMTEX_442645529/2840/2023-10-30T06:12:54
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.