The global IV disinfecting caps market is estimated to garner significant revenue by growing at a notable CAGR over the forecast period, i.e., 2022-2031. The growth of the market can be attributed to the increased occurrence of hospital-acquired infections (HAI). According to the data given by Healthcare-Associated Infection Surveillance India, worldwide, over 1.4 million patients suffer from healthcare-associated infections (HAIs) at any time. The IV disinfecting caps are used to reduce the blood culture contamination, HAIs, and central line-associated bloodstream infections (CLABSI) among hematology-oncology patients. CLABSI occurs when germs or bacteria enter the bloodstream and most of such infections can be successfully prevented with IV disinfecting caps. According to a report published by the National Centre for Biotechnology Information, nearly 250,000 bloodstream infections occur annually and it also states that disinfection caps can reduce CLABSIs by 80%. On account of this, various organizations are spreading awareness regarding the benefits of IV disinfecting caps. Furthermore, the global IV disinfecting caps market is estimated to grow at a rapid rate during the forecast period owing to the increase in precautionary measures and cleanliness steps taken by the hospitals. Patients are also becoming vigilant regarding hygiene and cleanliness in the hospitals. The geriatric population has lesser immunity and is prone to acquire HAIs. This is also a factor that is expected to increase the growth of the global IV disinfecting caps market during the forecast period.
Get more information on this report: Request Sample PDF
The market is segmented by end-use into hospitals, clinics, and diagnostic centers, out of which, the hospital segment is anticipated to hold a notable share in the global IV disinfecting caps market on account of the widespread usage of the IV disinfecting caps. Hospitals require to give the utmost care to prevent blood infections, and IV disinfecting caps are the most efficient tools for it, owing to this, the global IV disinfecting caps market is expected to grow significantly over the forecast period.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global disinfecting caps market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America region is estimated to witness modest growth over the forecast period on the back of huge investment in the healthcare sector and increased awareness amongst patients as well as doctors. The government in the region is also posing stringent norms regarding the prevention of CLABSI, which is estimated to increase the market growth over the forecast period.
The global IV disinfecting caps market in the Asia Pacific region is also estimated to witness striking growth owing to the large population in the nations. Developing countries such as India and China are paying attention to stopping CLABSI. Also, there is high prevalence of contagious diseases such as cholera, food poisoning, HIV, and typhoid in the Asia Pacific region. According to the data given by UNAIDS in 2020, young people accounted for 26% of new HIV infections in the pacific and Asia. Hence, the increasing number of patients in the Asia Pacific region is expected to grow the global IV disinfecting caps market during the forecast period.
Get more information on this report: Request Sample PDF
The global IV disinfecting caps market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global IV disinfecting caps market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing health awareness and prevalent bloodstream infections are major factors driving the growth of the global IV disinfecting caps market over the forecast period.
The market is anticipated to attain a notable CAGR over the forecast period, i.e., 2022-2031.
The major players in the market are Human Metabolome Technologies America Inc., Thermo Fisher Scientific Inc., Bio-Rad Laboratories, Inc., and Agilent Technologies, Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-use, and by region.
The hospital segment is anticipated to hold the largest market size in value and is estimated to grow over the forecast period.
The risk of failing to secure the sterile cap is estimated to hamper the market growth.
The North America region is expected to provide more business opportunities for the growth of global IV disinfecting caps market on account of higher health awareness.
Select License Type
Direct access to analyst to help you understand the market in a better way to handle your critical question
Citing your business specific requirement our consultant would assist you ensuring targeted goal is achieved
Get 10% free customization