Intraosseous Devices Market to rise at CAGR of 5.6% during the forecast period 2018-2026
The global intraosseous devices market was valued at US$ 361.1 Mn in 2017 and is estimated to expand at a cumulative annual growth rate (CAGR) of 5.6% from 2018 to 2026 according to a new report published by Transparency Market Research (TMR) titled “Intraosseous Devices Market Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. The report suggests that increase in number of various diseases and rise in the number of emergency medical situations is anticipated to propel the intraosseous devices market in the near future (2018 to 2026). North America and Europe are estimated to lead the global market due to rise in patient population due to increase in number of diseases, rise in technological advancements along with the government initiatives, including approvals. The market in Asia Pacific is expected to expand at a CAGR of 6.5% during the forecast period due to an increase in the geriatric population, rise in the adoption of intraosseous devices, rise in the patient population cases and emergency medical situations in the region. Moreover, activities in the field of research and development and initiatives by governments in the healthcare sector are likely to further boost the market in Asia Pacific.
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Value added features in intraosseous devices is to fuel global intraosseous devices market
The global intraosseous device market is expected to be potentially driven by value added features offered by various intraosseous devices in order to provide effective and efficient vascular access, thereby resulting in positive outcomes and medical aid and care. Intraosseous devices are implemented to provide efficacious and quick treatment in various medical situations, specifically in emergency situations. Intraosseous devices are required by medical professionals and trained staff as an effective alternative when intravenous access cannot be obtained. In pediatric resuscitation, intraosseous route has turned out to be the route of choice, as intravenous access is difficult and not quick in children. The attributes of intraosseous devices, such as effectiveness, quick, and easy vascular access, help medical professionals and their trained staff to quickly and successfully provide appropriate treatment to the patient population. Key players operating the global intraosseous devices market are developing products with value added features, such as attaining government approvals and launching new products with more advancements, including efficacy, swiftness and safety, providing quicker vascular access and appropriate treatment, thereby offering an upgraded product as compared to the existing products in the market. These key players are also actively participating in acquisitions and mergers, thereby intensifying their product line. Consequently, companies are strengthening their research and developmental activities, and also emphasizing their product lines, thereby offering value added features in intraosseous devices
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Key trend of developing and receiving approvals for technologically advanced products and acquisition & collaboration among the leading players to increase geographic presence have been observed in last few years.
The report also provide profiles of leading players operating in global intraosseous devices market. Teleflex Incorporated, PERSYS MEDICAL, and Cook, are a few leading players operating in the global intraosseous devices market, holding major market share. Companies operating in the intraosseous devices market are focused on increasing their geographic presence by means of developing and receiving approvals for technologically advanced products and strategic acquisition and collaboration with various other players in their respective domains and geography. On April 3, 2017, Teleflex Incorporated completed the acquisition of Pyng Medical, a medical device company that developed and marketed sternal intraosseous infusion products, which strengthens Teleflex Incorporated’s anesthesia product portfolio. Companies are adopting the strategy of acquisition and collaboration with parallel companies in order to improve and strengthen their presence in the global market. On October 23, 2014, WaisMed, a subsidiary of PERSYS MEDICAL, received FDA approval and a CE mark for an automatic intraosseous device for adults, namely NIO device, which is a comparatively new intraosseous medical device.
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