Stainless Steel - The Material of Choice
Attributed to its high durability, and light-weight quotient, stainless steel will remain the highly preferred material. By the end of forecast period, stainless steel IV poles are likely to account for nearly 60% share of total sales. However, given consideration to high costs, and corrosion, IV poles made from stainless steel are likely to a slight decline in their demand growth in the near future. This is influencing market manufacturers to turn to other materials such as chrome plated steel for developing IV poles.
Europe Leads, Opportunities Hover Around East Asia
Upsurge in healthcare spending, as well as establishment of advanced hospital infrastructure to cater to the increasing patient pool would be critical in driving the adoption of IV poles in both, developed and developing regions. The market in Europe continues to attract huge investments from stakeholders and is likely to surpass revenues worth US$ 100 Mn by 2027. While North America’s market is also reflecting lucrative growth prospects, the developed regional market will lose its share to the market in East Asia in the opportune time.
Customization - Key to Gain Market Distinctness
Manufacturers should focus on customization of IV poles to better align with end-use requirements. While modifications in IV poles for intensive care units (ICU), magnetic resonance imaging (MRI), and urology wards are gradually making into the pipeline, customizations such as foldable IV poles for patients who are traveling, and IV poles that glow in dark are offering white spaces for market players.
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How Growth will Unfold
By capturing a market share of over 60% throughout the projection period, hospitals are poised to remain the predominant end-users of IV poles. In 2018, IV poles worth of around US$ 140 Mn were used in hospitals, and rising patient footfall will spur the revenue growth in the end-use category. Constant increase in percentage of total surgical procedures taking place in ambulatory surgical centers (ASC), in the wake of quicker outcomes with lesser patients requiring hospitalization, has been driving notable attention from market players.
FREQUENTLY ASKED QUESTIONS ABOUT IV POLES MARKET
Will rise in number of hospital beds affects growth of the IV poles market?
In the past decade, there has been an upsurge in number of hospital beds and healthcare expenditure especially in emerging countries. This has resulted in increasing adoption of IV poles for various applications in hospitals and clinics, globally.
Which technological advancement propel the demand for IV poles in near future?
Advancements in technology have not only worked to advantage end user but also enabled the development of advanced IV poles. Availability of IV poles with better build in material such as chrome plated steel are creating growth opportunities for the market players in the near future. Also IV poles with antimicrobial protection coatings are available in the market.
Which end user segment manufacturers can target to gain significant market share?
Hospitals are expected to gain significant market share during the forecast period, which constitutes approximately one third of the total market share. Ambulatory surgical centers is expected to be the second most attractive segment owing to increase in the number of surgeries and increase in patient footfall.
Which region will offer more lucrative opportunities for IV poles market players?
The South Asia IV poles market is expected to show significant growth opportunities during the forecast period, owing to rising healthcare infrastructure in countries such as India and China.
Who are the major players contributing to the growth of IV poles market?
The IV poles market is consolidated by top three players namely, Medline Industries Inc., Cardinal Health, and 3M. These tier 1 players collectively account for more than half revenue share of the global IV poles market.
How the IV poles-associated complications hamper market growth?
High cost and corrosion of stainless steel are the major factors hampering the growth of the market. Stainless steel is the commonly used material for manufacturing of IV poles, but cost of stainless steel in the market is quite high as compared to others.
IV POLES MARKET TAXONOMY
The global IV poles market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
- 2 Hook Top
- 4 Hook Top
- 6 Hook Top
- 8 Hook Top
- Stainless Steel
- Chrome-Plated Steel
- Ambulatory Surgical Centers
- Nursing Homes
- Long-Term Care Centers
- Homecare Settings
- North America
- Latin America
- East Asia
- South Asia
- Middle East & Africa (MEA)