February 21, 2024
IV Dressing Market

Secured IV therapy to fuel growth of the Global IV Dressing Market

The global IV Dressing Market is estimated to be valued at US$ 794.7 Mn in 2023 and is expected to exhibit a CAGR of 5.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
IV dressing, also known as intravenous needle securement devices are sterile, transparent film dressings used to protect and secure intravenous catheters and connect them to intravenous tubing through which fluids, medications, nutrients or blood products are infused into veins. They prevent needle movement, reduce the risk of needle stick injuries and lower the risk of catheter dislodgement or displacement. IV dressings provide catheter stabilization, protect the insertion site and reduce contamination risks. They find wide applications in long term venous access, chemotherapy, patient hydration, anesthesia administration and blood transfusion among others.

Market key trends:
One of the key trends in the IV dressing market is the increasing demand for secure and user-friendly IV dressings. With rising healthcare costs and focus on patient safety, there is growing emphasis on products that ensure secure IV therapy, prevent needle dislodgment and reduce complications requiring repeat visits or hospitalization. This is driving innovations in dressing design and adhesive technology. Many players are introducing dressings with wings for added stability, antibiotic dressings to prevent infections and soft silicone materials for gentle adhesion and painless removal. The market is also witnessing a shift towards easier to use dressings that can be applied swiftly without additional tape or tools.
Porter’s Analysis

Threat of new entrants: Low-moderate threat as IV dressing market needs high initial investment and distribution channel. Regulations around manufacturing also act as a barrier.

Bargaining power of buyers: Moderate as buyers have option to switch suppliers but they prefer reputed brands ensuring product safety and performance.

Bargaining power of suppliers: Moderate as few manufacturers globally supply raw materials like adhesives, polymers, nonwoven fabrics. Suppliers differentiate through innovation.

Threat of new substitutes: Low threat as IV dressings have no cost effective substitutes given safety and efficacy benefits over alternatives.

Competitive rivalry: High as market dominated by few multinational players. Price competition exists while players differentiate through innovation, quality and marketing.

Key Takeaways

Market size: The global IV Dressing market Growth is expected to witness high growth, exhibiting CAGR of 5.3% over the forecast period 2023 to 2030, due to increasing incidence of chronic diseases and growth in healthcare expenditure. The market size for 2023 is estimated to be US$ 794.7 Mn.

Regional analysis: North America dominated the market in 2023 owing to high healthcare spending and strong demand from U.S. However, Asia Pacific is expected to see fastest growth due to increasing penetration of healthcare facilities and growing medical tourism in India and China.

Key players: Key players operating in the IV Dressing market include Becton, Dickinson and Company, Lohmann & Rauscher, Komal Health Care Pvt. Ltd., Paul Hartmann AG, DeRoyal Industries Inc., Tytex, Shandong Dermcosy Medical Co., Ltd., Smith & Nephew plc, Dynarex Corporation, Talent Healthcare, 3M and Datt Mediproducts Pvt. Limited. Players focus on developing advanced dressings to prevent infection and enhance patient comfort.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it