IV Disinfecting Caps Market size was valued at USD 387.9 Billion in 2023 and is likely to cross USD 1.37 Trillion by the end of 2036, registering more than 10.2% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of IV disinfecting caps is estimated at USD 423.51 Billion. The growth of the market can be attributed to the increasing incidence of cancer across the globe. The demand for IV disinfectant caps increases as a result of growing cases of cancer. For instance, to avoid infections in cancer patients, the use of IV disinfectant caps can be a crucial strategy. Infection control is an essential component of these patients' care as it may make them more vulnerable to infections. Further, the growing popularity of infection prevention in healthcare settings across the globe is also expected to add to the market growth. According to estimates, there would be over 16 million cancer-related deaths and more than 29 million new instances of cancer globally by 2040.
In addition to these, factors that are believed to fuel the market growth of IV disinfecting caps include the rise in technological advancements in IV disinfectant caps. For instance, certain IV disinfectant caps now have wireless monitoring and tracking features, which enable healthcare professionals to trace IV line usage in real-time and check adherence to disinfection guidelines.
Growth Drivers
Growing Health Awareness – On account of the rising consciousness of the value of maintaining good health, the market is expected to expand more in the upcoming years. In India, over 90% of people are concerned about the health of their family, compared to around 80% globally.
Rising Geriatric Population – The Elderly population is more prone to infectious diseases owing to weakened immune systems and the rising number of elderly populations across the globe is estimated to drive market growth. By 2060, the number of Americans aged 65 and above is expected to increase by more than 90 million.
Increasing Health Spending – The use of IV disinfectant caps is projected to rise as healthcare facilities are allocating more funds to quality of care and infection control procedures. According to the most recent expenditure data, global health spending has grown over the past 20 years, doubling in real terms to reach USD 8.5 trillion in 2019 and 9.8% of GDP, up from 8.5 percent in 2000. It is predicted that this boom would continue over the forecast period.
Growing Concern for Hygiene - It is expected that the demand for IV disinfectant caps has increased as a result of rising hygiene awareness. As people are becoming more conscious of the value of hygiene, the market is expected to expand more in the upcoming years. It was discovered that in 2020, more than 65% of people use basic hygiene services globally.
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
10.2% |
|
Base Year Market Size (2023) |
USD 387.9 Billion |
|
Forecast Year Market Size (2036) |
USD 1.37 Trillion |
|
Regional Scope |
|
End-user (Hospitals, Clinics, Diagnostic Centers)
The global IV disinfecting caps market is segmented and analyzed for demand and supply by end-user in hospitals, clinics, and diagnostic centers. Out of the three end-users of IV disinfecting caps, the hospitals segment is estimated to gain the largest market share in the year 2036. The growth of the segment can be attributed to the increasing number of infections acquired in hospitals. For instance, the need for IV disinfecting caps may rise as a result of the rise in hospital-acquired illnesses. Hospital-acquired infections are infections that patients acquire during their stay in a hospital or other healthcare facilities. Moreover, healthcare providers are focusing on infection control measures to safeguard patients from potentially fatal diseases, which might rise the demand for IV disinfecting caps. Further, IV disinfecting caps are used to prevent the transmission of infections through intravenous lines. According to estimates, healthcare-associated infections (HAIs) cause over 90,000 deaths and more than 1 million infections annually in hospitals in the United States.
The global IV disinfecting caps market is also segmented and analyzed for demand and supply by end-user into hospitals, clinics, and diagnostic centers. Amongst these three segments, the clinics segment is expected to garner a significant share in the year 2036. Patients may be at risk of contracting infections at clinics, as IV lines are frequently used to administer drugs, fluids, and other therapies to patients. However, if these lines are not thoroughly cleaned, they could spread disease. In addition, using IV disinfectant caps can aid in limiting the spread of illnesses in clinics. This, as a result, is anticipated to create numerous opportunities for the growth of the segment in the coming years.
Our in-depth analysis of the global market includes the following segments:
|
     By Product Type |
|
|
    By Application |
|
|
    By End User |
|
North American Market Forecast
The market share of IV disinfecting caps in North America, amongst the market in all the other regions, is projected to hold the largest share by the end of 2036. The growth of the market can be attributed majorly to the growing number of surgeries. There is an increase in the number of surgeries in the area owing to the rise in the aging population and increasing prevalence of chronic illness. The need for IV disinfecting caps is projected to rise as surgical procedures have become more prevalent in the region. For instance, IV disinfection caps are used to stop infections from developing during intravenous therapy, a frequent technique used in surgical settings. Moreover, the need for IV disinfecting caps rises in parallel with the number of surgeries and patients undergoing intravenous therapy. Further, the growing technological advancements in the region, along with the rising research & development activities, are also anticipated to contribute to the market growth in the region. In addition, the growing number of diseases is also anticipated to boost the market growth during the forecast period. Between 2019 and 2021, more than 12 million surgical procedures were carried out in the US.
APAC Market Statistics
The Asian Pacific IV disinfecting caps market is estimated to hold the second-largest, share by the end of 2036. The growth of the market can be attributed majorly to the increasing rates of typhoid fever, cholera, food poisoning, and illnesses connected with healthcare. Typhoid fever, cholera, and food poisoning cases are on the rise in the region, which is projected to drive up demand for IV disinfection caps as healthcare professionals work to lower the risk of infections in patients. For instance, in healthcare settings such as hospitals, clinics, and other healthcare institutions, intravenous treatment is a standard technique that frequently involves the use of IV disinfection caps to avoid infections. Further, the growing awareness about home cleanliness in the region is also anticipated to contribute to the market growth in the region.
Europe Market Forecast
Further, the market in Europe, amongst the market in all the other regions, is projected to hold a majority of the share by the end of 2036. The growth of the market can be attributed majorly to the increasing geriatric population. The demand for IV disinfection caps is projected to rise as the aging population in the region grows. For instance, healthcare providers in the area are putting more emphasis on infection prevention and control, especially while caring for elderly patients who are more susceptible to illnesses. As the emphasis on infection prevention increases, there will likely be an increase in demand for products and technologies such as IV disinfection caps, which can help reduce the risk of infections.
Thermo Fisher Scientific Inc. introduced TrueMark Infectious Disease Research Panels to identify and classify bacteria that cause gastrointestinal, respiratory, vaginal, urinary, and sexually transmitted diseases quickly and accurately. Further, researchers can choose from more than 90 different bacterial and viral strain assays using the predefined and programmable panel options.
Biocrates life sciences AG a global leader in targeted metabolomics, acquired Metanomics Health GmbH to offer focused metabolomics profiling services, personalized assays, targeted screening kits, and in-depth data interpretation.
Â
Â
Author Credits: Radhika Pawar
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?