IV Fluid Monitoring Devices Market Trends

Growth Drivers

• Growing Use of Sustainable Material for IV Fluid Monitoring Devices - With the development of biodegradable materials, there currently exists a great chance to revolutionize healthcare technologies through the implementation of sensors that will naturally break down after use. Implantable electronic devices composed of these materials reduce chronic inflammatory reactions, do not require extraction or reoperation, and so present appealing possibilities for biomedical technology in the future. Since they produce less electronic or medical waste and, consequently, have a lower carbon footprint, eco-friendly sensor systems made of biodegradable materials may also help alleviate some of the most pressing environmental problems. As a result, the market is poised to rise for IV fluid monitoring devices.

• Rising Geriatric Population - As per the WHO prediction, the number of human beings in the world who are 60 years of age or older is expected to double (to 2.1 billion) by 2050. It is poised that between the year 2020 and 2050, the number of people 80 years of age or older is set to treble, reaching 426 million. Intravenous (IV) fluid therapy is often required for adult hospital inpatients in order to avoid or treat issues related to their fluid and/or electrolyte status. It may be challenging and complex to determine the right IV fluid dosage, mix, and rate of administration. Careful consideration of each patient's unique demands must guide these decisions.
• Surge in Importance of Telemedicine in Monitoring  - Covid19 proved the importance of telemedicine. Through remote consultation, continuous monitoring, and patient education through phone and videoconferencing in the context of the coronavirus disease, technology has been extremely helpful in maintaining patient continuity. Telemedicine systems will continue employing IV fluid transfer devices. Patients are experiencing accessibility and convenience as essential components of healthcare delivery as a result of the development of remote monitoring and consultations. Therefore, the IV fluid monitoring devices market demand is projected to surge over the coming years.

Challenges

• Growing Competition from Competitors - There is a lot of competition in the market as there are many local and international suppliers. Prominent international vendors face fierce competition from tiny regional vendors who provide comparable products at comparatively lower prices, notwithstanding their extensive distribution networks and contracts with top hospitals and healthcare facilities. Customers may additionally choose to buy premium goods at discounted costs. The marketplace is price-sensitive and volume-driven. There is fierce rivalry among suppliers, which is resulting in price wars. In an effort to remain competitive in the IV fluid monitoring devices market, vendors are concentrating on lowering the cost of their products in order to increase sales volume. The top vendors are right now operating on thin profit margins. Consequently, over the course of the forecast period, the pricing pressure is anticipated to have an impact on the IV fluid monitoring devices market expansion for intravenous (IV) fluid monitoring devices.

• Smart Devices are Vulnerable to Cybersecurity
• Rising Adoption of Oral Drugs