Intraosseous Devices Market is expanding at a CAGR of more than 5.5% from 2018 to 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
Semi-automatic intraosseous devices projected to be highly lucrative type
Traditionally, manual intraosseous devices are extensively employed to provide vascular access. They are reliable and light weight and hence, can be used for field purposes. They are relatively small in size and can be employed easily to treat young pediatric patients. However, in older patients or adults, delivery of fluids or medications through manual intraosseous devices is considered to be difficult and compared to other types of intraosseous devices, they are least technologically advanced. Automatic intraosseous devices provide relatively quick and easy vascular access, and recently in 2014, received FDA approval and a CE mark. Thereby, the penetration of automatic intraosseous devices is comparatively lower in the intraosseous devices market. Semi-automatic intraosseous devices, as compared to manual devices, are more user-friendly and also provide quicker, and easier vascular access. Penetration of semi-automatic devices is higher, as compared to automatic devices. Semi-automatic intraosseous devices provide comparatively wider range of products as compared to that offered by manual and automatic intraosseous devices.
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Emergency medical services (EMS) estimated to expand at a higher CAGR during the forecast period
In terms of end-user, the emergency medical services (EMS) segment held a leading share of the global intraosseous devices market in 2017. It is anticipated to gain market share by the end of 2026 and expand at a CAGR of 6.0% during the forecast period. Increasing number of road accidents, trauma cases, cardiac arrest, and various other diseases leads to rise in emergency medical situations, thereby boosting the EMS segment of the global intraosseous market. High prevalence of diseases, especially pediatric diseases, and rise in patient population undergoing emergency situations, leads to increased usage of intraosseous devices to provide emergency medical services (EMS), which in turn propels the segment of the market.
North America dominates the intraosseous devices market, and Asia Pacific offers significant opportunity
North America and Europe accounted for a key share of the global intraosseous devices market in 2017. They are expected to gain market share by the end of 2026. The intraosseous devices market in the region is expected to expand in the near future. Intensifying number of trauma cases, cardiac cases and various diseases requiring instant vascular access, increasing adoption of advance products, extensive number of medical professionals and trained staff, and presence of prominent players are key factors propelling the intraosseous devices market in North America. The intraosseous devices market in Asia Pacific is expected to expand at a significant CAGR of more than 6.0% during the forecast period. Rise in patient population, increasing government initiatives in the healthcare sector, extensive research and development, and rise in investments by global key players in Asia Pacific are driving the intraosseous devices market in the region.
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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