Intraosseous Devices Market Is Expected to Reach USD 401.7 Mn By 2023
The latest market report published by Brisk Insights “Global Intraosseous Devices Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 - 2023,” the intraosseous devices market was valued at USD 312.9 Mn in 2015, and is expected to reach USD 401.7 Mn by 2023, expanding at a CAGR of 3.2% from 2016 to 2023.
Browse the full report Intraosseous Devices Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 – 2023 at https://www.briskinsights.com/report/intraosseous-devices-market
Conventionally, intravenous access has been employed for swift fluid and medication administration during resuscitation. The frequency of IV administration and ability to initiate IV access significantly vary among users and usage environment. Initiating IV administration on patients with cardiac arrest or hypovolemic shock is a further challenge. Available alternatives to IV access such as venous cut-down or central venous catheterization are time consuming and challenging in critical conditions. Majority of prehospital and medical professionals are also not equipped or skilled to perform such procedures. IO infusion devices enable users to safely, rapidly and conveniently administer fluids and medications into the vascular system via bone marrow. Post the decline in demand after World War II, the market for IO devices has gradually picked up, as the devices have acquired their foothold in mainstream medicine and emergency response algorithms.
North America was observed as the leading geographical region in intraosseous devices market due to rising application of IO devices in ambulatory and emergency cases, increasing prevalence of various chronic diseases and mounting number of traumatic surgeries and military consumption was observed high especially in cases of war. Market experts suggest that as IO infusion is rapid, safe and effective technology of vascular access through the bone marrow when intravenous attempt fails to establish vascular access. Asia-Pacific was observed as the most potential intraosseous devices market with rising adoption of IO devices. However, high price and lack of continual training of medical and nursing staff and well defined protocols regarding proper handling of the device are restraining the market in this region.
Market Competition Assessment:
The intraosseous devices market is observed as the most diversified and competitive market comprising large number of players. The market is dominated by several players, depending on their major competencies. The key players in this market are Pyng Medical Corporation, PerSys Medical, Aero Healthcare, Vidacare/ Teleflex, Becton Dickinson Company / Carefusion Inc., and Cook Medical Inc.
Key Market Movements:
- IO devices have highest potential in mass casualty situations in the near future
- Market competition and demand is boosting the development of rapid and easy-to-use IO placement devices
- IO devices carry usability challenge due to complications such as leaning of cortex which might allow infusion of medication and fluids in the surrounding tissues, possibility leading to compartment syndrome and local extravasation
- Growing prevalence of chronic diseases and escalated count of trauma response surgeries along with high military consumption of IO devices is assisting its market growth throughout the forecast period