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Region-wise, North America accounts for a significant share in the industry and is expected to witness a further growth in the forecast period. The growth of the market can be attributed to the presence of innovative healthcare technologies, high disease prevalence, increasing consumption of junk and processed foods, and the availability of better healthcare infrastructures in the region. Moreover, the introduction of better reimbursement policies and growing investments towards the healthcare sector will further promote the market growth in the region. The availability of a wide variety of IV tubing options, including infusion tubing set and extension set, among others, through online platforms like Alibaba Group Holding Ltd (NYSE: BABA) and Amazon.com, Inc. (NASDAQ: AMZN) is expected to boost the sales of the product in the forecast period.
The growing mergers and acquisitions by the key players are also aiding the industry growth. In February 2017, ICU Medical Inc (NASDAQ: ICUI), one of the major players in the industry, acquired Pfizer’s Hospira Infusion Systems (HIS) business, which includes IV solutions, pumps, and devices, in a bid to enhance its infusion therapy business and increase its global reach. Moreover, in April 2020, ICU Medical, Inc. and Scripps Health, a leading health system in the western U.S., signed a long-term purchase agreement covering ICU Medical’s complete line of IV solutions and consumables, along with smart infusion pumps having IV-EHR interoperability to better manage patient safety and clinician workflows. Such developments are expected to significantly contribute to the industry growth over the forecast period.
Market Breakup by Product, Age Group, Application, End Use, and Regions:
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The major players in the global IV tubing sets and accessories market are Becton, Dickinson and Company, B. Braun Medical Inc., Nipro Corporation, Zyno Solutions, LLC, Vygon SA, ICU Medical, Inc., and Smiths Group Plc, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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