Venous Access Device Manufacturing in the US Industry Market Research Report Now Available from IBISWorld
Companies in the Venous Access Device Manufacturing industry will consolidate, supporting industry growth, with smaller firms benefiting from greater R&D budgets, and over the next five years, manufacturers will continue to invest in innovation and new products to target complicated needs. For these reasons, industry research firm IBISWorld has added a report on the Venous Access Device Manufacturing industry to its growing industry report collection.
New York, NY (PRWEB) December 19, 2013
Over the five years to 2013, revenue for the Venous Access Device Manufacturing industry has been trending higher, bolstered by rising physician visits and increasing government and private spending on health. The rising number of physician visits can be attributed to favorable US demographics; the older the US population gets, the more likely they need to use industry products. According to Healthcare Global, a source for the healthcare industry, roughly 90.0% of hospitalized patients in the United States receive vascular access treatment, in which venous access devices are used. Moreover, total health expenditures, which includes both private and government expenditures, is expected to trend upward over the five-year period, further lifting industry revenue. IBISWorld expects industry revenue to grow at an annualized rate of 4.2% to $3.8 billion over the five years to 2013, bolstered by an estimated 3.7% rise in 2013.
Consolidation has been a growing trend for the Venous Access Device Manufacturing industry as large operators leverage their purchasing power and negotiate favorable prices with upstream suppliers. Additionally, like other industries in the healthcare sector, merger and acquisition activity is prominent due to the importance of acquiring intellectual property rights. According to IBISWorld Industry Analyst Brandon Ruiz, “Industry operators that have an abundance of intellectual property rights for popular devices can monopolize the market and charge premiums, which result in higher profit margins.”
Over the five years to 2018, the Venous Access Device Manufacturing industry is expected to benefit from recent changes in Medicare and Medicaid reimbursements. Infections acquired during hospitalization no longer receive reimbursement, which has encouraged healthcare providers to adopt the use of antimicrobial devices, especially when performing venous access procedures. The higher prices associated with antimicrobial devices are expected to drive industry revenue during the next few years. “Power injectable PICCs and tip-location devices designed to assist with catheter placement are also expected to support revenue growth,” says Ruiz.
While the Venous Access Device Manufacturing industry has a small number of large operators, small and medium enterprises (SMEs) have traditionally dominated the market. This market share is increasing as these large firms acquire smaller companies for their lucrative product design patents. As the industry consolidates, price competition within the industry is expected to decrease and profit margins will likely grow.
For more information, visit IBISWorld’s Venous Access Device Manufacturing in the US industry report page.
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IBISWorld industry Report Key Topics
The Venous Access Device Manufacturing industry manufactures venous access devices, such as peripherally inserted central catheters (PICCs), central venous catheters (CVCs), dialysis catheters, implantable ports and catheter securement devices. Medical professionals use these devices to access a patient's bloodstream through the veins and deliver a variety of treatments including hydration, nutritional infusion, antibiotics, chemotherapy and dialysis.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
For the original version on PRWeb visit: http://www.prweb.com/releases/2013/12/prweb11435740.htm