The global market for IV bags
features a largely fragmented and competitive vendor landscape owing to
the presence of a large number of companies, observes Transparency
Market Research in a recent report. Companies keen on expanding their
consumer bases and gaining a larger hold on the market are focused on
geographical expansion, strategic collaborations with promising regional
companies, and R&D activities aimed at the development of new and
more reliable product varieties.
Focus on the development of products
made from environment friendly and biologically harmless materials has
also increased as stringent environment-protection and patient safety
norms keep rising in numbers across the globe. Some of the leading
companies in the market are Haemotronic S.p.A, B.Braun Melsungen AG,
Wipak Group, Baxter international Inc., Sippex, Renolit Solmed, and West
Pharmaceutical Services Inc.
According to the report, the global IV
bags market is expected to exhibit a promising 5.4% CAGR from 2017 to
2027, rising from a valuation of US$1,363.8 mn in 2017 to a revenue
opportunity of US$2,316.5 mn by 2027. Based on material, the PP segment
presently holds the dominant share in the market owing to the material’s
non-reactive and inert nature. Geographically, the market in North
America is presently the leading regional market in terms of growth
prospects and revenue opportunity.
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One of thy growth drivers for the global
IV bags market is the high use of injections for delivering drugs,
liquid substances, and other nutritional products directly in the bodies
of patients who have difficulties swallowing anything. The ease of use,
easy availability, low costs, and availability in a variety of types
based on materials and price ranges make IV bags one of the key
components of parenteral nutrition procedures where these bags are often
used to administer a variety of compounds such as amino acids to
patients.
The market is also steadily expanding
owing to the vast rise in prevalence of a number of chronic diseases
requiring patient admissions to hospitals or other healthcare centers
and the rising global population of geriatric, a demographic that is
highly susceptible to a number of health conditions. Old people are also
susceptible to a number of health conditions that impair their ability
to consume vital nutrients or drugs orally, requiring IV bags for
administering the same. Higher accuracy and quicker results associated
with IV bags as compared to consuming drugs orally also work in the
market’s favor.
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