Global healthcare sector continues to develop at an impressive rate. As a result, packaging marketplace is undergoing huge changes with specialized focus on offering innovative packaging tools/products to pharmaceutical industry. One such core product that offers lucrative market opportunities for packaging companies is intravenous products. Intravenous product such as catheters and IV fluid bags are mainly used to prevent and treat various chronic illness such as cancer and ophthalmic diseases.
Increased sales of intravenous products has boosted overall demand for innovative packaging products. As a result, many packaging companies are trying to capitalize on the intravenous product packaging market. Most packaging companies have done everything from product innovation to that of streamlining their distribution networks to strengthen their market presence in healthcare sector.
Intravenous Product Packaging: Market Dynamics
Growth in demand for intravenous product packaging is expected to remain strong for several reasons. First, chronic illness is proliferating rapidly owing to changing lifestyle and increased geriatrics population. As a result, demand for sterilized intravenous product has increased. This in turn is propelling overall sales of packaging material for intravenous products. Second, many packaging companies has set up direct distribution channel to facilitate easy flow of business and thereby minimize overall run cost.
Rising investment in product innovation, rapidly evolving regulatory compliances, increasing medical supplies market, and focus on distribution network has altogether driven the intravenous product packaging market. Despite the momentum and growth intravenous product packaging industry has witnessed over the past few years, availability of alternative product is a major challenge to overall growth of the industry.
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Intravenous Product Packaging Market: Regional outlook
Intravenous product packaging market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. Among these region, North America and Europe are expected to collectively dominate the market throughout the forecast period. However, many multinational packaging companies are ramping up their investments in Asia Pacific to tap the growing unmet needs of intravenous product manufacturers in the region and government support towards boosting manufacturing ecosystem.
