Global IV Bags Market: Players Resort to Product Innovation to Gain Competitive Advantage - Transparency Market Research
ALBANY, New York, October 27, 2017 /PRNewswire/ --
The global IV bags market is a choc-o-bloc with companies with large companies operating in global markets and the small ones in regional markets. This renders a fragmented albeit competitive vendor landscape. Keen players in the market are expending money on product innovation and improvement of existing products to gain competitive advantage. These companies are also resorting to strategic partnerships and alliances that will make this market consolidated to some extent.
Key participants in the global IV bags market include B.Braun Melsungen AG, Baxter international Inc., Hospira Inc., West Pharmaceutical Services Inc., Wipak Group, Technoflex S.A., Fresenius SE & Co. KGaA, Sippex, Polycine GmbH, Kraton Corporation, The Metrix Company, Medicopack A/S, Macopharma SA, Haemotronic S.p.A, Renolit Solmed, Otsuka Pharmaceutical India Private Limited, Alfa Laboratories, and Qosina Corporation.
A report by Transparency Market Research (TMR) estimates the global IV bags market to secure a valuation of US$1,363.8 mn in 2017, and further reach US$2,316.5 mn by 2027 end at a CAGR of 5.4% therein. The global IV bags market was evaluated at US$1,298.5 mn in 2016. Vis-à-vis volume, the consumption is estimated to be pegged at US$6,202.3 mn units by the end of 2027.
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Among the key material type segments, PP material is anticipated to hold dominance as it is chemically inert and is non-reactive with a packaged solution. On the basis of capacity, 0-250 ml segment is anticipated to hold on to its dominant share over the forecast period. In terms of geography, North America is estimated to account for the leading market share in the overall market over the forecast period of 2017-2027.
Need for Parenteral Nutrition for Patients with Swallowing Difficulties Benefits Market
The primary factor driving the global IV bags market is the rising adoption of injection-based therapies and increasing prevalence of chronic diseases. IV bags are extensively used for patients to deliver liquid substances and other nutritious compounds who are unable to ingest anything orally. IV bags are a crucial element of parenteral nutrition where they are highly preferred to administer compounds such as amino acids.
Apart from this, the rising ageing population globally is also contributing to the growth of the global IV bags market. The old age which is usually associated with health conditions impairs the ability to administer drugs and vital nutrients orally. This necessitates efficient drug administration methods such as IV bags to administer the same. IV drugs are preferred over oral drugs as the former generate results in less time and have higher accuracy. IV bags are also used for this population to provide vital nutrients due to loss of ability to consume orally.
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Rise in awareness about the benefits of transportation of fluids intravenously for patients is expected to fuel the growth of IV bags market.
Risk of Release of Toxic Crimps Growth
The growth of the IV bags market is marred by the risk of leaching of chemicals from PVC material bags. This induces the risk of delivering toxic chemicals to patients along with content that is stored in IV bags.
However, design innovations and introduction of IV bags made of environment friendly material that does not release toxic is a key trend prevailing in the global IV bags market. Product manufacturers are developing multi-compartment IV bags that minimizes the steps required to administer drugs and also minimizes risks of sepsis, entry of pathogens, and contamination.
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The review presented here is based on the findings of a TMR report, titled "IV Bags Market (Material Type- PE, PP, and PVC; Capacity Type - 0-250 ml, 250-500 ml, 500-1000 ml, and above 1000 ml; Chamber Type - Single Chamber and Multi Chamber) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2027."
The global IV bags market is segmented as follows:
By Material Type
- PE
- PP
- PVC
- Others (Copolyester ether, EVA etc.)
By Capacity Type
- 0-250 ml
- 250-500 ml
- 500-1000 ml
- Above 1000 ml
By Chamber Type
- Single Chamber
- Multi Chamber
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
Other Research Reports by TMR:
- Folding Cartons Market:
https://www.transparencymarketresearch.com/asean-folding-cartons-market.html - Antimicrobial Packaging Market:
https://www.transparencymarketresearch.com/antimicrobial-packaging-market.html
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