The Staggering rise in the prevalence of chronic diseases is expected to push the growth of the global IV bags Market. The market is also driven by rising adoption of injection based therapeutic practices. For administering vital nutrients or drugs to patients who are not in the condition to ingest medicines or vital nutrients orally, IV bags turn out to be the perfect solution. It is anticipated that the global IV bags will rise from US$1,363.8 mn in 2017 to US$2,316.5 mn by 2027, expanding at a 5.4% CAGR from 2017 to 2027.
Trends and Opportunities
One of the key factors, which is working in the favor of the global IV bags Market is the increasing geriatric population. As this population base is highly susceptible to various diseases and health conditions, they will create a demand for IV bags. Old aged people usually find it difficult due to their various health conditions, to administer vital nutrients orally as well as administer drugs orally.
Therefore, for the efficient administration of drugs and nutrients IV bags are required. IV drugs are increasingly being preferred as compared to oral drugs because they generate quicker results and are highly accurate. IV bags are extremely crucial for parenteral nutrition as they are extensively preferred for the administration of amino acids and other compounds.
Some of the most popularly used IV bags are PVC, PE, and PP. Of these, the BP material IV bags are expected to lead in the years to come as this material is nonreactive in nature and chemically inert. The IV bags made from PVC are expected to witness a decline in the demand as it holds the risk of releasing toxins in the packaged solution. IV bags come in single chamber and multi-chamber types. Single chamber IV bags is currently leading in the market but the multi-chamber IV bags is estimated to expand at a higher pace on account of the ability to deliver two fluids simultaneously.
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On the basis of geography, the global IV bags narket is segmented into Europe, Asia Pacific, North America, the Middle East and Africa, and Latin America. In terms of revenue, it is North America which is leading in the market and is expected to exhibit a year on year growth of US$300.6 mn during the forecast period from 2017 to 2027.
The North America IV bags market will expand at a 5% CAGR from 2017 to 2027 contributed primarily by the U.S. Europe is also expected to be one of the key markets for IV bags and exhibit a 5.3% CAGR between 2017 and 2027. It is estimated that the European IV bags Market will be worth US$510.7 mn by 2027. However, all the other regions will be left behind by Asia Pacific in terms of growth rate, because Asia Pacific is anticipated to register a CAGR of 6.1% during the forecast period.
The global IV bags market is extremely fragmented. However, players are also considering strategic mergers and acquisitions, collaborations, and partnerships which may consolidate competitive landscape of the global IV bags market to a certain extent. The competition also runs high in the market as leading players within the market are trying hard to develop innovative products for gaining competitive advantage.
This post was originally published on Denton Chronicle