Wilmington, Delaware, United States, Sept. 20, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global IV bags market is projected to flourish at a CAGR of 5.8% from 2022 to 2032. As per the report published by TMR, a valuation of US$ 1.5 billion is anticipated for the market in 2032. As of 2023, the market for IV bags is expected to close at US$ 929 million.
Rising healthcare expenditures by governments, private healthcare providers, and insurance companies have led to increased spending on medical supplies, including IV bags, are some of the factors driving the growth of the IV bags market.
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Competitive Landscape
According to TMR, the IV bags market has a fragmented vendor landscape. The presence of numerous local players, besides established companies, has rendered the market highly competitive. Some of the leading companies operating in the market are
- B. Braun Melsungen AG
- Baxter International Inc.
- Pfizer 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
- Qosina Corporation
- ICU Medical, Inc.
- JW Life Science and Angiplast Pvt. Ltd.
Key Developments in the IV Bags Market
- Baxter launched the DoseEdge Pharmacy Workflow Manager, an innovative system designed to help improve IV compounding safety and efficiency. It assists healthcare providers in preparing and verifying IV medications.
- B. Braun introduced a range of IV bags and solutions, including a focus on eco-friendly packaging and materials. Their commitment to sustainability in IV bag manufacturing has been a notable development.
- Fresenius Kabi expanded its IV bag portfolio with the launch of new container configurations and sizes to meet diverse clinical needs. They also emphasized the use of high-quality materials for IV bag production.
- ICU Medical developed innovative IV bag technologies, such as the LifeCuff, designed to reduce the risk of inadvertent needlestick injuries during IV bag preparation and administration.
The global aging population is more prone to chronic diseases, infections, and other medical conditions that require intravenous therapies. As the elderly population increases, so does the demand for IV bags.
The increasing prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases necessitates regular IV treatments. Chronic disease management often involves the administration of medications and fluids through IV bags, significantly driving the sales of IV bags.
Hospitals and surgical centers rely on IV therapies for preoperative preparations, postoperative care, and treatment of various medical conditions. The growth in hospital admissions and surgical procedures drives the demand for IV bags.
Emergency departments and trauma centers require a ready supply of IV bags to address critical medical situations, injuries, and life-saving interventions. The extensive use of IV bags for delivering medications to a patient directly to the veins is another factor influencing the demand for the IV bags market.
Key Takeaways from the Market Study
- As of 2022, the IV bags market was valued at US$ 879 million
- By material, the polypropylene segment enjoys high demand, accumulating a high revenue share during the forecast period.
- Based on chamber type, the single chamber segment is anticipated to dominate the industry during the forecast period
- Based on application, the parenteral nutrition segment is expected to generate high revenue during the forecast period.
IV Bags Market: Key Trends and Opportunistic Frontiers
- IV bags are essential for drug administration, chemotherapy, and infusion therapies. The development of new medications and therapies that require IV administration contributes to market growth.
- Technological advancements in IV bag design, materials, and manufacturing processes have improved the quality, durability, and safety of these medical devices, making them more appealing to healthcare facilities.
- Manufacturers offer customized IV bag solutions tailored to the unique needs of healthcare facilities. Innovations in packaging, including tamper-evident seals and user-friendly designs, enhance the appeal of IV bags.
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IV Bags Market – Regional Analysis
- North America is a significant market for IV bags. The high healthcare spending and advanced medical infrastructure drive the market demand. Factors such as the aging population and the prevalence of chronic diseases contribute to a steady demand for IV bags. The United States and Canada also have a well-established market for IV bags, driven by its comprehensive healthcare system and the need for intravenous therapies in various clinical settings.
- Asia Pacific is expected to drive the IV bags market during the forecast period expanding rapidly due to its large population, rising healthcare expenditures, and investments in healthcare infrastructure. The growing number of hospitals and clinics further drives demand. The increasing need for IV therapy in both urban and rural healthcare settings is expected to favor the growth of the IV bag market.
IV Bags Market – Key Segments
Material
- Polypropylene
- Polyvinyl Chloride
- Polyethylene
- Others (Copolyester Ether & EVA)
Capacity
- 0-250 ml
- 250-500 ml
- 500-1000ml
- Above 1000 ml
Chamber Type
- Single Chamber
- Multi Chamber
- Application
- Parenteral Nutrition
- Intravenous Therapies
Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa (MEA)
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