The IV Bags market is estimated to record a CAGR of 5.3% during the forecast period 2021-2027. The major factor attributing to the market’s growth is the increase in the prevalence of diseases, such as gastrointestinal diseases, cancer, neurological diseases, where IV fluids are given to the patients. According to the WHO, diarrhoeal disease is the second leading cause of death in children under five years old. Worldwide, there are nearly 1.7 billion cases of childhood diarrhoeal disease every year. However, the risk of leaching chemicals from plastic IV bags is the major factor restraining the market.
Drop-in electrolyte levels are not common among patients suffering from diarrhea and fever. This causes moderate to severe cases of dehydration, which is more common in teenagers. IV bags are often recommended to administer intravenous therapy for the treatment of such patients. In the coming centuries, the market will witness extensive use of IV bags, mainly caused due to the rising penetration of healthcare services in remote areas. Seeing the intrinsic attributes of IV bags in storing, sterilizing, handling requirements, and transporting the future will bring more significant opportunities for the market’s growth.
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Impact of covid-19
While other markets are struggling to cope with disruptions caused by the COVID-19 outbreak, conditions have favored IV bags sales. Though, challenges caused due to limited raw material availability and worker’s isolation have slowed down manufacturing activities.
Sales by physical stores may have suffered; contrary to this, the market has been gaining from surging e-commerce sales. Thanks to the growing digital engagement as consumers aim to limit contact, businesses are adopting practices that complement social distancing rules. Moreover, after the spread of the coronavirus, consumers have become more careful about hygiene. Makers are focusing on using packaging materials that will offer protection against contaminants during transit. These factors are anticipated to favor the growth of the market for IV bags.
Global IV Bags Market Dynamics
Drivers: Adoption of Parenteral Nutrition Therapy
According to the World Health Organization, nearly 11% of diseases affecting people worldwide result from lacking healthy sustenance. Parenteral nutrition has been designed to help such patients receive sufficient dietary help they require. The rising incidence of gastrointestinal disorders, malignancy, ischemic gut malady, Crohn’s disease, and diabetic intricacies spurs interest in the parenteral diet.
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PN means intravenous administration of nutrients, which may incorporate protein, starch, mineral, electrolyte, fat, vitamins, and other components required by a patient who cannot ingest food in substantial quantity due to a particular health complication. Administering intravenous nutrition prescribed can help battle various health complexities and is a crucial part of a patient’s recovery. As chronic ailments are likely to rise soon due to nourishment scarcity and changing ecological situations, the demand for parenteral sustenance is expected to remain constant.
Opportunities: Rising Incidence of Chronic Ailments Creating
Key factors enabling the growth in the market remain the need for successfully administering the parenteral drug to the patients who find it challenging to take the medicines orally. For these patients, drugs is needed to be administered intravenously. Parenteral drugs are often prescribed to treat chronic intestinal diseases, diabetes, cancer, hepatic failure, and renal failure.
TMR sees the rising incidence of chronic ailments as one of the chief drivers of the market. According to the WHO, the prevalence of non-communicable diseases will increase by 57% between 2015 and 2020. Against this backdrop, experts are predicting soaring demand for IV bags in the coming years. According to the WHO, chronic ailments such as type-2 diabetes mellitus and chronic obstructive pulmonary disorder are the primary focus of pharmaceutical companies since they have been looking for ways of curbing the occurrence, which has been spreading rapidly.
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Scope of the Report
The study categorizes the IV bags market based on material, capacity, chamber, and regions.
By Material Type Outlook (Revenue, USD Million, 2017-2027)
- Polyethylene
- Polyvinyl Chloride
- Polypropylene
- Other Material Types
By Capacity Outlook (Revenue, USD Million, 2017-2027)
- 0-250 ml
- 250-500 ml
- 500-1000 ml
By Chamber Type Outlook (Revenue, USD Million, 2017-2027)
- Single Chamber
- Multi-Chamber
By Region Outlook (Revenue, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The single-chambered segment is projected to account for the largest market share by chamber type
By type, The market is segmented into single and multi-chambered IV bags. The multi-chambered bags segment includes 2- and 3-chambered IV bags. The single-chambered bags segment captured the largest market share in 2020. High usage and the absence of alternatives are expected to drive the segment growth, thus maintaining the segment’s dominance throughout the forecast period. Principal advantages of plastic bags over other IV containers include- higher safety levels and easy transport, handling, & disposal. On the other hand, the glass container for IV solutions is preferred only when drugs or excipients are incompatible with the bags of commonly used plastics. The problems associated with these plastics include leaching and susceptibility to puncture, thus contaminating the contents.
The IV Bags bags are designed to address these problems. As a result, the emergence of IV Bags bags is expected to replace a significant share of IV glass containers during the forecast period. The single-chamber bags are used on a large scale, including drip bags, which capture a substantial percentage of the total IV containers market.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on the regions, the global IV Bags market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR in the global IV Bags market during the forecast period. The Asia Pacific region includes developing economies such as China, India, Japan that promise rapid growth of the IV Bags market. Moreover, improving healthcare expenditure, rising patient awareness, and the need for technologically advanced healthcare solutions with added cost-saving benefits are the factors spurring the market’s growth in this region. In addition, the increasing demand for medical specialty bags results from the aging population, increasing instances of chronic diseases, and rising healthcare costs. These factors are driving the market toward cost-effective and safer alternatives for PVC IV bags.
Japan is believed to have the best healthcare infrastructure amongst other developing countries of the Asia Pacific region. The availability of the latest healthcare treatments and technically advanced solutions encourages the region’s demand for IV Bags. Moreover, the government of Japan is aiming toward the delivery of better healthcare facilities to the population. The increase in awareness about the risks and hazards associated with PVC-based medical products contributes to the speedy adoption of IV Bags.
Key Market Players
The IV Bags market is moderately competitive and consists of several major players. Some of the companies currently dominating the market are Baxter International Inc., ICU Medical Inc., B. Braun Medical Inc., Haemotronic, Technoflex, Sippex IV bag, POLYCINE GmbH, Otsuka Pharmaceutical India Private Limited, and Kraton Corporation. Every company follows its business strategy to attain the maximum market share.
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