Empty Intravenous (IV) Bags Market to Experience Significant Growth by 2032
Ngày đăng: 16-08-2023 |
Ngày cập nhật: 16-08-2023
The global Empty Intravenous (IV) Bags Market demonstrated a size of USD 1.37 billion in 2022, with projections indicating it will reach USD 2.69 billion by 2032. This growth trajectory is expected to be marked by a rapid compound annual growth rate (CAGR) of 7.8% during the forecast period. The impetus behind this ascent can be attributed to the rising prevalence of chronic diseases such as cancer, diabetes, and kidney failure, which necessitate continuous IV drug administration. The market value's expansion is underpinned by the indispensability of empty IV bags within the healthcare sector. These bags serve a pivotal role in the preparation and safe storage of sterile intravenous solutions and medications. The increasing adoption of Parenteral Nutrition and intravenous medication within homecare settings further fuels the utilization of empty IV bags.
The market's trajectory is also shaped by advancements in the manufacturing of empty IV bags. Innovations like the development of multi-chamber bags and the use of eco-friendly materials contribute to revenue growth. Multi-chamber bags are gaining traction in healthcare due to their convenience in administering multiple drugs or solutions through a single IV line. This not only reduces the risk of medication errors and infections but also streamlines the treatment process. Additionally, the integration of eco-friendly materials, such as PVC-free and Di (2-Ethylhexyl) Phthalate (DEHP)-free alternatives, addresses safety concerns for patients and the environment.
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A heightened focus on curbing Healthcare-Associated Infections (HAIs) fuels demand for sterile, single-use empty IV bags. Single-use bags are preferred over reusable ones due to their lower risk of contamination, which in turn reduces the occurrence of HAIs. Furthermore, the call for customized empty IV bags tailored to individual patient needs propels market growth. Such customization enables the preparation of solutions and medications that align precisely with each patient's requirements.
The mounting number of surgical procedures and hospital admissions is a significant driver in the growing demand for empty IV bags. The simultaneous rise in the geriatric population and the prevalence of chronic diseases, coupled with increased investments in healthcare by governments and private entities, contribute to market expansion. Notably, the Indian government's allocation of a USD 1.5 billion healthcare package in 2020 is expected to amplify the usage of empty IV bags within the country.
Nonetheless, challenges exist in the form of alternative drug delivery methods like oral medications and inhalers, as well as stringent regulatory frameworks governing IV bag manufacturing and use. Additionally, concerns over production costs and the disposal of empty IV bags present obstacles to market growth.
Analyzing material types, the global empty IV bags market is categorized into PVC and non-PVC segments. In 2022, the PVC segment dominated the market due to its cost-effectiveness, wide availability, and extensive use in the medical sector. Its suitability for sterilization and high-temperature tolerance enhances its appeal for IV bag production. Moreover, its longstanding presence in the medical field has established PVC as a trusted option.
However, the non-PVC segment is anticipated to witness the fastest growth rate during the forecast period. This is primarily attributed to concerns surrounding the toxicity of PVC materials and their environmental impact. Non-PVC alternatives are biocompatible, devoid of harmful substances, and safer for both patients and the environment. They also boast improved compatibility with certain medications, minimizing the risk of drug leaching, thus fostering demand for non-PVC IV bags.
The market's end-use perspective underscores the significance of hospitals, clinics, and Ambulatory Surgical Centers (ASCs). Hospitals held a considerable revenue share in 2022, attributed to their high patient volume and diverse medical services. The utilization of IV bags for medication, fluids, and blood product administration in hospitals is widespread. Their robust supply chain networks contribute to substantial procurement and discounted purchases, further driving this segment's revenue growth.
Clinics are expected to exhibit steady revenue growth, driven by the increasing demand for outpatient services and advancements in medical technology. Cost-effective healthcare services provided by clinics, coupled with their expanding range of medical offerings, enhance their demand for IV bags.
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ASCs are also poised to contribute significantly to market revenue due to the growing number of such centers and the surge in outpatient surgical procedures. These specialized facilities utilize IV bags for anesthesia and intravenous medication administration. ASCs' cost-efficient care provision solidifies their role in driving demand for IV bags.
Regionally, North America claimed the largest share of market revenue in 2022. This is attributed to the escalating need for IV therapy, the adoption of Parenteral Nutrition, and the prevalence of chronic illnesses. Prominent players such as Baxter International, Inc. and B. Braun Melsungen AG further bolster market growth in the region.
The Asia Pacific region is projected to witness the fastest growth rate, driven by increasing healthcare expenditures and demand for enhanced healthcare facilities in countries like India and China. The rise in the geriatric population, chronic illnesses, and pharmaceutical outsourcing to nations like India and China contribute to the region's growth potential.
Europe, on the other hand, is expected to command a substantial revenue share due to its increasing prevalence of chronic diseases and a geriatric population, coupled with rising demand for parenteral nutrition therapy. The presence of key players like Sartorius AG and Fresenius Kabi AG reinforces market expansion in the region.
In terms of competition, the global empty IV bags market is highly consolidated, with a few major players holding the lion's share. The competitive landscape spurs companies to undertake strategies like mergers, acquisitions, product launches, and partnerships to enhance their market presence. Notable market players include Baxter International Inc., B. Braun Melsungen AG, Hospira Inc., West Pharmaceutical Services Inc., Otsuka Pharmaceutical Co., Ltd., Renolit SE, Kraton Corporation, Polycine GmbH, PolyCine Asia Pacific Sdn Bhd, among others.
To provide a comprehensive overview, the report delves into segments such as material type, capacity, end-use, and region. The segmentation facilitates historical data analysis and forecasts revenue growth on a global, regional, and country level from 2019 to 2032. This detailed analysis covers various segments and sub-segments, aiding in the assessment of market trends and dynamics over the forecast period.
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The market's trajectory is also shaped by advancements in the manufacturing of empty IV bags. Innovations like the development of multi-chamber bags and the use of eco-friendly materials contribute to revenue growth. Multi-chamber bags are gaining traction in healthcare due to their convenience in administering multiple drugs or solutions through a single IV line. This not only reduces the risk of medication errors and infections but also streamlines the treatment process. Additionally, the integration of eco-friendly materials, such as PVC-free and Di (2-Ethylhexyl) Phthalate (DEHP)-free alternatives, addresses safety concerns for patients and the environment.
Get a free sample PDF of the report, visit @ https://www.reportsanddata.com/download-free-sample/6358
A heightened focus on curbing Healthcare-Associated Infections (HAIs) fuels demand for sterile, single-use empty IV bags. Single-use bags are preferred over reusable ones due to their lower risk of contamination, which in turn reduces the occurrence of HAIs. Furthermore, the call for customized empty IV bags tailored to individual patient needs propels market growth. Such customization enables the preparation of solutions and medications that align precisely with each patient's requirements.
The mounting number of surgical procedures and hospital admissions is a significant driver in the growing demand for empty IV bags. The simultaneous rise in the geriatric population and the prevalence of chronic diseases, coupled with increased investments in healthcare by governments and private entities, contribute to market expansion. Notably, the Indian government's allocation of a USD 1.5 billion healthcare package in 2020 is expected to amplify the usage of empty IV bags within the country.
Nonetheless, challenges exist in the form of alternative drug delivery methods like oral medications and inhalers, as well as stringent regulatory frameworks governing IV bag manufacturing and use. Additionally, concerns over production costs and the disposal of empty IV bags present obstacles to market growth.
Analyzing material types, the global empty IV bags market is categorized into PVC and non-PVC segments. In 2022, the PVC segment dominated the market due to its cost-effectiveness, wide availability, and extensive use in the medical sector. Its suitability for sterilization and high-temperature tolerance enhances its appeal for IV bag production. Moreover, its longstanding presence in the medical field has established PVC as a trusted option.
However, the non-PVC segment is anticipated to witness the fastest growth rate during the forecast period. This is primarily attributed to concerns surrounding the toxicity of PVC materials and their environmental impact. Non-PVC alternatives are biocompatible, devoid of harmful substances, and safer for both patients and the environment. They also boast improved compatibility with certain medications, minimizing the risk of drug leaching, thus fostering demand for non-PVC IV bags.
The market's end-use perspective underscores the significance of hospitals, clinics, and Ambulatory Surgical Centers (ASCs). Hospitals held a considerable revenue share in 2022, attributed to their high patient volume and diverse medical services. The utilization of IV bags for medication, fluids, and blood product administration in hospitals is widespread. Their robust supply chain networks contribute to substantial procurement and discounted purchases, further driving this segment's revenue growth.
Clinics are expected to exhibit steady revenue growth, driven by the increasing demand for outpatient services and advancements in medical technology. Cost-effective healthcare services provided by clinics, coupled with their expanding range of medical offerings, enhance their demand for IV bags.
To know more about the latest insights of the report, visit @
https://www.reportsanddata.com/request-latest-insight/6358
ASCs are also poised to contribute significantly to market revenue due to the growing number of such centers and the surge in outpatient surgical procedures. These specialized facilities utilize IV bags for anesthesia and intravenous medication administration. ASCs' cost-efficient care provision solidifies their role in driving demand for IV bags.
Regionally, North America claimed the largest share of market revenue in 2022. This is attributed to the escalating need for IV therapy, the adoption of Parenteral Nutrition, and the prevalence of chronic illnesses. Prominent players such as Baxter International, Inc. and B. Braun Melsungen AG further bolster market growth in the region.
The Asia Pacific region is projected to witness the fastest growth rate, driven by increasing healthcare expenditures and demand for enhanced healthcare facilities in countries like India and China. The rise in the geriatric population, chronic illnesses, and pharmaceutical outsourcing to nations like India and China contribute to the region's growth potential.
Europe, on the other hand, is expected to command a substantial revenue share due to its increasing prevalence of chronic diseases and a geriatric population, coupled with rising demand for parenteral nutrition therapy. The presence of key players like Sartorius AG and Fresenius Kabi AG reinforces market expansion in the region.
In terms of competition, the global empty IV bags market is highly consolidated, with a few major players holding the lion's share. The competitive landscape spurs companies to undertake strategies like mergers, acquisitions, product launches, and partnerships to enhance their market presence. Notable market players include Baxter International Inc., B. Braun Melsungen AG, Hospira Inc., West Pharmaceutical Services Inc., Otsuka Pharmaceutical Co., Ltd., Renolit SE, Kraton Corporation, Polycine GmbH, PolyCine Asia Pacific Sdn Bhd, among others.
To provide a comprehensive overview, the report delves into segments such as material type, capacity, end-use, and region. The segmentation facilitates historical data analysis and forecasts revenue growth on a global, regional, and country level from 2019 to 2032. This detailed analysis covers various segments and sub-segments, aiding in the assessment of market trends and dynamics over the forecast period.
Request a customized copy of the report @ https://www.reportsanddata.com/request-customization-form/6358
Thank you for reading our report. To inquire about customization or any query about the report, please get in touch with us. Our team will make sure the report is best suited to your needs.
Browse for more reports:
Ataxia Treatment Market
Septic Shock Market
Prostate Biopsy Devices Market
Plasma Vaporization Electrode Market
Polymyositis Market
About Reports and Data
Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients to make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
Contact Us:
John W
(Head of Business Development)
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: sales@reportsanddata.com
Blogs | Press Release | Industry News | Our competencies
Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports
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