The IV Bags market is projected to record a CAGR of nearly 5.3% over the forecast period. The major factor attributing to the growth of the market is the increase in the prevalence of diseases, such as gastrointestinal diseases, neurological diseases, cancer where IV fluids are given to the patients. According to the World Health Organization, diarrhoeal disease is the second leading cause of death in children under five years old. Globally, there are nearly 1.7 billion cases of childhood diarrhoeal disease every year. However, the risk of leaching of chemicals from the plastic IV bags is the major factor restraining the market.
Key Market Trends
Polypropylene Segment is Dominating the IV Bags Market.
The increasing usage of polypropylene for manufacturing IV bags can be attributed to the advantages of the material over the other existing ones. PVC usage has been declined due to the risk of release of toxins in the packaged solution. The advantages of polypropylene are that it is relatively inexpensive, possesses high flexural strength because of its semi-crystalline nature, very resistant to moisture, possesses good fatigue resistance. Apart from the advantages of the material, the increasing gastrointestinal and neurological diseases and increasing prevalence of cancer are a few major factors boosting the segment growth. Furthermore, increasing geriatric population globally is enhancing the segment expansion.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to the factors, such as the presence of key players, high prevalence of diseases like cancer, vomiting, diarrhea in the region, established healthcare infrastructure are some of the key factors accountable for its large share in the market. Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market growth. In this region, the United States has the maximum share due to supportive healthcare policies, the high number of patients, and a developed healthcare market. According to the Centers for Disease Control and Prevention, Norovirus is the leading cause of vomiting and diarrhea from acute among people of all ages in the United States. It is estimated that 19 to 21 million cases of acute gastroenteritis are caused due to the virus and contribute to about 56,000 to 71,000 hospitalizations and 570 to 800 deaths, mostly among young children and the elderly. As per the statistics, the increasing patient pool and increasing disposable revenue in this country boosts the market growth of the region.
The IV Bags market is moderately competitive and consists of several major players. Some of the companies which are currently dominating the market are Baxter International Inc., Technoflex, Sippex IV bag, POLYCINE GmbH, ICU Medical Inc., B. Braun Medical Inc., Haemotronic, Otsuka Pharmaceutical India Private Limited, Kraton Corporation.
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