Sales of IV bags to Increase as IV Therapy Gains Traction
IV therapy is gaining traction in today’s world, in the backdrop of rising rate of chronic diseases worldwide. Given its ability to increase electrolyte levels in the human body, demand for IV therapy to treat diseases such as diarrhoea and chronic fever has gained momentum. WHO’s analysis shows that diarrhoeal disease has been one of the primary causes of death globally, especially among children. ~1.7 billion childhood diarrhoeal cases are being recorded worldwide. This aspect has given an impetus to develop different ways of injecting fluids, such as IV bags. Sales of IV bags are likely to increase as competitors observe adoption of less costly yet effective method of fluid injection as compared to infusion pumps.
Higher Incidences of Cancer Driving Need for Parenteral Nutrition – Opportunity for IV Bags Market
Parenteral nutrition has gained significant importance as volume of patients suffering from cancer has been on the rise since past few years. Cancer has been one of the main causes of stomach ulcers and increased disruption of the functioning of GI tract. These ailments can be treated by injecting fluids through veins, providing an opportunity to IV bags manufacturers as a form of parenteral nutrition.
Additionally, oncology treatment demand for targeted drug delivery procedures and chemotherapy. This factor is likely to provide acceleration in demand for IV bags, with increasing number of cancer cases. According to IARC (International Agency for Research on Cancer), cancer cases are likely to grow from 17 million to 27.5 million during 2018-2040, taking the death count to 16.3 million during this timeline. This global burden is pushing the usage of parenteral nutrition and providing opportunity for IV bags manufacturers.
IV Bags Manufacturers Shifting Towards Sustainability
Leading companies involved in the manufacturing of IV bags have shifted their focus around sustainability in a bid to reduce negative environmental impact of IV bag material. In the recent past, concerns are growing around recyclability and disposability of IV bags. This has compelled manufacturers to re-invent their production processes. The Food and Drug Administration has recommended use of non-DEHP and non-PVC IV bags to decrease carbon footprint. Manufacturers of IV bags have been using low carbon footprint material in their IV bags. For instance, Baxter has introduced Aviva line that offers DEHP/PVC-free IV bags. Likewise, B. Braun Medical Inc. has launched PVC free IV bags in the US market in September 2021. Moreover, they possess moisture barrier and environment friendly properties along with thermal stability.
Availability and Affordability – One of the Key Factors of IV Bags’ Success
Cost of IV bags is around US$1, whereas alternatives such as infusion pumps cost over US$2000. Apart from affordability, IV bags are easily available, that has made them a preferred choice for parenteral nutrition. In addition, use of IV bags for storage, transportation and dispensing of fluids contributing towards growth of their market globally.
Albeit these favouring aspects, certain challenges have also been observed. For instance, needle infection risk and vein collapsing due to in-efficient monitoring, resulting in nutrient imbalance is an area of concern for healthcare service providers. However, challenges can be addressed with adequate measures.
North America to Reflect Lucrative Growth Opportunities for IV Bags – US Likely to Chalk Lion’s Share in the Region
The IV bags market is likely to witness significant growth opportunities in developed countries of North America. This can be attributed towards prevalence of chronic diseases such as cancer and diarrhoea in the region. Sales of IV bags in the US are likely to surge in the years to come, given the high prevalence of Norovirus in the country. According to CDC, Norovirus is the main cause of diarrhoea among all demographics in the US. In addition, over 20 million cases of gastroenteritis due to Norovirus have been recorded that have contributed to around 70,000 hospitalizations and over 600 deaths in US. Against this backdrop, increasing patient pool coupled with better infrastructure is likely to present good growth potential for IV bags.
An Opportunistic Market
Modestly growing demand for IV bags will be a positive growth generating aspect. Moreover, higher spending on healthcare infrastructure has resulted in an increase in medical facilities, which is likely to influence sales of IV bags. IV bags market scenario looks positive and manufacturers of IV bags can expect a stream of opportunities in the coming future.
Baxter International, ICU Medical Inc., Technoflex, Sippex, POLYCINE GmbH, Wipak Group and B. Braun are some of the key players in the global IV Bags market.
Key Elements Included In The Study: Global IV Bags Market
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