In a fragmented albeit competitive global IV bags market, keen players are expending money on product innovation to gain competitive advantage. These players are also considering strategic partnerships and alliances that will consolidate the vendor landscape to some extent.
The increasing adoption of injection-based therapeutic practices and rising prevalence of chronic diseases is primarily driving the global IV bags market. IV bags are considered to be ideal for the administration of drugs and vital nutrients to patients who are unable to ingest anything orally.
Apart from this, the rising aging population globally that is susceptible to health conditions is also a key factor stoking growth of IV bags market.
On the downside, the risk of leaching of chemicals from plastic IV bags is inhibiting the growth of IV bags market to some extent.
As per estimates of a report by Transparency Market Research (TMR), the global IV bags market is likely to secure a valuation of US$1,363.8 mn in 2017. Expanding at a rate of 5.4% between 2017 and 2027, the market is likely to peg a valuation of US$2,316.5 mn by 2027 end.
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Favorable Physical Properties Make PP Material Type Segment Dominant
The global IV bags market is studied on the basis of material type, capacity type, chamber type, and region in this report. On the basis of material type, the global IV bags market has been segmented into PE, PP, PVC, and others (EVA and copolyester ether). Amongst all, PP segment is anticipated to dominate over the forecast period due to its chemically inert and non-reactive nature with the packaged solution. On the other hand, the PVC segment is anticipated to lose its market share due to the risk of release of toxins in the packaged solution.
In terms of capacity, the segments into which the global IV bags market is divided are 0-250 ml, 250-500 ml, 500-1000 ml, and above 1000 ml. Vis-à-vis volume, the segment of 0-250 ml is anticipated to continue its dominance over the forecast period.
Depending upon chamber type, the global IV bags market is segmented into single chamber and multi chamber IV bags. Of the two, single chamber IV bags are expected to hold the leading share in the IV bags market. However, multi chamber IV bags segment is anticipated to surpass in terms of growth rate. The growth of multi chamber IV bags segment is attributed to the ease of delivering two or more fluids at the same time.
Asia Pacific to Register Leading CAGR through 2027
The worldwide IV bags market has been divided geographically into: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America leads the overall market in terms of revenue, and is anticipated to represent a year-on-year growth of US$300.6 mn over the forecast period. Powered by the U.S., the North America IV bags market is anticipated to rise at a CAGR of 5.0% between 2017 and 2027.
However, it is Asia Pacific that is anticipated to register the leading CAGR of 6.1% over the 2017-2027 forecast period.
Europe is also a significant market for IV bags; the region is likely to display 5.3% CAGR between 2017 and 2027 to contribute a revenue of US$510.7 mn by 2027 end.
Key participants in the global IV bags market profiled in this report include B.Braun Melsungen AG, Baxter international Inc., Hospira Inc., West Pharmaceutical Services 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, and Qosina Corporation.