PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1521027
PUBLISHER: Knowledge Sourcing Intelligence | PRODUCT CODE: 1521027
The IV bags market is anticipated to grow at a compound annual growth rate (CAGR) of 6.13% over the forecast period to reach US$5.467 billion by 2029, increasing from estimated value of US$4.061 billion in 2024.
The supply of plastic materials needed for intravenous therapy with important applications in hospital care defines the global market for IV bags, which has graduated as a key segment within the field of parental packaging. Electrolyte depletion is uncommon in individuals with fever and diarrhea. Lack of hydration, which is more common in children, is too brought on by this and can become serious. Moreover, IV packs are becoming progressively prevalent and favored alternatives for parenteral bundling due to their simple accessibility. The cost of an IV sack is roughly $1, which significantly contributes to the market's rising deals.
Car crashes are one of the leading causes of disability and death worldwide, resulting in up to 50 million injuries and 1.3 million fatalities annually. Across the globe, one in every four deaths is related to walking or bicycling, based on the World Health Organization. Fluid administration is therefore required due to the rising number of surgeries and accidents, which is anticipated to spur market expansion.
Market dynamics have been greatly affected by the growing prevalence of chronic disease and the increasing geriatric population. Furthermore, an increase in healthcare spending in the region and strict regulatory policies for patient safety are expected to increase the kitchen appliance demand in the forecast period. However, with projections of growing surgical treatment, the market is expected to rise steadily.
The increasing prevalence of chronic diseases is anticipated to propel market growth.
Factors such as the rising prevalence of chronic diseases, the increased number of surgeries and road accidents, and the growing geriatric population are expected to drive market growth during the forecast period. The primary driver of the market's demand for IV bags is the rising prevalence of chronic illnesses like cancer, neurological disorders, and gastrointestinal disorders.
For instance, according to the National Institute of Health in July 2022 stated that around 20% of individuals in western locales, such as North America and Europe, have gastroesophageal reflux illness (GERD) as of 2022. Besides, the predominance of GERD in the US extended from 18.1% to 27.8%
Furthermore, information from the Cancer Realities and Figures 2023 report demonstrates that 297,790 ladies in the US are expected to get an obtrusive breast cancer conclusion in 2023, up from 287,850 modern cases in 2022. Additionally, the same source states that in 2023, compared to 51,400 cases in 2022, approximately 55,720 women in the US are anticipated to receive a non-invasive (in situ) breast cancer diagnosis. Since cancer treatment deprives the body of nutrition and affects the body by causing ulcers, gastrointestinal dysfunction, and physical blockages, it is anticipated that the demand for IV bags will increase. It increases the need for patients to receive parenteral nutrition, which drives market expansion.
The hospitals segment is anticipated to propel market growth.
The increase in medical conditions that need hospital administration, which requires IV therapy, has bolstered the demand for IV bags in hospitals. The rise in the prevalence of chronic disease also drives the demand for IV bags globally.
Increasing cancer surgeries as well as organ transplant procedures also demand infusing intravenous fluids both during and after the completion of transplant surgery, which will lead to the growth of IV bags in the hospital sector in the coming years. As per Health Resources & Services Administration, organdonor.gov, the transplant performed by organs in the U.S. of kidney, liver, pancreas, heart, and lungs were 27,332, 10,660, 102, 812, and 4,545 respectively, as of March 2024. Additionally, Increasing launches of new products and approvals from the regulatory bodies also drive the growth of the market.
The demand for IV bags in hospitals will increase with the growing aging population, and rise in the prevalence of chronic diseases. Additionally, rising product launches and recycling drives of IV bags collected from hospitals across the country also drive the market for IV bags.
For instance, in December 2023, Baxter International completed the initial phase of its intravenous bag recycling program pilot for U.S. hospitals, partnering with Northwestern Medicine in Chicago. Over six tons of PVC IV bag waste were diverted from landfills for recycling. Similarly, in February 2023, NUH, a large tertiary hospital in Singapore, initiated Singapore's first IV fluid bag recycling drive.
The market is projected to grow in the North American region.
The growing prevalence of chronic diseases is anticipated to boost the market in developed economies such as the United States and Canada among others. The increasing trend of healthcare spending coupled with the enlargement of the geriatric population will have a significant impact on the demand for IV bags. The rising burden of cancer cases in the United States also reflects potential demand prospects in the growth in demand for IV bags. For instance, as per the American Cancer Society, Inc, the Estimated New Cases in 2023 reached 1,958,310, comprising 1,010,310 for males and around 948,000 for females whereas the Estimated Deaths reached 609,820 in the same year.