IV products packaging: Key market research findings
- North America dominates the market geographically
- IV bags account for a majority share of the market’s revenue
- Key vendors – Baxter, Nipro, Renolit, Sippex, and Wipak
Technavio’s market research analysts predict the global IV products packaging market to grow at a CAGR of more than 6% between 2016 and 2020. The demand for IV packaging is spurred by the massive expansion of the healthcare industry. Technological innovations, amendments in the production process, and efficiency gains are enabling manufacturers across the globe to cater to the rise in the demand for intravenous (IV) medical products while maintaining quality standards. Production and consumption of cannulas and IV bags remain the highest among all IV products used globally. During 2015, North America accounted for around 35% of the overall market share to become the dominant shareholder in the global IV products packaging market. Changing global demographics like increasing aging population, growing awareness of diseases, rising disposable income, and increasing number of minimally invasive surgeries are some of the factors that will fuel growth in the IV products packaging market in North America during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the IV products segments based on the product.
“The growth of the healthcare sector in developing countries such as China, India, Brazil, and Mexico is opening up opportunities for growth, especially in emerging markets. Governments are taking initiatives to build healthcare infrastructure and increase healthcare budgets in these countries. They are also focusing on the improvement of diagnostic procedures. BRIC countries represent an attractive market for multinational companies in the healthcare industry owing to the rising awareness among consumers about the diagnosis of chronic and infectious diseases,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
By 2020, the IV bag segment is expected to continue its dominance over the global IV products packaging market by accounting for more than 98% of the overall market revenue. IV fluid bags are used to hold intravenous liquid, used for purposes such as maintaining the basal hydration level, correcting electrolyte imbalances, and expanding the intravenous volume in the hypovolemic state of a patient. The rise in the number of medical facilities is likely to trigger an increase in the demand for IV bags, resulting in the growth of the global IV bags market.
The key vendors in the global IV products packaging market include Baxter, Nipro, Renolit, Sippex, and Wipak. The global IV product packaging market is highly fragmented due to the presence of numerous multinational, regional, and local players. The smaller and regional providers in the market compete in terms of cost as it is difficult for them with international vendors on the basis of quality, features, and product offerings. The level of competition is expected to intensify owing to rapid technological changes and several mergers and acquisitions.
A more detailed analysis is available in the Technavio report, Global IV Products Packaging Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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