Intravenous Packaging Market Forecast and CAGR
The intravenous packaging market is set to witness a CAGR of 4.0% during 2021-2031. Intravenous devices are medical equipment’s that aid in the diagnosis, prevention, and treatment of a variety of illnesses, including cancer, ocular ailments, ostomies, and respiratory illnesses. Antibiotics, antipyretics, and analgesics are among the medications and fluids delivered by these devices.
What is Driving Demand for Intravenous Packaging?
The growth of the geriatric population and the rise in chronic illnesses due to lifestyle changes are driving the intravenous packaging industry. In contrast, the medical and healthcare industry is expected to drive intravenous packing market growth because it is utilized for blood transfusions and to rectify electrolyte imbalances in patients.
Intravenous packing goods use the intravenous route of administration, which allows medicine and fluids to be delivered quickly. As a result of the expanding number of diseases, demand for intravenous packing, which is mostly utilized in the medical field, is predicted to rise.
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Trends in Intravenous Packaging Likely to Augment Sales
Intravenous packing developments are being driven by complex formulations, individualized medicines, COVID-19 treatments, and environmental goals. During the forecast period, it is anticipated that the pharmaceutical packaging market would rise. This expansion is accompanied by changes in technological needs and market demands, both of which are creating innovative potential.
The growing need for patient-administered medicines, as well as the developing biological therapeutic path, are pushing innovation in injectable packaging and delivery. Continued innovation in primary packaging solutions that are registered will also aid in supply chain transparency and fake prevention.
As a result, the packaging for vaccines has to be designed with the specific needs in mind in order to maintain the medicinal product's safety and efficacy. Advanced packaging methods for sensitive biologics including nucleic acid and protein vaccines are lowering development costs and speeding up the time to market. Thus, manufacturers are concentrating their efforts on creating more inventive intravenous packing.
Impact of Covid- 19 on Intravenous Packaging Market
Companies were making rapid progress toward their sustainability targets prior to COVID-19. The economy has been thrown into chaos as a result of the COVID-19 crisis, and the whole packaging supply chain has been compelled to respond to unexpected new demands.
The coronavirus pandemic, on the other hand, had a negative impact on a variety of companies around the world, particularly the packaging industry.
Packaging businesses were developing new technologies that were environmental friendly, reusable, and biodegradable. Concerns about the hygiene and safety of reused packaging, however, put a temporary halt to the packaging industry's development toward a circular and sustainable supply chain.
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US and Canada Intravenous Packaging Market Outlook
The growing number of hospitals in the United States, as well as rising hospitalization rates, are predicted to fuel the country's economy. In the coming years, the intravenous packaging market will grow in the country.
According to the American Hospital Association, there is 6,090 hospitals in the United States in 2021 to address the needs of the patient population. In fact, total hospital admissions in 2021 were around 36,241,815, which increased due to the rising pandemic. As a result, it is projected that the sale of intravenous packaging will increase in the region.
Europe Demand Outlook for Intravenous Packaging
The intravenous packaging industry in Europe is currently growing at a moderate rate. It is mostly influenced by the presence of well-known merchants. Furthermore, intravenous packing products have well-established distribution networks, which boosts their availability.
Aside from that, increased spending power and significant healthcare spending are also key contributors. Furthermore, the continuous introduction of innovative packaging to treat a number of disorders has boosted intravenous packing sales across the region, indicating a promising future for the industry.
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Who are the Key Manufacturers and Suppliers of Intravenous Packaging?
Some of the leading manufacturers and suppliers of intravenous packing include
- Forlong Medical
- SSY Group Limited
- Sippex IV bag
- Amcor Plc
- MRK Healthcare
- EuroLife Healthcare Pvt. Ltd
In order to continue to transform and increase access to care for patients around the world, Baxter Company is investing in new collaborations and partnering with world-renowned institutions. These collaborative strategies will help the company to expand its business globally.
Eurolife Healthcare announced the acquisition of Teva Pharmaceutical Industries' intravenous (IV) infusion business in Hungary in 2019.
Teva Pharmaceuticals IV infusion joins Eurolife Healthcare, giving the company the opportunity to expand its global presence in Europe and the United States, as well as a competitive advantage over competitors, as Eurolife becomes one of the few Indian pharmaceutical companies in the IV infusion business to have its own facility in the European Union.
Intravenous Packaging Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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By Product Type
- Others (IV Bags)
- Healthcare Centers
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
NOTE - All statements of fact, opinion, or analysis expressed in reports are those of the respective analysts. They do not necessarily reflect formal positions or views of the company.
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