Market Challenges And Opportunities
Global Empty IV Bags Market Drivers:
- Increasing Demand for IV Therapy Administration: The global empty IV bags market has been witnessing significant growth over the past few years mainly attributable to the increasing demand for intravenous (IV) therapy administration around the world. IV therapy involves injecting fluids, nutrients, and medications directly into a patient's bloodstream through a needle or catheter. It is employed in various clinical conditions such as gastrointestinal diseases, cancer, infectious diseases, neurological diseases, hematological diseases, and several others where the oral administration of medicines may not be suitable or effective. With the rising prevalence of chronic and lifestyle diseases, intravenous administration has become an indispensable part of clinical management protocols nowadays.
- Rising Spending on Clinical Trials: Another key aspect accentuating the demand for empty IV bags in the global empty IV bags market is the surging expenditure on clinical drug trials. A vast number of novel medications today especially biologics and targeted therapies are tested for safety and efficacy through extensive clinical investigation involving human volunteers and patients. Intravenous administration remains a preferred dosing methodology across various phases of clinical studies as it allows for better control over drug delivery compared to oral administration. This ensures the accurate determination of correct therapeutic dosages, identification of side effects, and assessment of overall drug performance in the body.
- Increasing Product Launches: Increasing product launches by the key players in the market are expected to drive the growth of the market over the forecast period. For instance, in June 2022, Gufic Biosciences, an India-based company that is engaged in the manufacturing and marketing of active pharmaceutical ingredients, generic pharmaceuticals, and related services, announced the launch of a new drug delivery system: dual chamber bags in India.
- High prevalence of chronic diseases: The increasing prevalence of chronic diseases such as cancer, diabetes, etc. is expected to drive the growth of the market overt the forecast period. For instance, according to data published on February 4, 2023, by the Pan American Health Organization, in the U.S. an estimated 4 million people were newly diagnosed and 1.4 million people died from the cancer in 2020.
Global Empty IV Bags Market Opportunities:
- Emerging markets in Asia Pacific and Latin America: The emerging markets in Asia Pacific and Latin America offer immense potential for growth in the global empty IV bags market. These regions are expected to experience high economic expansion in the coming years due to their large, young populations and improving healthcare infrastructure. Countries, such as India, Indonesia, Brazil, and Mexico, specifically have a massive patient pool that will require IV treatment procedures in the future.
- Development of anti-counterfeiting technologies: The development of advanced anti-counterfeiting technologies presents a major opportunity for growth in the global empty IV bags market. According to the World Health Organization (Who), roughly one in 10 medical products in developing countries is either substandard or falsified. This poses risks to patient health and safety. By integrating technologies like security inks, holograms, taggants, and Blockchain into IV bags, manufacturers can securely authenticate their products and differentiate genuine bags from fakes. This gives hospitals and healthcare providers greater confidence in the integrity and quality of IV bags, increasing demand for authenticated products.
- Increasing adoption of inorganic growth strategies by the key players: Increasing adoption of inorganic growth strategies, such as partnerships, by the key players in the market are expected to drive the growth of the market over the forecast period. For instance, in November 2022, Borouge Plc, a leading petrochemical company that provides innovative and differentiated polyolefin solutions, signed a Memorandum of Understanding (MoU) which established a new strategic partnership with Abu Dhabi Medical Devices Company (ADMD) to develop the medical device manufacturing industry in Abu Dhabi. ADMD is a leading local manufacturer of syringes, insulin syringes, fluids bags, tubes and catheters, administration devices, respiratory items, and PPE products.
- Increasing initiatives by the key players in the market: Increasing initiatives by the key players in the market are expected to drive the growth of the market over the forecast period. For instance, in October 2022, B. Braun Medical Inc., a company focused on infusion therapy and pain management, announced that it has been awarded a state grant, secured by Pennsylvania Senator Pat Browne, to fund a medical plastics waste recycling pilot project in the Lehigh Valley, U.S. The project will investigate the use of advanced technology to recycle non-hazardous plastic waste from B. Braun SE's medical device manufacturing plant in Hanover Township and Lehigh Valley Health Network's Cedar Crest Hospital. The companies are working with PureCycle Technologies, which uses an innovative, patented technology to separate color, odor, and any other contaminants from certain non-hazardous plastic waste feedstock to transform it into virgin-like recycled polypropylene. High volume plastics, such as packaging materials, non-PVC IV bags, disposable gowns and masks, and irrigation bottles, used at Lehigh Valley Hospital-Cedar Crest, and scrap materials generated at B. Braun's medical device manufacturing plant in Hanover Township, PA will be targeted for collection and recycling.
Global Empty IV Bags Market Restraints:
- Stringent regulatory policies: Stringent regulatory policies from governments across the globe are putting brakes on the growth of the global empty IV bags market. Health regulations surrounding medical devices and products used for intravenous therapy have been tightened in the recent years. Regulatory bodies are being more vigilant about compliance with current good manufacturing practices (cGMP) during the production of IV bags and quality certifications.
- Alternatives to IV bags: Alternatives to IV bags such as oral medication, topical ointments, and implanted drug delivery devices are posing a significant challenge to the growth of the global empty IV bags market. With technological advancements, many drugs which were traditionally delivered via IV methods can now be effectively administered through alternative routes. This has reduced the dependency on IV bags for certain therapeutic areas.
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