The Intravenous Solutions Market is estimated to be valued at US$ 11.04 billion in 2024 with CAGR of 6.1% over the forecast period 2024 - 2031. With rising prevalence of chronic diseases and increasing number of surgical procedures performed, the demand for intravenous solutions is projected to grow significantly. Furthermore, growing geriatric population prone to chronic illnesses will also drive the market growth.
Market Dynamics:
The global Intravenous Solutions market is majorly driven by two key factors: Growing geriatric population: The global aged population is rising significantly. As per WHO, the number of people aged 60 years and above is expected to reach 2.1 billion by 2050. Geriatric population is more susceptible to chronic diseases such as cardiovascular diseases, diabetes etc. requiring intravenous therapy. This is expected to boost the demand for intravenous solutions over the forecast period. Rising healthcare expenditure: Healthcare spending across the world has witnessed substantial increase over the past few years. Countries are allocating higher budgets towards improving healthcare infrastructure and making advanced treatment options available and affordable. This rising expenditure on healthcare has facilitated wider acceptance and adoption of intravenous therapy for various acute and chronic conditions.
Increasing Prevalence of Chronic Diseases is Driving Growth in the Intravenous Solutions Market
One of the key drivers for the intravenous solutions market is the rising prevalence of chronic diseases globally. Chronic diseases such as cancer, diabetes, cardiovascular diseases etc. require prolonged medical treatment which often involves intravenous administration of drugs and fluids. According to the WHO, chronic diseases accounted for approximately 60% of all deaths globally in 2018. The number of cancer cases alone is expected to rise from 14 million new cases in 2012 to 22 million by 2030. This increasing chronic disease burden will drive greater demand for intravenous therapy and intravenous solutions which are used for hydration, administration of nutrients, drugs and other fluids intravenously.
Growing Geriatric Population Vulnerable to Chronic Conditions
Another major driver is the aging global population which is more vulnerable to chronic health conditions. People aged 60 years and above comprised of 12% of the global population in 2015 and is projected to increase to 22% by 2050. Older adults are more likely to develop multiple chronic conditions which requires long term medical management. Age related bodily degeneration also increases intravenous solution requirements for nutrition, hydration support etc. The surging geriatric demographic will propel market growth for intravenous solutions used in chronic disease and elderly patient care.
Currency Exchange Rate Fluctuations Pose Challenge
One key restraint impacting the intravenous solutions market is currency exchange rate fluctuations. Many raw materials and packaging components used in intravenous solution manufacturing are imported. Exchange rate volatility makes accurate demand and cost projections difficult. It also increases production costs. For example, during periods of weak currencies, imported input costs for European and American manufacturers increased. This had a dampening effect on overall profitability and pricing flexibility in the intravenous solutions market.
Stringent Regulatory Standards Increase Compliance Burden
Regulatory standards for intravenous solution formulations, manufacturing and sterilization are very strict given injectable safety concerns. While regulations ensure product quality and safety, complying with changing requirements increases compliance costs and timelines for manufacturers. This deters entry of small players and restricts product portfolio expansion of existing companies. Complying with diverse regulations across countries also poses challenges. Stringent norms thus act as a market restraint to a certain degree by increasing operating costs and compliance burden, especially for smaller industry players.
Demand from Emerging Markets Present Lucrative Opportunities
Emerging economies in Asia Pacific, Latin America, Africa and Middle East present lucrative growth opportunities. A significant proportion of the global disease burden is now shifting to developing nations due to rapid westernization, aging populations and improved diagnosis. At the same time, access to advanced medical therapies in these regions is increasing driven by economic growth, healthcare reforms and investment. This will drive robust demand for cost effective intravenous solutions to meet the needs of a burgeoning patient pool. International players can tap into these high growth markets through local market entry strategies to capitalize on emerging opportunities.
Novel Intravenous Therapy Areas Open New Avenues
New technological advancements and clinical applications are expanding the scope of intravenous therapy. Areas such as parenteral nutrition, monoclonal antibody therapies, large volume fluid replacement and gene therapy hold potential for growth. For instance, recent approvals of genetically engineered monoclonal antibody drugs for cancer and autoimmune diseases have boosted parenteral therapies. Continuous innovations are also enhancing solution stability, delivery modes and delivery devices which support newer therapy applications. These novel areas present prospects for development and commercialization of advanced intravenous solutions catering to unmet needs.
Link - https://www.coherentmarketinsights.com/market-insight/intravenous-solutions-market-1134
Key Development
- In October 2023, Novartis, a renowned global leader in immuno-dermatology and rheumatology, has disclosed that the U.S. Food and Drug Administration (FDA) granted approval for an intravenous (IV) variant of Cosentyx (secukinumab) for the management of psoriatic arthritis (PsA), ankylosing spondylitis (AS), and non-radiographic axial spondyloarthritis (nr-axSpA) in adults. Cosentyx stands as the sole authorized IV formulation designed to target and inhibit interleukin-17A (IL-17A), as well as the exclusive non-tumor necrosis factor alpha (TNF-α) IV alternative accessible across all indications.
- In February 2023, The U.S FDA approved ALTUVIIIO [Antihemophilic Factor (Recombinant), Fc-VWF-XTEN Fusion Protein-ehtl], originally known as efanesoctocog alfa, a first-in-class, long-lasting factor VIII replacement medication. ALTUVIIIO is suggested for routine prophylaxis, on-demand therapy to minimize bleeding episodes, and perioperative care (surgery) in adults and children with hemophilia A.
- In June 2022, Breckenridge Pharmaceutical, Inc., a manufacturing firm, received approval of its Abbreviated New Drug Application for Cabazitaxel Intravenous Powder by the U.S. Food and Drug Administration. This product, developed in partnership with Natco Pharma Limited, a multinational pharmaceutical corporation, had received final approval for the 60mg/1.5mL (40mg/mL) strength.
- In May 2022, SIGA Technologies, Inc., a pharmaceutical company operating in the health security market, announced that the U.S. Food and Drug Administration (FDA) had granted approval for an intravenous (IV) version of TPOXX for the treatment of smallpox. This IV formulation provides a crucial alternative for patients who cannot take TPOXX's oral capsules.
- In July 2021, Grifols, a prominent global provider of plasma-derived pharmaceuticals, disclosed plans to establish an intravenous (IV) solutions production facility in Nigeria for Dozie and Dozie's Pharma Nig Ltd., a prominent healthcare product supplier in the region. The manufacturing unit, scheduled for completion in southeast Nigeria by 2024, will initially have the capacity to produce up to 5.5 million intravenous solution bags annually. These solutions will cater to the needs of hospitals and healthcare facilities not only in Nigeria but also across other African regions.
- In December 2020, Royal Philips, a leading health technology company, signed an agreement to acquire Vesper Medical Inc., a medical technology firm based in the U.S. that specializes in the development of minimally-invasive peripheral vascular devices. This acquisition will augment Philips' portfolio of diagnostic and therapeutic devices with an innovative venous stent portfolio designed for treating deep venous disease. The completion of the transaction is contingent upon customary closing conditions.
Key Players: Baxter International Inc., ICU Medical. Inc, B. Braun Melsungen Ag, Grifols, S.A., Fresenius Kabi USA, LLC, Vifor Pharma Management Ltd, JW Life Science, Amanta Healthcare, Axa Parenterals Ltd, and Salius Pharma Private Limited, Pfizer, Inc, Otsuka Pharmaceutical Co., Ltd, Ajinomoto Co., Inc., B. Braun Melsungen AG, Soxa Formulations & Research Pvt.Ltd, Sichuan Kelun Pharmaceutical Co Ltd.
