July 24, 2024

Growing Demand From Healthcare Sector To Boost Growth Of Non-PVC IV Bags Market

Market Overview:

 

Non-PVC IV bags are medical devices used to administer fluids, blood, medication and nutrients intravenously to patients. They are made from materials like EVA (Ethylene Vinyl Acetate), Polypropylene and Polyolefin. Non-PVC IV bags offer advantages like being non-toxic, flexible, biocompatible and providing increased stability to infusions. They are replacing traditional PVC bags owing to environmental and health concerns associated with PVC material like blood incompatibility and release of DEHP plasticizer on contact with fluids. The growing healthcare spending and rising number of surgical procedures are driving the demand for intravenous fluid bags globally. Furthermore, the support from regulatory bodies for use of DEHP-free medical devices is aiding the adoption of non-PVC alternatives.

Market key trends:

One of the key trends in the market is the growing preference for EVA based non-PVC IV bags. EVA offers benefits like flexibility, clarity and compatibility with most drugs. Manufacturers are extensively utilizing EVA as it is cost-effective compared to other materials. Another major trend is the increasing demand for customized non-PVC IV bags designed as per specific drug formulations and treatments. This has encouraged vendors to invest in advanced manufacturing technologies to develop tailored IV bags with enhanced properties. Furthermore, integration of RFID tags for real-time tracking of IV bags is gaining traction to enable improved inventory management and supply chain efficacy for hospitals.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the non-PVC IV bags market is moderate owing to the high capital investment required for setting up manufacturing facility for IV bags.

Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of a large number of well-established players offering the IV bags at competitive prices.

Bargaining power of suppliers: The bargaining power of suppliers is low due to availability of substitutable raw materials at competitive prices from various domestic and international suppliers.

Threat of new substitutes: The threat of substitutes is moderate as alternative products such as glass bottles, rigid plastics, and ampules are available in the market.

Competitive rivalry: is high on account of the presence of numerous manufacturers.

Key Takeaways

 

The Global Non-PVC IV Bags Market Size is expected to witness high growth, exhibiting CAGR of 9.5% over the forecast period, due to increasing preference for non-toxic and eco-friendly products.

Regional analysis:

 

North America dominated the non-PVC IV bags market in 2023 and is expected to continue its dominance during the forecast period. This is attributed to increased demand for non-PVC IV bags due to growing awareness regarding toxic effects of PVC among healthcare professionals and patients.

The Asia Pacific region will exhibit the fastest growth during the forecast period owing to rising healthcare expenditure and increasing focus on developing advanced healthcare infrastructure in emerging economies such as India and China in this region.

Key players operating in the non-PVC IV bags market are Renolit SE, Kraton Corporation, Shanghai Solve Care Co., Ltd., Shanghai Xin Gen Eco-Technologies Co., Ltd., PolyCine GmbH, Jiangxi Sanxin Medtec Co., Ltd., Sealed Air, Baxter, B. Braun Melsungen AG, Sichuan Kelun Pharmaceutical Co., Ltd., Fresenius Kabi AG, Otsuka Holdings Co., Ltd., Sartorius AG, Technoflex, and Huaren Pharmaceutical Co., Ltd.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it