The global sales of intravenous packaging market are estimated to be worth USD 4.6 billion in 2021 and are anticipated to reach a value of USD 7.9 billion by 2031. Sales are projected to rise at a CAGR of 5.6% over the forecast period between 2021 and 2031. The revenue generated by intravenous packaging market in 2020 was USD 4.4 billion.
The driving factors for the IV packaging market are increasing prevalence of chronic diseases within the global populace, such as diabetes and cancer, which need IV solutions. This drives the demand for reliable packaging. Owing to technological advancement in IV packaging using eco-friendly material and better shelf life, the market is expected to grow at a rapid rate.
The increasing rate of the geriatric population who need more medical attention fuels the demand. Further, increasing regulations regarding safe drug administration and a trend toward home healthcare are driving innovation in IV packaging solutions.
Global Intravenous Packaging Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2020 | USD 4.4 billion |
| Estimated Size, 2021 | USD 4.6 billion |
| Projected Size, 2031 | USD 7.9 billion |
| Value-based CAGR (2021 to 2031) | 5.6% |
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.
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.
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.
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.
Some of the leading manufacturers and suppliers of intravenous packing include
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.
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.
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Intravenous Packaging Market
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