Surge in demand for non-PVC IV bags due to the environment-friendly nature of non-PVC IV bags drives the growth of the global non-PVC IV bags market.
PORTLAND, Ore., March 20, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Non-PVC IV Bags Market by Product Type (Single Chamber and Multi Chamber), Material Type (Polypropylene IV Bag, Polyethylene IV Bag, and Others), End User (Hospitals, Ambulatory Surgical Centers, and Others), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global non-PVC IV bags industry generated $880.2 million in 2021 and is estimated to reach $1.68 Billion by 2031, exhibiting a CAGR of 6.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
The global non-PVC IV bags market is experiencing growth due to the increasing burden of chronic diseases and the environmental benefits of using non-PVC IV bags. However, the high cost of these bags is hindering growth. Despite this, there is potential for growth in developing economies, creating opportunities in the industry.
The single chamber segment to rule the roost-
By product type, the single chamber segment held the major share in 2021, garnering nearly three-fourths of the global non-PVC IV bags market revenue. Increase in the use of single chamber bags for administration of fluids drives the growth of the segment. The multi-chamber segment, on the other hand, would showcase the fastest CAGR of 7.6% during the forecast period. This is due to rise in the adoption of multi-chamber IV bags as these bags are convenient to use, safe for delivery of parenteral nutrition (PN) to patients, and administer the right dose on time.
The polypropylene IV bag segment to maintain its dominance during the forecast period-
By material type, the polypropylene IV bag segment contributed to the largest share in 2021, accounting for nearly half of the global non-PVC IV bags market revenue. The same segment would also showcase the fastest CAGR of 7.6% throughout the forecast period. This is attributed to the surge in the usage of polypropylene IV bags due to their ecofriendly nature and several other advantages.
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The hospitals segment dominated in 2021-
By end user, the hospitals segment accounted for more than half of the global non-PVC IV bags market share in 2021, and is expected to rule the roost by 2031. This is owing to increase in concerns about the safety and environmental impact of PVC materials. The others segment, simultaneously, would also display the fastest CAGR of 7.9% throughout the forecast period. This is attributed to rise in focus on safety, and regulatory compliance which led to increases the adoption of non-PVC IV bags in emergency care centers and home care settings.
North America garnered the major share in 2021-
By region, North America garnered the highest share in 2021, holding more than two-fifths of the global non-PVC IV bags market revenue in 2021, and is projected to retain its dominance by 2031. This is due to the presence of key players and well-developed healthcare infrastructure, rise in government initiatives, and increasing awareness about early diagnosis & its treatment in the province. The Asia-Pacific region, however, would portray the fastest CAGR of 8.4% during the forecast period. This is due to the rising investments by the public and private market players in this field and increase in prevalence of chronic diseases across the region.
Leading Market Players-
The report analyzes these key players in the global non-PVC IV bags market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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