The Intravenous Solutions Market Is Estimated To Witness High Growth Owing To Increasing Prevalence Of Chronic Diseases
Intravenous solutions or IV fluids are sterile fluids that contain various electrolytes and medications administered directly into the circulatory system through a vein. They are used for fluid replacement, calorie replacement, and medication administration for various conditions such as infections, dehydration, acute blood loss, electrolyte abnormalities and many others. Common IV solutions include normal saline, dextrose saline, Ringer's lactate and others.
The intravenous solutions market is estimated to be valued at US$ 577228 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the intravenous solutions market is majorly driven by increasing prevalence of chronic diseases such as cancer, gastrointestinal disorders, and cardiovascular diseases globally. As per WHO, cardiovascular diseases are the leading cause of death globally, taking an estimated 17.9 million lives each year. Moreover, growing geriatric population who are more susceptible to various chronic conditions is also contributing to the market growth. For instance, according to the UN report, the number of people aged 60 years and older is expected to double from 12% to 22% from 2015 to 2050. However, availability of alternative modes of drug delivery such as oral and transdermal systems can hinder the market growth.
SWOT Analysis
Strength: Three sentence explanation here- Intravenous solutions have high penetration in hospitals and clinics. It provides stable source of nutrition. There is a strong distribution channel for IV solutions.
Weakness: Two weakness in three sentence long explanation- High production cost makes IV solutions expensive. Strict regulations surrounding IV solutions production increases compliance burden.
Opportunity: Two opportunity in three sentence long explanation- Emerging markets offer lucrative growth opportunities due to increasing healthcare infrastructure and healthcare expenditure. Technological advancements are enabling development of novel IV solutions.
Threats: Two threats two sentence explanation- Stringent regulations pose threat of delays and additional costs. Threat of substitute products and therapies limits market growth.
Key Takeaways
The Global Intravenous Solutions Market Size is expected to witness high growth, exhibiting a CAGR of 10% over the forecast period, due to increasing prevalence of chronic diseases. Growing geriatric population prone to chronic illnesses drives the market.
Regional analysis- North America dominates the Intravenous Solutions market currently. However, Asia Pacific is expected to witness the highest growth during the forecast period. Increasing healthcare expenditure and expanding healthcare infrastructure in emerging Asian countries provide lucrative opportunities in this region.
Key players- Key players operating in the Intravenous Solutions market are 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. These major players are focusing on new product launches and geographical expansion to solidify their market presence.
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