Intravenous Solutions Market to Witness Growth due to Rising...

Intravenous Solutions Market to Witness Growth due to Rising Prevalence of Chronic Diseases

Postado 2024-01-23 07:35:51

Intravenous solutions are medical fluids administered directly into a vein, and are used for fluid replacement to prevent dehydration, delivery of medications, and correcting electrolyte imbalances in blood. They find wide application in intensive care units, emergency rooms, operating rooms, ambulance services, among others. Intravenous solutions consist of various components in appropriate concentrations and pre-mixed in flexible plastic containers. Some common IV solutions include normal saline, dextrose, balanced salt solution, amino acid solution, fat emulsion, anti-infective agents, analgesics, and anesthetics.

The global intravenous solutions market is estimated to be valued at US$ 665.66 Bn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

The rising prevalence of chronic diseases is a major driver responsible for growth of the Global Intravenous Solutions Market Size. According to the Centers for Disease Control and Prevention (CDC), around six in ten adults in the US have a chronic disease and four in ten adults have two or more chronic diseases. Cancer, heart disease, stroke, type 2 diabetes, obesity, and arthritis are some of the most common chronic diseases that require long-term IV medication and fluid therapy. According to the American Cancer Society, in 2023, around 1,898,160 new cancer cases are expected to be diagnosed in the US. Moreover, the American Heart Association reported that in 2021, nearly 18.2 million adults in the US were diagnosed with cardiovascular diseases. The adoption of intravenous therapy for treatment of such chronic conditions is expected to surge exponentially, thereby propelling the intravenous solutions market growth.

Another key factor is the growing geriatric population which is highly susceptible to chronic diseases. As per the United Nations’ World Population Ageing report, the number of people aged 65 years or over is projected to grow to 1.5 billion in 2050 from 727 million in 2020. Since aging weakens the immune system, the elderly population is more prone to conditions like cancer, diabetes, and cardiovascular diseases, thus substantially driving the need for IV medications and solutions.

SWOT Analysis

Strength: The intravenous solutions market has strong growth potential due to rising prevalence of chronic diseases and growth in global geriatric population. IV solutions offer fast hydration and ensure accurate delivery of medications. In addition, online pharmaceutical retailers are providing convenience to customers.

Weakness: High costs associated with IV therapy and equipment may restrict market growth to some extent. Improper disposal of used IV sets and bags can damage the environment.

Opportunity: Increasing healthcare spending in emerging nations presents lucrative opportunities for market players. Further, home healthcare services are gaining traction worldwide due to convenience and cost benefits.

Threats: Stringent regulatory approvals and protocols pose challenges for new entrants. Substitute products like oral rehydration solutions also impact market revenue. Supply chain disruptions due to COVID-19 pandemic affect smooth production and distribution.

Key Takeaways

The global intravenous solutions market is expected to witness high growth over the forecast period. It was valued at US$ 665.66 billion in 2024 and is projected to reach US$ 950.44 billion by 2031, expanding at a CAGR of 4.5%.

Regional analysis: North America currently dominates the market and is anticipated to maintain its leading position throughout the analysis period. This can be attributed to rising obesity prevalence, growing geriatric population susceptible to chronic diseases, and heavy investments in healthcare infrastructure.

Key players operating in the intravenous solutions market are Amcor plc, Bemis Company Inc. (acquired by Amcor), Sonoco Products Company, Sealed Air Corporation, DS Smith Plc. These companies focus on new product launches, partnerships, and acquisitions to strengthen their market position.

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