Transparency Market Research’s recent report on global IV bags market states that the market is projected to witness a robust growth from 2017 to 2027. As per the report, the global IV bags market is expected to experience a consistent 5.4% CAGR during the projected tenure. This growth of the market is because of the growing awareness towards the hygiene amongst the patient and improving healthcare infrastructure across the globe. These developments are calling for new solutions that can maintain sterility of the hospitals and diagnostic centers. As a result of these developments the global IV bags market is projected to grow substantially from 2017 to 2027.
Growing Demand for IV Bags for Drug Delivery to Propel the Market
There is a major rise in the demand for injectable drugs. These drugs can be delivered into the body by syringe or IV bags. However, IV bags are gaining major traction due to their ability to deliver multiple drugs at once. This avoids constant and numerous poking that was imminent while using injections for drug delivery. This is the major benefit that is driving the growth of global IV bags market from 2017 to 2027. Additionally development of reusable IV bags is also major factor that is boosting the growth of global IV bags market from 2017 to 2027.
Competitive Scenario to Boost the Market to US$ 2.3 Bn
The market for IV bags is currently facing a tough competition these days. This is because of the presence of several players that dominates the dynamics of global IV bags market. As a result of the presence of these players the market is projected to exhibit fragmented landscape, which poses a tough challenge for the new players who are willing to enter the global IV bags market.
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To surpass this challenge the new players are merging and collaborating with some of the veterans of the global IV bags market from 2017 to 2027. These strategies help the new players to accommodate essential resources that can help achieving a sustainable future in the market.
On the other hand, the prominent players are acquiring other businesses to strengthen their grip over the market. Moreover, these players are also investing a huge amount in research and development which allows them to bring new products in the global IV bags market. Based on these activities, the experts at Transparency Market Research predicts that the market is anticipated to generate a revenue worth US$ 2.3 bn by the end of 2027. They also state that the global IV bags market was valued US$ 1.3 bn during 2016.
Asia Pacific to Register Maximum Growth
Geographically, Asia Pacific is expected to dominate other regions of global IV bags market from 2017 to 2027. The dominance of the region is the result of improving healthcare facilities and growing awareness towards hygiene in medical institutes in India and China.