Intravenous Solutions Market Forecast and CAGR
According to the latest research by Fact.MR, the intravenous solutions market is set to witness considerable growth during 2021-2031. The outbreak of pandemic and emergence of new strains is augmenting the demand for intravenous solutions. Thus, the market is projected to experience profitable growth around the globe during the forecast period at a rapid pace.
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What is Driving Demand for Intravenous Solutions?
The prevalence of diseases such as diabetes, gastrointestinal diseases, and neurological diseases as a result of an unhealthy lifestyle are the main factors that are boosting the demand for intravenous solutions. According to CDC, about 34.2 million people had diabetes IN 2020 in the U.S., which is about 10.5 of the U.S. population. These diseases can lead to malnourishment and in some cases, severe cases may also lead to an intravenous solution as the only option to provide nutrition to the patient.
Moreover, in countries where the major population is poor, there is a high probability of this population being malnourished giving rise to various diseases and thereby increasing the demand for intravenous solutions.
Moreover, increasing focus on the healthcare sector is also likely to drive the sales of intravenous solutions. Additionally, new product innovations by the manufacturers to reduce packaging and offer better convenience are also expected to drive the growth of the intravenous solutions market.
Rising Prevalence of Cancer Likely to Augment Intravenous Solutions Sales
The increasing prevalence of cancer has been a major cause of concern worldwide. A large number of populations in developed and developing countries are experiencing different types of cancer due to changes in lifestyle among various other factors. According to the American Cancer Society, breast cancer was the most prevalent cancer in 2019 affecting almost 44% of the total female population. Moreover, stomach cancer is also among the top 5 most prevalent cancers. Patients suffering from stomach cancer are highly dependent on intravenous solutions due to difficulty in eating.
Additionally, patients with cancer have to undergo chemotherapy which makes them extremely weak and therefore these patients require intravenous solutions. Intravenous solutions help by providing required nutrition and improving the condition of these patients.
Moreover, dehydration is a common side effect of cancer. Patients undergoing chemotherapy for cancer may experience several side effects such as vomiting, excessive urination, and diarrhea resulting in dehydration. This will further boost the sales of intravenous solutions.
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The U.S. and Canada Intravenous Solutions Market Outlook
The U.S. is the largest market for intravenous solutions due to the high rate of consumption. Intravenous solutions play an important part in the U.S. healthcare system. The well-developed healthcare sector and an increasing amount of patients visiting the U.S. for medical treatment due to better quality despite the high cost are augmenting the growth of Intravenous solutions sales in the U.S.
In addition, the presence of key players such as Baxter and B. Braun is expected to propel the growth of the market. However, due to limited suppliers in this region, there is a shortage of intravenous solutions. Therefore, the limited suppliers available in the market are focusing on rising the supply by increasing production.
For instance, in 2019, B. Braun Medical Inc. announced an investment of $1 billion in new and enriched IV therapy manufacturing facilities to help make sure a reliable and consistent supply of vital IV fluids that American health care providers need every day. These developments will further expand the growth of the market in the U.S. and Canada.
Europe Demand Outlook for Intravenous Solutions
Many countries in Europe have been severely impacted by the COVID-19 pandemic. The increasing number of hospitalizations and higher requirement of critical care as a result of the outbreak of COVID-19 in Europe resulted in high demand for intravenous solutions.
The pandemic has also led many governments in Europe to highly focus on the healthcare system which is expected to drive the sales in this region. Moreover, the increasing prevalence of chronic diseases in Europe is also expected to drive the growth of the intravenous solutions market. According to a research study conducted in 2017, the prevalence of functional gastrointestinal disorders was 20.7% in Europe.
Who are the Key Manufacturers and Suppliers of Intravenous Solutions?
Some of the leading manufacturers and suppliers of the intravenous solutions market include
- B. Braun Melsungen AG
- icumedical Inc.
- Otsuka Group
- Grifols S.A
- Pfizer Inc.
- Claris Lifesciences Ltd.
- Fresenius SE & Co. KGaA
- Eurolife Healthcare
- Sichuan Kelun Pharmaceutical Co. Ltd.
Many leading manufacturers in the market are focusing on the acquisition of a therapeutic business that will help in further expanding their business as well as their presence. For instance, in December 2019, drug firm Eurolife announced the acquisition of the intravenous (IV) infusion business of Teva Pharmaceutical Industries. The acquisition was carried out to expand its global presence and to have an edge over its competitors.
By Solution Type
- Isotonic solutions
- Hypotonic Solutions
- Hypertonic Solutions
By Nutrition Type
- Total Parenteral Nutrition (TPN)
- Peripheral Parenteral Nutrition (PPN)
- Ambulatory Surgical Centers
- Homecare Settings
- North America
- Latin America
- South Asia
- East Asia
- The Middle East and Africa
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