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Empty Intravenous (IV) Bags Market Report 2024 - IV Bags Market Trends And Share
Empty Intravenous (IV) Bags Market
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According to The Business Research Company's, The empty intravenous (IV) bags market size has grown rapidly in recent years. It will grow from $5.63 billion in 2023 to $6.36 billion in 2024 at a compound annual growth rate (CAGR) of 13.0%. The growth in the historic period can be attributed to the increased prevalence of chronic diseases, high demand for intravenous therapies, growth in the aging population, improvements in healthcare infrastructure, and expansion of hospital and clinical services.
The empty intravenous (IV) bags market size is expected to see rapid growth in the next few years. It will grow to $10.41 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%. The growth in the forecast period can be attributed to the growing home healthcare market, increasing incidence of malnutrition, rising demand for personalized medicine, expansion of healthcare services in emerging markets, and increasing surgical procedures. Major trends in the forecast period include smart IV bags with sensors, biodegradable IV bags, improved sterility and contamination prevention, advanced manufacturing techniques, and integration with electronic health records (EHR).
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Market Drivers and Trends:
The rising number of online security threats is expected to propel the growth of the cyber security managed services market going forward. Online security threats encompass a wide range of malicious activities to compromise the security, integrity, and privacy of information and systems connected to the internet. The rise in online security threats is due to the growth of connected devices, emerging cyber threats, cryptocurrencies and decentralized finance (DeFi), and software and system vulnerabilities. Cybersecurity-managed services play a crucial role in defending organizations against the rising number of online security threats by providing continuous monitoring, advanced threat detection, rapid incident response, and comprehensive security solutions. For instance, in April 2023, according to the Identity Theft Resource Center, a US-based non-profit organization, the number of data breach incidents reported increased by 68% in 2022, with 1,862 breaches reported compared to 1,108 breaches in 2021. Therefore, the rising number of online security threats drives the cyber security managed services market.
Major companies operating in the empty intravenous (IV) bag market are focusing on developing innovative intravenous bag platforms to improve patient safety. Intravenous bag platforms are advanced systems designed to ensure the safe and efficient delivery of intravenous medications and fluids. For instance, in March 2021, Fagron Sterile Services, a US-based pharmaceutical company, launched an Intravenous (IV) Bag Platform to support the increased demand for essential compounded sterile medications during and beyond the COVID-19 pandemic. This new platform offers various presentations of medications such as fentaNYL, HYDROmorphone, and Midazolam to hospitals and ambulatory surgery centers. The IV bags are latex-free, individually overwrapped for product protection, and have extended beyond-use dating.
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Major Key Players of the Market:
Pfizer Inc., Fresenius Medical Care AG KGaA, Becton Dickinson and Company, Amcor LLC, Baxter International Inc., Grifols S.A., Hospira Inc., Nipro Corporation, B. Braun Medical Inc., ICU Medical Inc., RENOLIT Healthcare, Kiefel GmbH, Medisca Inc., Bioteque Corporation, BAUSCH Advanced Technology Group, Jorgensen Laboratories LLC, Technoflex, Sippex IV bags, AdvaCare Pharma Limited, Tacy Medical Inc., Polycine GmbH, JW Life Science Corp, Mitra Industries Private Limited
Empty Intravenous (IV) Bags Market 2024 Key Insights:
• The empty intravenous (IV) bags market size is expected to see rapid growth in the next few years. It will grow to $10.41 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%.
• Driving Forces Surge In Surgical Procedures Fueling Growth Of Empty Intravenous (IV) Bag Market
• Advancements In IV Bag Technology Focusing On Patient Safety And Quality Assurance
• North America was the largest region in the empty intravenous (IV) bags market in 2023
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