According to Coherent Market Insights, the global IV infusion bottle seals & caps market is estimated to be valued at US$ 104.3 million in 2020 and is expected to exhibit a CAGR of 2.6% over the forecast period (2020-2027).
Key Trends and Analysis of the Global IV infusion bottle seals & caps Market:
Key trends in the market include rising incidence of multiple sclerosis, arthritis, congestive heart failure, increasing launches of IV products, launch of new programs, and adoption of expansion strategies by the companies.
Rising incidence of chronic diseases such as multiple sclerosis, arthritis, congestive heart failure, and some types of immune deficiency disorders is expected to drive demand for infusion therapies, thereby contributing to significant growth of the IV infusion bottle seals & caps market. For instance, according to the National Center for Biotechnology Information (NCBI), 2020, in the year 2017, globally, around 126 million people suffered from ischemic heart disease (1,655 per 100,000). Furthermore, according to the World Federation of Hemophilia (WFH) 2018 statistics, around 440,000 people suffered from hemophilia, of which around 173,000 people were diagnosed with hemophilia A or B in 2017, globally.
Moreover, rising launches of IV products, in order to address the healthcare needs is the major factor, which is expected to drive the market growth over the forecast period. For instance, in June 2029, Eurolife Healthcare, a manufacturer and distributor specialty Infusion & pharmaceuticals, launched Discport and Lifeport IV products in India. These products are the replacement to the currently used polypropylene bottles (FFS bottles).
Moreover, market players are involved in launching new programs for patient safety, in order to increase the use of IV therapy and this is expected to drive the market growth. For instance, in April 2019, Becton, Dickson and Company (BD) launched a new program for patient safety in hospitals, called as PRIME (Preventing Risks of Infections and Medication Errors in IV Therapy). PRIME was developed in partnership with the Joint Commission International (JCI) for patient safety and aimed to address the challenges in a hospital setting regarding medical safety and infection prevention.
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Key Market Takeaways:
The global IV infusion bottle seals & caps market is expected to exhibit a CAGR of 2.6% over the forecast period, owing to facility expansion of pharmaceutical plastic packaging, which is expected to drive the market growth. For instance, in May 2018, Gerresheimer, a manufacturer of specialist packaging for drugs, announced the expansion of its facility in the Brazil. The new Gerresheimer Anápolis plant has commenced production in the Brazilian state of Goiás, for the production of the entire range of plastic containers from PP, PE, and PET, along with the corresponding closures and caps.
Key players operating in the global IV infusion bottle seals & caps market include Cardinal Health Inc., Jiangsu changjiang Lids, Taiwan Hon Chuan Enterprise, PrasadMeditech, Winfield Laboratories Inc., Datwyler HoldingAG, Wuxi Qitian Medical Technology Co., Ltd, Medline Industries Inc., RENOLITSE, and B. Braun Medical Inc.