The Intravenous Solutions Market is experiencing robust growth driven by increasing prevalence of chronic diseases, rising demand for specialized therapies, and advancements in healthcare infrastructure
New York, Jan. 24, 2024 (GLOBE NEWSWIRE) — In 2021, the global Intravenous Solutions Market was worth approximately US$ 10.9 billion. Predicted to grow at a rate of 10.8% per year for the next decade, the market is expected to reach nearly US$ 33.6 billion by 2032.
The market’s growth is fuelled by factors such as the rising instances of malnutrition and an aging population. Moreover, conditions like cancer, neurological disorders, and gastrointestinal issues, where intravenous solutions serve as vital sources of energy for patients, are contributing to the market’s expansion. Additionally, increased research and development efforts and the introduction of new products are driving growth in the intravenous solutions market. The presence of a sizable elderly population with lower immunity levels, making them more susceptible to diseases like neurological disorders, cardiovascular issues, cancer, and spinal injuries, remains a significant driver for the market.
The COVID-19 pandemic had a positive impact on the intravenous solutions industry, as there was heightened research and development regarding the role of intravenous solutions in managing the pandemic.
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|Market Revenue 2023
|US$ 12.1 Bn
|Estimated Revenue 2030
|US$ 33.6 Bn
|Growth Rate – CAGR
|No. of Pages
|By Type, Nutrients and Region
|North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa
|Key Companies Profiled
Intravenous Solutions Market Analysis: 2017-2021 vs. 2022-2032 Forecast
From 2017 to 2021, the worldwide market for Intravenous Solutions grew by 10%. According to the Faculty of Health Centre for Rural Health in Australia, over 75% of hospitalized patients are getting some form of IV therapy. Looking ahead, the United States is expected to remain the biggest user of Intravenous Solutions, presenting an absolute dollar opportunity of more than US$ 8.8 billion over the next 10 years.
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Severe dehydration is a major reason why doctors use intravenous (IV) fluids. Conditions like diarrhea, which can deplete the body’s fluid reserves, often lead to severe dehydration. According to the World Health Organization (WHO), diarrhea caused approximately 525 thousand deaths annually among children under five in 2017, making it the second leading cause of death in this age group. IV fluids play a crucial role in treating and preventing fatalities caused by dehydration and fluid loss due to diseases. Surgery and emergency situations are also instances where IV fluids are extensively used.
The number of premature births has been on the rise, with one in ten babies born in the country in 2019 being premature. IV solutions contain proteins, calories, and electrolytes, making an increase in demand for IV solutions likely with the rise in preterm births.
Standard intravenous solutions have been associated with cost savings. The reduced need for administering supplies and nursing time contributes to the lower cost. While normal saline is generally cheaper than other types of IV fluids, the cost varies significantly between fluid types and countries. For a typical IV solution administration process, the nursing time is halved (2.2 vs. 4.3 hours) compared to a 2-in-1 plus a separate IVFE injection.
The global intravenous solution market’s growth is expected to be hindered in the forecast period due to increasing FDA recalls of IV products. For example, in August 2018, the U.S. FDA recalled Becton Dickinson & Company’s NEXIVA Closed IV Catheter System Dual Port 18GA 1.25 IN (BD Nexiva catheter) due to a failure in the needle tip shield/safety mechanism.
The market is segmented by Type (partial parenteral nutrition, total parenteral nutrition), Composition (carbohydrates, vitamins and minerals, single-dose amino acids, parenteral lipid emulsion, others), and End Users (hospitals and clinics, ambulatory surgery centers, home care settings). The total parenteral nutrition segment dominates, while the partial parenteral nutrition segment is expected to grow rapidly. In terms of composition, single-dose amino acids lead in revenue, with vitamins and minerals showing the fastest growth. Among end users, hospitals and clinics contribute the most revenue, while home care settings are anticipated to experience the fastest growth. Geographically studied regions include North America, Europe, Asia-Pacific, and LAMEA.
In 2023, North America was the leading force in the global market, holding a 41.0% share. This was because of key players, favorable rules, and a strong reimbursement structure, especially in the U.S. For example, in 2022, Assure Infusions, Inc. invested USD 20 million to build a modern manufacturing facility in Bartow, Florida, for producing IV solutions. The goal is to address the demand-supply gap for IV solutions in the U.S.
Asia Pacific is expected to experience significant growth, with a projected CAGR of 9.0% from 2024 to 2030. The increase in chronic diseases due to unhealthy eating habits and the high demand for affordable healthcare are factors contributing to this growth. According to a UNICEF article in 2021, over 375.8 million people in Asia Pacific were undernourished in 2020, an increase of nearly 54 million from 2019.
Key Questions Answered in the Report:
- What are the contributing factors to the market’s growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Intravenous Solutions market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Intravenous Solutions market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Intravenous Solutions market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Intravenous Solutions industry?
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Originally published at https://www.einpresswire.com/article/683516916/intravenous-solutions-market-to-surpass-us-33-6-billion-by-2032-with-a-projected-10-8-cagr-over-the-next-decade-persistence-market-research