Global healthcare sector continues to develop at an impressive rate. As a result, packaging marketplace is undergoing huge changes with specialized focus on offering innovative packaging tools/products to pharmaceutical industry. One such core product that offers lucrative market opportunities for packaging companies is intravenous products. Intravenous product such as catheters and IV fluid bags are mainly used to prevent and treat various chronic illness such as cancer and ophthalmic diseases. Increased sales of intravenous products has boosted overall demand for innovative packaging products. As a result, many packaging companies are trying to capitalize on the intravenous product packaging market.
Intravenous Product Packaging: Market Dynamics
Growth in demand for intravenous product packaging is expected to remain strong for several reasons. First, chronic illness is proliferating rapidly owing to changing lifestyle and increased geriatrics population. As a result, demand for sterilized intravenous product has increased. This in turn is propelling overall sales of packaging material for intravenous products. Second, many packaging companies has set up direct distribution channel to facilitate easy flow of business and thereby minimize overall run cost.
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Intravenous Product Packaging Market: Regional outlook
Intravenous product packaging market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. Among these region, North America and Europe are expected to collectively dominate the market throughout the forecast period. However, many multinational packaging companies are ramping up their investments in Asia Pacific to tap the growing unmet needs of intravenous product manufacturers in the region and government support towards boosting manufacturing ecosystem.
Furthermore, Asia Pacific rise in prominence has resulted in organizational changes – many new packaging entrants has emerged over the last few years and many leading companies has set up their manufacturing capabilities in the region.
Intravenous Product Packaging Market: Key players
Some of the key players in the global Intravenous Product Packaging market are Baxter, Renoilt, Nipro, Sippex, Wipax, Amcor, MRK Healthcare, etc. A majority of intravenous product packaging companies are largely headquartered in Europe and North America. However, there is growing influence of regional and China based players in the market especially in Asia Pacific region. Given their limited investment capabilities, most of their investments are focused on short term gains. Multinational players are either entering into partnership or into acquisition of these regional players to gain greater control over the market.