Medical Fluid Bag Market Expected to Reach $XX billion by 2030-Allied Market Research

According to a new report published by Allied Market Research, titled, “Medical Fluid Bag by Product Type, Material, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," global medical fluid bag market was valued at $3.53 billion in 2020, and is projected to reach $6.05 billion by 2030 registering a CAGR of 5.50% from 2021 to 2030.

Medical fluid bags are used in fluid replacement therapy to ensure proper body fluid collection, electrolyte imbalances, blood transfusions, and oral or enteral patient nutrition. The intravenous route is the fastest way to administer medications and fluids throughout the body. These bags are utilized in blood storage facilities, dialysis, blood transfusion, and biohazard disposal, along with fluid replacement therapy,

The increase in prevalence of various chronic conditions such as diabetes, cancer, cardiovascular diseases, kidney and liver infections are the key drivers propelling the growth of the medical fluid bags market globally. Furthermore, the growing incidences of gastrointestinal disease particularly among the elderly, will drive industry growth even further. However, complications associated with the use of PVC-composed medical fluid bags on patient health as well as concerns regarding improper disposal causing a detrimental impact on the environment may negatively affect the market growth. Conversely, the global expansion of the hospital and healthcare sectors has significantly increased the use of Intravenous fluid bags.

COVID-19 is a large family of viruses that causes symptoms ranging from the common cold to more severe respiratory diseases. Thus, the outbreak of the COVID-19 pandemic moderately affected the growth of the global medical fluid bag market. Factors such as supply chain disturbances and the raw material shipment delays have hampered the industry expansion. Furthermore, in March 2020, WHO published interim guidelines that suggest providing intravenous fluid therapy to the infected and critical COVID-19 patients. The UK Joint Anesthetic and Intensive Care & International Fluid Academy also advised giving critical patients fluid therapy to meet their fluid and electrolyte requirements. Such guidelines will increase the demand for intravenous bags used in IV therapy, resulting in increased revenue for the medical fluid bags market revenue. Furthermore, the European Society for Clinical Nutrition and Metabolism (ESPEN) is advocating for the use of enteral and parenteral nutrition to meet the daily nutritional requirements of the COVID-19 patients. However, the cancellation of elective surgeries and the allocation of a significant percentage of healthcare resources to COVID-19 have resulted in a decline in overall admissions, thereby hampering the industry demand to some extent.

On the basis of material type, the PVC compounds segment dominated the global market in 2020 and is expected to continue throughout the forecast period. The PVC medical bags are lightweight, steam sterilization and, most importantly, less expensive than alternative options. These bags are widely recommended for collecting and storing blood & blood components as they have 42 days shelf life, which is crucial for storing rare blood types. PVC blood bags allow for even the most stringent sterilization techniques and if required, freezing. Moreover, two of the Alliance members of PVCMed companies have developed phthalate DEHP-free PVC blood bags that fulfill the stringent criteria for blood collection & storage. The development of DEHP-free medical bags will increase the acceptance rate of PVC medical bags.

The global medical fluid bags market segmented on the basis of product type, material, end user and region. On the basis of product type, it is further classified into blood bags, intravenous bags, drain bags, dialysis bags and others. By material, it is divided into PVC compounds, polyolefins and others. Based on end user, it is categorized into hospitals, blood banks and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA

Key Findings Of The Study

• Based on product type, the intravenous bags segment held largest share in the global market in 2020.
• On the basis of material, the polyolefins held largest market share in 2020 and is expected to remain dominant throughout the forecast period.
• On the basis of end user, the hospitals held largest market share in 2020 and is expected to remain dominant throughout the forecast period.
• Based on region, North America is expected to experience growth at the highest rate, registering a CAGR of 5.00 % during the forecast period.

North America accounted for the largest share of the global medical fluid bag market in 2020 and is anticipated to remain dominant throughout the forecast period. The U.S. dominated the North American medical fluid bags market owing to increased hospital visits and surgery volume across the country. According to the Healthcare Cost and Utilization Project, about 17.2 million hospital visits for invasive and therapeutic surgeries were reported in ambulatory surgical centers as well as hospitals across the U.S. According to the data from the National Center for Health Statistics around 48 million inpatient surgeries were performed in the U.S. The increasing number of surgical procedures will benefit medical fluid bags as these bags are an integral part of surgical essentials and are used to drain bodily fluids, provide liquid medications, nutrition, electrolytes, and blood to the patient.