Seals and caps are used as the closure for the packaging of pharmaceutical liquids, syrup, parenteral formulations, and others. The main function of such seals and caps is to prevent the contamination and keep the content intact.
The global IV infusion bottle seals & caps market size 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).
Figure 1. Global IV Infusion Bottle Seals & Caps Market Value (US$ Mn), by Region, 2020
Increasing prevalence of chronic disorders is expected to propel the market growth over the forecast period
Rising global burden of chronic diseases is expected to increase the demand for IV infusion products, thereby expected to drive growth of the market over the forecast period. For instance, according to a report by World Health Organization (WHO), 2017, chronic diseases are the major cause of disabilities, worldwide. Moreover, 73% of deaths in 2020 is expected to be due to chronic diseases. In addition, four of the most prominent chronic diseases include cardiovascular, cancer, pulmonary, and type 2 diabetes.
Moreover, according to the World Health Organization (WHO), around 18.1 million cancer cases and 9.6 million deaths were registered globally in 2018. The increasing cancer burden is due to several factors, including population growth and geriatric population.
Figure 2. Global IV Infusion Bottle Seals & Caps Market Share (%), by Neck Size, 2020
Rising investments by the private equity firms is expected to drive the market growth over the forecast period
Many equity firms are investing in the packaging industry, which is expected to expand the product offerings in the market. For instance, in August 2020, Creador, a Malaysia-based private equity firm invested US$ 34.1 Mn in the Shriji Polymers (India) Ltd., a manufacturer of high-density poly ethylene bottles, polypropylene caps, and other specialty products. The investment is expected to expand Shriji’s product offerings and global presence, and Creador gained a minority stake in the Shriji Polymers.
However, rising utilization of IV bags is replacing the conventional infusion bottles, which has reduced the demand for infusion bottle and this is further expected to hinder the IV infusion bottle seals & caps market growth over the forecast period.
|Base Year:||2019||Market Size in 2020:||US$ 104.3 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||2.6%||2027 Value Projection:||US$ 124.9 Mn|
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.
|Restraints & Challenges:||
Global IV Infusion Bottle Seals & Caps Market – Impact of Coronavirus (COVID-19) Pandemic
The coronavirus (COVID-19) pandemic and lockdown in various countries, across the globe have impacted the financial status of businesses in all sectors. The lockdown in various countries due to the pandemic has placed an economic burden on the healthcare sector.
Additionally, in such pandemic, authorization by the regulatory authority for IV infusion therapy is expected to drive growth of the global IV infusion bottle seals & caps market over the forecast period. For instance, in May 2020, the U.S. Food and Drug Administration (FDA) issued blanket COVID-19 Emergency Use Authorization for the IV infusion pumps and accessories required for the infusion therapy for COVID-19 patients. The authorization also covers IV administration sets, containers and catheters, and patient-controlled pumps for delivering painkillers.
Major 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.