Global IV Infusion Bottle Seals & Caps Market, by Product Type (Polypropylene Caps ( Euro Pull Ring Caps, Double Fold Caps, and Foil Caps) and Rubber Seals), by Neck Size (Up to 20 mm, 21 to 28 mm, 29 to 32 mm, and Above 32 mm), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), 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), as highlighted in a new report published by Coherent Market Insights.
The geriatric population is increasing rapidly, globally. This group of population is highly susceptible to different types of chronic illness such as cardiovascular diseases, cancer, arthritis, and others. Thus increasing number of such patients is expected to drive adoption of IV therapies for the treatment, which is further expected to fuel the market growth. For instance, according to the World Population Prospects, in 2017, 13% of the world population comprised the elder population. According to the same source population growth rate of individuals aged 60 or above is around 3% per year globally, and around 25% population is over the age of 60 in Europe, which is highest percentile, across the globe. Geriatric populace, across the globe is estimated to reach 1.4 billion by 2030 and 2.1 billion by 2050.
The increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and arthritis is the major factor which is expected to fuel the IV infusion bottle seals & caps market growth over the forecast period. For instance, according to the Versus Arthritis.org 2019 report, around 18.8 Mn of the U.K. population suffered from musculoskeletal conditions such as arthritis and back pain in 2017. Moreover, according to the Ministry of Health and Family Welfare, Government of India 2016, osteoarthritis (OA) is the second most common rheumatologic problem and it is the most frequent joint disease with a prevalence of 22% to 39% in India. Osteoarthritis is more common in women than men. Furthermore, according to the same source around 45% of women over the age of 65 years have symptoms, while 70% of those over 65 years show radiological evidence of OA. Additionally, according to the World Health Organization (WHO), over 20% of the world’s population aged over 60, which accounts for around 130 million people, are estimated to suffer from osteoarthritis by 2050.
Global IV Infusion Bottle Seals & Caps Market – Impact of Coronavirus (Covid-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread over 100 countries, across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in over 30.6 million infected individuals worldwide as of 21st September 2020.
COVID-19 can affect the economy in three main ways; by directly affecting production and demand, by creating disruptions in distribution channel, and by its financial impact on firms and financial markets.
Furthermore, the lockdown has increased the panic conditions among the public and healthcare professionals, and also the rising COVID-19 cases has driven the adoption of IV infusion therapy, thereby driving the IV infusion bottle seals & caps market growth.
Browse 32 Market Data Tables and 21 Figures spread through 162 Pages and in-depth TOC on “IV Infusion Bottle Seals & Caps Market - by Product Type (Polypropylene Caps (Euro Pull Ring Caps, Double Fold Caps, and Foil Caps) and Rubber Seals), by Neck Size (Up to 20 mm, 21 to 28 mm, 29 to 32 mm, and Above 32 mm), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2027”
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Rising launches of IV Infusion products in the market is expected to drive the market growth over the forecast period. For instance, in July 2019, Baxter International Inc., received the U.S. Food and Drug Administration (FDA) approval of Myxredlin (Insulin Human in 0.9% Sodium Chloride Injection), it is ready-to-use insulin for IV infusion in the hospital and other acute care settings, indicated for diabetes mellitus.
Key Takeaways of the Global IV Infusion Bottle Seals & Caps Market: