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Asia-Pacific Non-PVC IV Bags Market Forecast 2021-2028

KEY FINDINGS

The Asia-Pacific non-PVC IV bags market is set to register a CAGR of 8.30% during the forecast period, 2021-2028. The growing demand for technologically advanced healthcare solutions with cost-effective benefits offers lucrative growth opportunities.

MARKET INSIGHTS

Singapore, Japan, Indonesia, Australia & New Zealand, Malaysia, China, South Korea, India, and Rest of Asia-Pacific are evaluated for the Asia-Pacific non-PVC IV bags market growth assessment. In South Korea, the ban on PVC use is estimated to boost the adoption of PVC alternatives like the non-PVC IV bags. In addition, colored PET bottles, PVC material, and PET bottles that use adhesives were barred from use during manufacturing, for reducing plastic waste. At the same time, given the lack of substitutes, PVC is allowed for use in functional foods and medicines. Further, the elderly population accounted for almost 16.5% of the total population in 2021. Such factors are expected to increase the adoption of non-PVC bags.

According to the India Brand Equity Foundation, India is among the top 20 markets for medical devices globally. The medical devices market is projected to reach US$ 65 billion by 2024. The market entails large multinationals and small & mid-sized companies. Also, the government initiatives to enhance the medical devices sector, emphasis on the research & development, and 100% FDI for medical devices make India a conducive market for non-PVC IV bags development. Moreover, the Ministry of Environment and Forests banned the use of chlorinated plastics, which benefits the market prospects.

COMPETITIVE INSIGHTS

Some of the prominent companies in the market include Otsuka, MEDIPHARMAPLAN, JW Life Science, Huaren Pharmaceutical, Kraton Corporation, etc.

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Asia-Pacific Non-PVC IV Bags Market Forecast 2021-2028
Published By :Inkwood Research
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