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MARKET OUTLOOK

Triton Market Research’s report analyzed that the Asia-Pacific non-PVC IV bags market is anticipated to experience growth at a CAGR of 8.40% in the years 2022-2028. South Korea, India, Japan, Australia & New Zealand, ASEAN countries, China, and Rest of APAC form the market in this region.

As per India Brand Equity Foundation, India is among the major markets for medical devices globally. The medical devices segment comprises large multinationals and SMEs. The government has commenced various initiatives to strengthen this sector, focusing majorly on research and development. Further, the WHO recommends PVC medical waste not be burned, which India prohibits. This is expected to enhance the demand for non-PVC IV bags. Along with this, the Ministry of Environment and Forests imposed a ban on the incineration of chlorinated plastics, which will further accelerate the growth of the non-PVC IV bags market. 

In South Korea, PVC material, colored PET bottles, and other PET bottles are prohibited from being used in manufacturing to reduce plastic waste. However, PVC is allowed for medicines, health functional foods, and others due to a lack of substitute materials. Nevertheless, the gradual ban on PVC is expected to boost the adoption of non-PVC alternatives like non-PVC IV bags. As per estimates, the elderly population increased significantly in 2021. This rise in the aging population surges the need for medical specialty bags, fueling the non-PVC IV bags market’s growth. 

COMPETITIVE OUTLOOK

The major firms in the non-PVC IV bags market include Kraton Corporation, Sealed Air, Huaren Pharmaceutical, B Braun Melsungen AG, Angiplast Pvt Ltd, Medipharmaplan, Otsuka,