April 17, 2024

The Rising Adoption of Protected Cultivation Drives the IV Dressing Market Growth by 6.5%

IV dressings are an important part of protected cultivation which employs techniques like greenhouse, shade nets, and poly-houses to boost crop production. IV dressings help establish intravenous access for fluid replacement, medication administration, blood transfusions, and blood draws in hospitalized patients. They find extensive application in greenhouse farming to deliver essential nutrients and chemicals to plants through intravenous feeding. Protected cultivation plays a vital role in maximizing crop yields per unit area and helping farmers cope with climate change. The growing emphasis on indoor farming and vertical agriculture has also bolstered the adoption of IV dressings.

The Global IV Dressing Market is estimated to be valued at US$ 915.5 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2030.

Key Takeaways

Key players: CLAAS Group, Deere & Company, and Mahindra & Mahindra Limited are among the leading players in the IV dressing market. They have a wide distribution network and offer a varied range of dressing solutions for different crop types.

Growing demand: There is burgeoning demand for IV dressings from the agriculture sector as protected cultivation helps boost crop yields. IV technology helps address issues like water scarcity and soil degradation. It also helps commercial farming of high-value crops.

Global expansion: Major IV dressing manufacturers are expanding their global footprint through partnerships, acquisitions, and new production facilities. This allows them to cater to the growing needs of farmers worldwide, especially in emerging markets.

Market key trends

One of the key trends gaining traction in the Global IV Dressing Market Demand is the introduction of advanced materials. Manufacturers are developing dressings made of advanced polymers, fabrics, and adhesives that have longer viability and cause minimal skin damage to plants. They are also coming up with antimicrobial dressings to prevent infections. Meanwhile, the growing organic farming movement has increased demand for biodegradable and environment-friendly IV dressings.

Porter’s Analysis

Threat of new entrants: Low capital requirements for manufacturing and distribution allow new companies to enter the market with relative ease. However, major market players enjoy sizeable brand equity and economies of scale.

Bargaining power of buyers: Large buyers like hospitals and clinics are able to negotiate lower prices. However, need for sterile wound care products keeps their bargaining power in check.

Bargaining power of suppliers: Raw material suppliers possess moderate bargaining power owing to the availability of substitute materials. However, certification requirements and quality standards specific to medical products favors large suppliers.

Threat of new substitutes: Though some substitute products exist, medical-grade film and non-woven materials essential for IV dressings have few close substitutes. Innovation is also relatively slow.

Competitive rivalry: The market is fairly consolidated with key global players. Players compete based on product quality, reliability of supply and pricing. Private labels pose competition.

North America accounts for the largest share of the global IV dressing market currently, owing to rising healthcare expenditure and the presence of major market players in the region.

The Asia Pacific region is expected to be the fastest growing market during the forecast period. This can be attributed to expanding healthcare infrastructure, growing medical tourism, and rising awareness about advanced wound care products in emerging countries like China and India.

Geographical Regions

Currently, North America accounts for the largest share of the global IV dressing market value owing to increased healthcare spending and established market presence of key players in the region.

The Asia Pacific region is projected to witness the fastest growth in the IV dressing market during the forecast period. Factors such as improving healthcare infrastructure, rising medical tourism, growing economies, and increasing awareness about advanced wound care products are expected to drive high demand for IV dressings in emerging nations like China and India.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it