IV Fluids (BFS Technology) Manufacturing: How to Start Your Own Business
One of the fastest growing segments of the healthcare industry are infusion therapy services, including intravenous fluid and medication delivery. As hospitals and other healthcare facilities modernize their operations, they are taking advantage of more efficient ways to dispense medication and fluid to patients. This has resulted in an increase in demand for safe and reliable products, as well as a growth in the number of treatment facilities providing these treatments to patients. This increased demand has created a great business opportunity for those looking to manufacture IV fluid products on an industrial scale.
BFS Technology sells patented IV fluid container technology which preserves the sterility of fluids in challenging environments. The one-way, safety-lock design prevents opening of the container until all contents are removed. BFS is FDA-approved for use with infusions, electrolytes, and medications; non-pyrogenic: maintains shelf life of product indefinitely; does not contact blood/urine/other bodily fluids during use.
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Benefits over Traditional Technology
The greatest benefits of using BFS as opposed to traditional technology include:
1.??Cost Reduction - With IV fluid manufacturing, there is no need to purchase large quantities of prefilled syringes and cartridges. You only buy what you need when you need it which eliminates high upfront costs that can make it difficult for some providers to invest in this new technology.
2.??Patient Safety - With BFS systems, the risk of cross contamination is eliminated because there are no shared needles involved during patient administration.
3.??Improved Flow Rates and Efficiency - There is more precise control over how much fluid is administered with each pump, which improves flow rates and efficiency.
4.??No Risk of Running Out Of Supplies - Unlike other technologies where supplies have to be ordered well in advance, with BFS there's no risk of running out of IV solutions when supplies are manufactured on site within your own facility.
5.??Less Expensive Supplies for Home Care Providers - When administering IV therapy in their homes, many people use standard saline bags from the hospital to fill their prefilled syringes. These bags cost hospitals less than $1 per liter but cost individuals upwards of $30 per liter through online retailers. Buying directly from manufacturers will help keep costs down while saving time and money by avoiding multiple trips to the pharmacy or medical supply store.
6.??Accessible To a Broader Range Of Patients - People suffering from chronic diseases, such as diabetes and kidney disease, may need to receive IV therapy at home on a regular basis. With BFS they're able to receive this treatment without visiting a clinic or hospital every day or having to rely on costly prescriptions.
7.??Easier to Control Treatment Frequency and Duration - IV therapies delivered through prefilled syringes last just 12 hours but those delivered with BFS last up to 48 hours before they expire.
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Benefits of Starting IV Fluid Business
IV fluid manufacturing is an interesting and lucrative business opportunity for any entrepreneur. With many IV fluids, like lipids, on the market and in high demand, it's a great time to start this kind of business. If you're looking for something to get into and want to know more about the possibilities of getting started with this kind of business venture, here are some reasons why starting an IV fluid manufacturing company might be just what you're looking for.
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1) A lot of people need IV fluid - there are all sorts of different types and uses for them, so there will always be a need for IV fluids.
2) It has multiple applications - some people use them as a medicine or nutritional supplement, others as blood substitutes in surgery; whatever the case may be, there will always be demand from customers who need them.
3) The FDA approves - these products are also approved by the FDA, which means that they've gone through rigorous safety testing and research to ensure that they're safe for people who use them.
4) The process is relatively easy - one other thing that makes this a good business idea is that if you have basic knowledge of chemistry and biology, you can easily create your own formula with minimal expense.
5) You don't need a huge capital investment - since there are so many options out there when it comes to beginning this type of business, whether you're going the small route or hoping to grow into something larger down the line (if not immediately), it doesn't require too much money up front.
6) You can diversify your profits - even though IV fluid manufacturing is definitely a successful industry, there are also other ways to make money while working in this field.
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Indian Market Outlook of IV Fluid (BFS Technology)
Healthcare is one of the fastest growing industries in India. The sector has been spurred by demographic factors and increasing urbanization, accompanied by a rising income level. India's total healthcare expenditure as percentage of its GDP was 5.5% in 2010 which has crossed 10% now, making it an emerging medical care hub for global players seeking access to less mature markets. The country is also amongst the top three countries with highest number of medical devices manufacturers. Besides, there are nearly 800 new hospitals opening every year across various cities in India. These hospitals require high volumes of intravenous fluids, thus rendering this market highly lucrative. Furthermore, most of these patients who require intravenous fluids fall into the vulnerable category like neonates, geriatrics and pregnant women. They may not be able to pay high prices for treatments; hence bulk purchasing can lead to significant discounts on the price of IV fluid production, while ensuring sustainable profits.
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Global Market Outlook of IV Fluid (BFS Technology)
The global intravenous solutions market reached a value of US$ 13.2 billion in 2021. Looking forward, the market is projected to reach US$ 18.6 billion by 2027, exhibiting a CAGR of 5.96% during 2022-2027.
Worldwide demand for IV solutions has increased as a result of the sudden coronavirus disease outbreak (COVID-19), which will help patients in intensive care units get the vital nutrients they need (ICU). Aside from this, a significant growth-inducing element is the rise in diabetes, cancer, gastrointestinal problems, and neurological illnesses. Additionally, IV solution therapy is expanding the market because of its quicker response time and greater efficacy. It helps treat chronic dehydration, which can lead to other medical disorders like weariness, memory loss, irritability, and other symptoms. This is having an impact on the use of IV solutions for a quick recovery, combined with the rise in people's participation in physical activities.
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Additionally, IV solutions are used to treat migraines, hangovers, and skin issues. In addition, top manufacturers are launching portable, simple-to-use product variations that may be used as drips at home. Additionally, they are creating premixed solutions that minimize packaging waste in response to growing environmental concerns. Additionally, increased investments in the healthcare sector by health agencies from many different nations are predicted to improve the market outlook.
The global market has been divided into five regions based on geography: North America, Asia Pacific, Middle East & Africa, Latin America, and Europe. In 2021, North America held the largest share of the global market, contributing more than 40.7% of the total revenue. This is because to an increase in the number of elderly people, which raises the demand for intravenous solutions, the prevalence of chronic diseases, and the industry's expansion in response to the flu and coronavirus pandemic's increased demand. During the projection period, the Asia-Pacific region is anticipated to have the quickest CAGR.
The high rate of growth in this area can be attributed to the fact that both public and private organizations spend a lot of money on research, as well as to advancements in technology and an increase in partnerships between different groups of stakeholders, such as universities and the medical community. Additional important factors that are anticipated to fuel market growth in the Asia Pacific region include the rising prevalence of chronic diseases brought on by bad eating habits and the rising desire for cost-effective treatments.
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IV Fluid (BFS Technology) Manufacturing Industry is one of the project report by Niir Project Consultancy Services (NPCS). The project report covers all the aspects of business, from analyzing the market, confirming availability of various necessities such as plant & machinery, raw materials to forecasting the financial requirements. The project report by NPCS has benefited engineers, project consultants & industrial consultancy firms not only in India but worldwide. With the project reports on various business plans, NPCS also publishes technology, technical, reference, self-employment and startup books, directory, business and industry database, and a lot more which you can check on the official website.
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