You can use python within the bash script too. I didn't have much success with some of the top answers here, and found this to work without the need for loops:
#!/bin/bash
python
filetosearch = '/home/ubuntu/ip_table.txt'
texttoreplace = 'tcp443'
texttoinsert = 'udp1194'
s = open(filetosearch).read()
s = s.replace(texttoreplace, texttoinsert)
f = open(filetosearch, 'w')
f.write(s)
f.close()
quit()