The latest market report published by Credence Research, Inc. “Medical Specialty Bags Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global medical specialty bags market was valued at US$ 6,560.1 Mn in 2017 expanding at a CAGR of 5.4% from 2018 to 2026.
Medical specialty bags are specially designed bags for medical conditions which include blood bags, ostomy bags, urine collection bags, bile collection bags, IV bags and others. Medical specialty bags prevent leakage of body fluids and play an important role in disease management and patients with disability. Growing aging population susceptible to chronic diseases is the major market driving factor. For instance, geriatric population are more prone to gastric and stoma complication requiring ostomy bags, CAPD bags for chronic kidney diseases, among others. Moreover, growing surgical procedures and hospitalization globally would boost the demand for medical specialty bags for different procedures and application. Product innovation and development is the key trend followed in the market. For instance, manufacturers are shifting focus from polyvinyl chloride (PVC) and opting for materials that are environment friendly in nature. Some of the non-PVC materials include latex, silicone, and polyethylene as these are cost-effective and pose minimum hazards. The rise in the uptake of online sales channel as a major distribution method, have increased the accessibility and availability of various medical specialty bags. Growing home healthcare coupled with online sales of medical specialty bags would act as the major growth driver during the forecast period.
In terms of product type, ostomy bags held the largest share in the global medical specialty bags market. Global rise in the prevalence of Crohn’s diseases, bowel cancers and other gastrointestinal conditions have resulted in the growing demand for ostomy bags. Growing focus on customer centric products by manufacturers and improving patient awareness are few of the driving factors for the growth this market. IV bags, urine collection bags, and blood bags are expected to show promising market growth during the forecast period owing to the surge in hospitalization, growing surgical procedures and rise in home healthcare facility. Inappropriate reimbursement schemes is one of the major restraining factor for the growth of this market.
North America held the dominant position in the global medical specialty bags market owing to growing incidence of chronic diseases in the region. According to American Cancer Society, Inc. estimation, there will be 97,220 cases of colon cancer and 43,030 cases of rectal cancer in the United States. Moreover, there will be estimated 1.7 million new cancer cases diagnosed in the region which boost the demand for medical specialty bags market in region. Asia Pacific is projected to soar high during the forecast period owing to growing healthcare infrastructure, hospitalization and medical care products. The emerging countries in the APAC region, such as China and India, offer a big opportunity for the leading players in this market as these countries contain a significantly large pateint pool of under-served patients. The prominent players actively engaged in the medical specialty bags market include B. Braun Melsungen, Baxter International, Coloplast A/S, ConvaTec, Inc., Hollister Incorporated, Fresenius Kabi, Terumo Corporation, Smith’s Medical among others. Being a consolidated market, product innovation, use of environment friendly materials is the major strategy undertaken by the players operating in the market.
Key Market Movements:
- Rising prevalence of chronic diseases and growing geriatric population worldwide
- Rising patient awareness and home healthcare boosting demand for medical specialty products
- Growing surgical procedures globally to drive the market for medical specialty bags
Browse the full report Medical Specialty Bags Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026 report at https://www.credenceresearch.com/report/medical-specialty-bags-market