Industry Outlook
The medical specialty bags market to reach US$ 10,541.0 Mn in 2026 and projected to exhibit a compound annual growth rate (CAGR) of 5.4% during the forecast period from 2018 to 2026. Increasing geriatric population susceptible for chronic diseases is the major growth factor driving the demand for specialty medical bags globally. Geriatric population are more prone to procedures which require ostomy bags, IV bags, bile collection bags, urinary collection bags and others. Moreover, growing hospitalization and surgical procedures across the globe is further boosting the growth of medical specialty bags. Product innovation and use of environment friendly materials are the latest trend observed in the medical specialty bags market. Polyvinyl chloride (PVC) bags are being replaced by non-PVC materials such as latex, silicone, polyurethanes and polyethylene as these have minimum environmental hazards. Moreover, manufacturers are focusing on use of cost-effective materials such as ethylene vinyl acetate, multilayer polyethylene or polypropylene to make PVC free bags. Another significant trend observed in the medical specialty bags market is the rise in online sale of medical specialty bags. This increases the availability and accessibility of these products to customers, thereby increasing their purchase. North America held the largest in the global medical specialty bags market owing to growing geriatric population and surgical procedures leading to the greater demand for medical bags in the region. Asia Pacific will show highest growth rate during the forecast period with Japan, China and India setting the stage for swift growth of the region. The global medical specialty bags market is highly consolidated with players seeking for innovation and product enhancement to ensure dominance in the market.
Market Synopsis
Get a sample copy for more information
Increasing Number of Ostomy Procedures Performed to Drive the Market Growth of Ostomy Bags
In 2017, ostomy bags dominated the global medical specialty bags market by product type owing to rising prevalence of gastric diseases such ulcerative colitis, Crohn's disease, peritonitis, bowel cancer resulting in obstruction or bleeding, spina bifida and urolithiasis. This is also leading to the growth in the volume of procedures among the diseased patients which is boosting the growth in demand for ostomy bags. Increased awareness programs and promotion for these products supported by leading vendors in the market have also led to rise in their adoption rate among patients at home and by staff at healthcare facilities. IV bags and blood collection bags also held a significant share in the global medical specialty bags market. Growing hospitalization requiring intravenous administration of drugs and parental nutrition have surged the demand for IV bags. Growing cases of blood transfusion during trauma conditions and chronic diseases have led to the growth of blood bags market. However, lack of adequate reimbursement for medical specialty bags have limited their adoption among the population. This has led to use of products beyond their average lifespan, reducing demand for new products.
Get a sample copy for more information
Increasing Geriatric Population Susceptible to Chronic Diseases in North America to Drive the Market
In 2017, North America held the largest share in the global medical specialty bags market. The key factors responsible for the growth of this region include growing incidence of chronic conditions such as ulcerative colitis and Crohn's disease lead to the requirement of ostomy bags. Nearly 100,000 people in the U.S. undergo ostomy procedures annually. The implementation of healthcare reforms in the US has also helped new users of ostomy products purchase ostomy drainage bags at reasonable prices. Asia Pacific is projected to grow at the highest rate during the forecast period due to growing rapidly because of increasing economic affluence and the availability of better healthcare services across the region. 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 pool of under-served patients.
Get a sample copy for more information
Historical & Forecast Period
This research report presents the analysis of each segment from 2016 to 2026 considering 2017 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segments calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
Medical Specialty Bags market report furnishes quantitative analysis along with its latest market trends. The market is segmented based on product type and geography.
ATTRIBUTE | DETAILS |
---|---|
Research Period | 2016-2026 |
Base Year | 2017 |
Forecast Period | 2018-2026 |
Historical Year | 2016 |
Unit | USD Million |
Segmentation |
By System Type (2016–2026; US$ Mn) |
Geography Segment (2016–2026; US$ Mn) |
Market is studied in order to understand the current and future market trends in the medical specialty bags market. The market is estimated by providing the compounded annual growth rate (CAGR) and data forecast from 2018 to 2026. Strategic acquisition, merger and collaboration among the key players for developing innovative product pipeline mentioned in the business strategy section. The key players currently engaged in the medical specialty bags market are B. Braun Melsungen, Baxter International, Coloplast A/S, ConvaTec, Inc., Hollister Incorporated, Fresenius Kabi, Terumo Corporation among others.