March 29, 2020

Medical Specialty Bags Market Is Expanding At A CAGR of 5.4% From 2018 To 2026

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.

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Market Insights:

Medical Specialty Bags Market

Medical specialty bags are specially designed health containers, including blood bags, ostomy bags, urine bags, bile bags, IV bags and others. Medical specialty bags avoid leakage of body fluids and play an important role in the treatment of illness and in patients with disabilities. Growing aging population vulnerable to chronic diseases is the main driver of the market. For example, the geriatric population is more vulnerable to gastric and stomach problems requiring ostomy bags, CAPD bags for chronic kidney disease, among others. In addition, increasing global surgical procedures and hospitalization will fuel demand for medical specialty bags for different procedures and applications. Consumer innovation and growth are the main trends observed in the industry. For example, manufacturers are shifting their focus from polyvinyl chloride (PVC) to products that are environmentally friendly in nature. Some non-PVC materials include latex, silicone and polyethylene because they are cost-effective and pose minimal hazards. As a major distribution process, the rise in the penetration of online sales outlets has improved the accessibility and availability of different medical specialty bags. Growing home health care coupled with online sales of medical specialty bags will serve as the main driver of growth in the forecast period.

As far as the product category is concerned, ostomy bags hold the largest share in the global market for medical specialty bags. International rise in the incidence of Crohn’s diseases, intestinal cancers and other gastrointestinal disorders has resulted in increased demand for ostomy bags. The rising emphasis of manufacturers on customer-centric goods and the enhancement of consumer understanding are few of the driving factors for the growth of this sector. IV bags, urine collection bags and blood bags are expected to show promising market growth during the forecast period due to an increase in hospitalization, an increase in surgical procedures and an increase in home health facilities. Inappropriate reimbursement schemes are one of the main limiting factors for the development of this sector.

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North America has held a dominant position in the global market for medical specialty bags due to the increasing prevalence of chronic diseases in the country. The American Cancer Society, Inc. reports that there will be 97,220 cases of colon cancer and 43,030 cases of rectal cancer in the United States. In addition, an estimated 1.7 million new cancer cases will be diagnosed in the region that fuel demand for medical specialty bags in the area. Asia Pacific is projected to rise high during the forecast period due to growing healthcare infrastructure, hospitalization and medical care. Emerging countries in the APAC region, such as China and India, offer a great opportunity for leading players in the market, as these countries have a large pool of under-served patients.

The prominent players actively engaged in the market for medical specialty bags include B. Braun Melsungen, Baxter International, Coloplast A / S, ConvaTec, Inc., Hollister Incorporated, Fresenius Kabi, Terumo Corporation Smith’s Medical, and others. Being a competitive industry, product creativity and the use of environmentally friendly products is a key strategy adopted by market players.

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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

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