Global Medical Specialty Bags Market: Snapshot
In a fairly consolidated global medical specialty bags market, product innovation and advancement are the key to stay competitive in this market. In addition, savvy players are shifting focus from mature markets in the West to emerging economies to tap growth opportunities. This is because modernization of healthcare infrastructure and adoption of safe healthcare practices in emerging economies is upping the demand for present-time medical equipment such as medical specialty bags.
Apart from this, the increasing incidence of chronic diseases and a growing geriatric population worldwide that is prone to urinary incontinence in leading to a surging demand for medical specialty bags. The increasing incidence of post-surgery complications and rising adoption of safe healthcare practices in emerging economies to prevent disease transmission is also having a positive bearing on the market’s growth.
A report by Transparency Market Research projects the global medical specialty bags market to expand at a CAGR of 5.5% between 2017 and 2025, for the market to reach a valuation of US$9,833.9 mn by the end of 2025 from US$6,323.1 mn in 2016.
Tremendous Benefits for Treatment of Bowel Diseases Make Ostomy Bags Dominant
The report studies the global medical specialty bags market based on product type and geography. The segments of the medical specialty bags market depending upon product type are anesthesia breathing bags, ostomy bags, blood bags, enema bags, IV bags, bile collection bags, resuscitation bags, CAPD bags, urinary collection bags, enteral feeding bags, and others. Of them, ostomy bags holds dominance and the segment is expected to stay ahead vis-à-vis market share over the 2017-2025 period. This is mainly because of rising incidence of inflammatory bowel diseases wherein ostomy bags provide the necessary assistance to cure the condition. The prevalence of other diseases such as ulcerative colitis and Crohn’s disease also account for considerable demand for ostomy bags.
In 2016, the IV bag segment held the second-leading share of more than 23% in terms of value in the global medical specialty bags market. The growth of this segment is due to rising number of dehydration cases and an increasingly large number of medicines that require intravenous administration.
Favorable Reimbursement Plans for Dialysis in Japan to Push Growth in Asia Pacific
The report examines the global medical specialty bags market across the geographical segments of North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America led amongst all regional segments in 2016, and the region is expected to hold on to its lead position between 2017 and 2025. The North America medical specialty bags is expected to expand at a CAGR of 4.7% between 2017 and 2025. A well-established healthcare infrastructure and favorable reimbursement policies are the leading factors contributing to the growth of this regional market.
Europe is expected to account for second-leading share in the overall market over the forecast period. The region is expected to expand at a CAGR of 4.9% between 2017 and 2025. New product launches, increasing number of surgical procedures such as laparoscopic cholecystectomy along with rising healthcare expenditures are largely driving the Europe medical specialty bags market. Germany is a key domestic market in the region mainly due to a high budget for expansion of healthcare and developmental pursuits to attain the same.
Nevertheless, Asia Pacific is emerging as a significant regional market. Powered by Japan, the region is expected to display the leading CAGR of 6.0% between 2017 and 2025.
Prominent participants in the global medical specialty bas market profiled in this report are Coloplast A/S, Baxter International Inc., Hollister Incorporated, Terumo Corporation, Smiths Medica, ConvaTec Inc., B.Braun Melsungen AG, Medline Industries Inc., Nolato AB, and Macopharma.
Global Medical Specialty Bags Market: Overview
Medical specialty bags are frequently utilized for surgical procedures, including urinary surgical methods and laparoscopic surgical systems. With a rising number of surgeries being conducted around the world on account of growing instances of infections and chronic ailments, the market for medical specialty bags is expected to see a steady uptick in demand in the next couple of years. Consistently manufactured remuneration arrangements, simple accessibility of items and cost adequacy make the product reasonable, lucrative and adaptable for consumers.
The large elderly population highly prone to diseases such as urinary tract infections is likely to augment demand in the market for medical specialty bags. Recent technological progress in the healthcare sector is expected to facilitate the growth of the medical specialty bags market over the coming years. Escalating need for customer focused products/services, improving patient awareness and growing geriatric population are expected to be the major factors driving the market.
The report offers a distinctive evaluation of the global medical specialty bags market, taking into account its growth factors, restraints, and potential business prospects.
Global Medical Specialty Bags Market: Trends and Opportunities
The medical services industry has been seeing a shift from hospital care to home care services over the course of the past one decade. It is evaluated that the worldwide social insurance use is probably going to exceed $5 trillion every year, which is unsustainable. This is expected to push the demand for medical specialty bags from the home care segment in the coming years.
Government bodies have a high impact in the development of the market for medical specialty bags as they encourage tax deductions on spending in health care systems, offer enhanced repayment packages and empower innovative work. Enhancements in medical guidelines and offices, changing technologies, and rising concerns toward wellbeing and cleanliness are factors anticipated to drive development in this market. The increasing interest for innovating to create advanced devices, together with medical specialty bags that help different medical methodology is expected to open new doors for contending members.
Global Medical Specialty Bags Market: Geographical Analysis
Geographically, North America led amongst all the regional segments in the global medical specialty bags in the year 2016, and the region is expected to hold on to its leading position in the next couple of years as well. A well-established healthcare infrastructure and favorable reimbursement policies are the leading factors contributing to the growth of this market.
Europe is expected to account for second-leading share in the overall market over the coming years. New product launches, increasing number of surgical procedures such as laparoscopic cholecystectomy along with rising healthcare expenditures are largely driving the Europe medical specialty bags market. Germany is a key domestic market in the region mainly due massive spends on the expansion of the healthcare sectors. Asia Pacific too is a key region that is emerging as an attractive market.
Global Medical Specialty Bags Market: Companies Mentioned
With a moderately consolidated vendor landscape, market participants are expected to engage in innovation of products to win over more consumers. The prevalent trend that will gain traction over the coming years is the movement of vendors to ward regions such as India, Brazil and Mexico, on account of the surge in infrastructural growth in these regions.
Key players operating in the global medical specialty bags market are Hollister Incorporated, Macopharma, Smiths Medica, Coloplast A/S, Nolato AB, Terumo Corporation, Baxter International Inc., ConvaTec Inc., B.Braun Melsungen AG, and Medline Industries Inc.
Medical Specialty Bags Market, by Product Type
- Anesthesia Breathing Bags
- Bile Collection Bags
- Ostomy Bags
- Resuscitation Bags
- Blood Bags
- CAPD Bags
- Enema Bags
- Enteral Feeding Bags
- IV Bags
- Urinary Collection Bags
Medical Specialty Bags Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- Rest of Middle East & Africa