Medical Specialty Bags Market
Medical Specialty Bags Market (Product Type - Anesthesia Breathing Bags, Bile Collection Bags, Ostomy Bags, Resuscitation Bags, Blood Bags, CAPD Bags, Enema Bags, Enteral Feeding Bags, IV Bags, and Urinary Collection Bags) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
Press Release :
A new age filled with technological advancements has been evident in the global healthcare segment for a while now. These technological developments are projected to facilitate the growth of the global medical specialty bags over the course of the given forecast period ranging from 2017 to 2025. Increasing demand for consumer-centric products and services, bettering patient awareness, and rising geriatric population are some of the other key factors that are projected to fuel the overall development of the global market in coming years.
There is a general tendency among the geriatric population to be vulnerable to disorders such as cardiovascular disorders and urinary tract infection among others. In addition to this preference by patients to these medical specialty bags, particularly from the geriatric population is also likely to help the development of the global market in the near future.
These specialty bags are typically used for different surgical processes including laparoscopic surgical processes and urinary surgical processes. The demand for such surgeries is increasing day by day because of their rising prevalence and thus are projected to help the development of the global market.
In terms of product, ostomy collection bags are particularly helpful because of the increasing surgeries and unavoidable physical disorders and is thus projected to help the development of the global market in the near future. The consumers are preferring these bags because of their uniform built, favorable compensation policies, easy availability of raw products, and overall cost-effectiveness. These qualities make medical specialty bags a highly affordable, flexible, and lucrative option for patients.
The outbreak of COVID-19 has impacted the market in recent months. However, the market is slowly recovering with the gradual opening of the world economy. The global market is expected to witness a sluggish growth in first few months, however is expected to witness to get back to normalcy by the second half of 2021.
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 Speciality Bags Market to Expand with Advancements in Nephrology
The demand within the global medical specialty bags market is rising alongside advancements in healthcare practices. The presence of a seamless industry for managing offbeat healthcare practices has enabled the inflow of fresh revenues into the global speciality bags market. It is important for the medical industry to ensure safety in healthcare practices, while also fostering need management within healthcare. The use of medical specialty bags has emerged as a resilient contributor to the safety status of healthcare entities. This has also given an impetus to the growth of the global medical specialty bags market in recent years.
- The growing inclination of the medical industry towards cleanliness and hygiene has enabled the inflow of fresh revenues into the medical specialty bags market. These bags can be used for a multitude of purposes ranging from invasive medical procedures to resuscitation technologies. Over the course of the next century, the total volume of revenues flowing into the global medical specialty bags market is slated to rise alongside advancements in enteral feeding. In addition to this, the relevance of using medical bags for patients aged above sixty has also unlocked new growth opportunities within the market.
- The healthcare industry has made heavy investments towards improving the quality of life for patients suffering from chronic illnesses. Medical bags come in handy in facilitating proper inflow of liquids into the body of bed-ridden patients. Furthermore, the importance of using ostomy bags across the healthcare industry has also brought in fresh revenues into the market. The COVID-19 pandemic has further elevated the need for improved hygiene and sanitation across the medical industry. This has led to the adoption of new technologies such as enteral feeding bags across the medical domain. Henceforth, the revenue index of the medical specialty bags market is set to improve in the coming times.
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.
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