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 Medical Specialty Bags 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.
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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 2024.
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.
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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.
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