Medical Specialty Bags Market: Top Growth by 2020, Rising at 5.20% CAGR to Reach US$7.6 bn

Press Release   •   Jan 16, 2017 05:07 EST

Medical specialty bags provide assistance in curbing disorders that originate from medical conditions such as bowel incontinence, bile leakage and others. Growth of the medical specialty bags market is driven by key factors such as global aging population, less stringent FDA regulations for class I medical devices, increasing global healthcare-related consumer spending, and consumer awareness programs and government initiatives. This report provides in-depth analysis of the global medical specialty bags market. The stakeholders for this report include companies involved in the manufacturing and commercialization of medical specialty bags, suppliers and new players desiring to enter this market. Stakeholders can obtain a snapshot of this market through the executive summary of this report, which details the market size, trends and competition for different types of medical specialty bags in four major geographies.

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As per the report, the increasing count of hospitals in developing economies has boosted the market for medical specialty bags. In addition, the swiftly increasing aging population is a key factor impacting the market positively. Furthermore, the supportive reimbursement policies have encouraged the adoption of expensive treatments amongst patients, driving the growth of the market. The flexibility in FDA approval norms in case of 510k exempted class I devices is also a chief factor augmenting the growth of the market for medical specialty bags. Additionally, the improvement of the healthcare sector in developing nations has raised the count of healthcare procedures, thus propelling the development of the market. The soaring count of chronic diseases globally has also resulted in the increased demand for medical specialty bags. On the other hand, the absence of awareness about diseases in some underdeveloped nations has lowered the count of healthcare procedures, thereby inhibiting the development of the market.

On the basis of product, the medical specialty bags market is categorized into bile collection bags, continuous ambulatory peritoneal dialysis bags, enteral feeding bags, ostomy collection bags, urinary collection bags, blood bags, enema bags, anesthesia breathing bags, intravenous fluid/infusion bags, resuscitation bags, and others including cadaver bags and ice bags. By revenue, ostomy collection bags dominated the medical specialty bags market in 2013 owing to rise in aging population, surge in disposable income of patients, increasing customer awareness programs, and growing prevalence of chronic diseases such as ulcerative colitis and Crohn’s disease.

By volume, intravenous fluid bags led the overall medical specialty bags market in 2013 owing to efficacy and convenience in rapid nutrition delivery and extensive use of these bags in healthcare procedures. Blood bags, on the other hand, are projected to form the most rapidly developing product segment by 2020. Introduction of PVC-free blood bags and surge in blood infusion emergencies is likely to fuel this segment of the medical specialty bags market.

On the basis of geography, the global medical specialty bags market is segmented into Europe, North America, Asia Pacific, and Rest of the World. North America has emerged as the leading regional segment owing to growing prevalence of obesity and related diseases, availability of reimbursement policies, well-defined healthcare infrastructure, rising investments in healthcare facilities, and rapid adoption of innovative products. Asia Pacific, on the other hand, has been identified as the most lucrative market for medical specialty bags, particularly due to favorable economic conditions in countries such as China, Philippines, India, Singapore, and Australia. Strong economic growth has translated to rise in disposable income, rapid development of medical infrastructure, and increased awareness regarding overall health and well-being. This has had a positive impact on the medical specialty bags market.

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Terumo Corporation, Macopharma SA, Fresenius SE & Co. KGaA, Medline Industries, Inc., Baxter International, Inc., Smiths Medical, Nolato AB, Coloplast A/S, B.Braun Melsungen AG, ConvaTec, Inc., and Hollister Incorporated are some of the notable players competing in the global medical specialty bags market. These players are profiled in the research report based on parameters such as company overview, product portfolio, recent developments, business strategies, and financial performance.

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