Medical Specialty Bags Market To Reach Over USD 11.52 Billion by 2028 – Reports and Data
According to the analysis of Reports and Data, the global medical specialty bags market was valued at USD 7,793.2 Million in 2020 and is anticipated to reach USD 11.52 Billion by the year 2028, at a CAGR of 4.9%. These bags are designed especially for a collection of body wastes from the body through a surgical opening for passage of body wastes. It is used in various applications like urine collection, blood storage, sterile packaging, bile collection, enteral feeding, and many others. It has applications extensively in hospitals and healthcare centers for hygiene maintenance, along with the usage of patient-centered products. According to the world population statistics, the number of geriatric patients are increasing, due to the changing lifestyle and increased inclination towards active life; the number of accidents has gradually increased. This has eventually led to a rise in the number of surgical processes. Thus, the demand for medical specialty bags is on the rise. Additionally, the growing need for maintaining hygiene in hospitals, home care centers, surgicenters, and healthcare centers coupled with increased awareness among the population, is expected to boost the market growth of target industry. An increase in road accidents is expected to drive the demand for medical specialty bags. For example, in India, more than 150,000 people meet with an accident every year which means around 400 casualties occur every day.
As per the Annual Global Road Crash Statistics, nearly 1.25 million people die every year and another 20-50 million people are injured or disabled. Moreover, a report by the World Health Organization (WHO) stated that, by 2020 the number of old people aged 60 years and above will outnumber younger than 5 years of age. The fore stated factors are expected to propel the market growth of medical specialty bags during the forecast period. However, the negative effects associated with product and extremely competitive market scenario leading to pressure the pricing of these bags are predicted to hamper the market growth.
Top players profiled in the report include:
B Braun Melsungen AG, C.R. Bard, Inc., MacoPharma, Pall Corporations, Smiths Medical, Westfield Medical Ltd, Medline Industries, Inc., Baxter International Inc., Convatec Inc., Terumo Corporation.
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The report on the global Medical Specialty Bags market discusses in depth the current and emerging trends of the industry and discusses in detail the advancements in the technological and product sector. The report talks about the current and emerging and disruptive technologies in the healthcare sector that is impacting the market growth. Improvements in service quality, automation, increasing focus on patient-centric approaches, and rapid adoption of telehealth, especially amid the COVID-19 pandemic, have accelerated the market growth.
Incorporation of advanced technologies such as artificial intelligence, machine learning, VR, AR, and wearable has emerged as significant tools in the healthcare industry. Doorstep medicine delivery, modernized medical facilities, and increasing investment in technology are some key emerging trends and are expected to continue to be prevalent going ahead. Key companies are actively investing in advanced technologies and forming strategic alliances such as mergers & acquisitions, joint ventures, collaborations, partnerships, licensing agreements, and corporate deals to gain a robust footing in the market.
The report further segments the Medical Specialty Bags market on the basis of the different product types offered by the market, application spectrum, end-use industries, regions, and technologies among others. Regional analysis of the Medical Specialty Bags market provides an extensive overview of the key regions where the market has gained a robust footing. It also studies the import/export, production and consumption patterns, supply and demand ratio, trends, demands, and presence of the prominent players in the regions.
Type (Revenue, USD Million; 2018–2028)
- Ostomy Bags
- CAPD Bags
- Blood Bags
- IV Fluids Bags
- Enteral Feeding Bags
- Bile Collection
End Use (Revenue, USD Million; 2018–2028)
- Healthcare centers
- Home Healthcare
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Regional Analysis Covers:
- North America
- Rest of EU
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
Further key findings from the report suggest
- Medical specialty bags market is growing at a CAGR of 6.5% in the Asia Pacific followed by North America and Europe, with 5.1 % and 5.2% CAGR, respectively. High demand for medical specialty bags on account of rising applications in various fields is propelling the market growth.
- As of 2018, the ostomy bags segment is the dominating medical specialty bags which holds 40.0% of the global market. European regional market is the chief revenue-generating source for this product segment, followed by North America and Asia-Pacific region.
- Furthermore, ostomy bags are categorized in multiple use and single-use bags while resuscitation bags are further bifurcated into reusable and disposable bags according to the requirements of the patient.
- Asia Pacific is expected to account for the 18.5% of the global Medical Specialty Bags market. Developing nations such China and India are likely to witness high growth due to increased government focus on development of healthcare infrastructure.
- Additionally, emerging countries of Asia Pacific region largely consist of middle-class population with an increased availability of disposable income, which further is expected to drive the market growth of this region.
- Developed European countries observed a notable increase in the number of ostomy surgeries. According to a United Ostomy Association, approximately 500,000 Americans have gone through an ostomy surgery while 120,000 new surgeries are performed every year.
- According to the Annual Global Road Crash Statistics, around 20-50 million people get injured or disabled every year. This number is expected to grow further. The rise in the number of injuries caused by accidents is expected to raise the demand for medical specialty bags in the coming decades.
- However, associated complications regarding the use of medical specialty bags and increased competition in the market are anticipated to jeopardize the growth of the market during the forecast period.
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Published Fri, 18 Mar 2022 05:24:26 -0500