A new Transparency Market Research report states that the global medical specialty bags market pegged at US$5.4 bn in 2013 is predicted to reach US$7.6 bn by 2020 by expanding at a CAGR of 5.20% from 2014 to 2020. The title of the report is "Medical Specialty Bags Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020."
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Medical specialty bags are utilized in preventing, assisting, and treating numerous types of disorders such as cancer, ostomy, ophthalmic, and ophthalmic diseases. They are also utilized for laparoscopic surgical procedures and urinary surgical procedures, among others. The demand for surgeries is on the rise owing to the increasing occurrence of chronic diseases and the growing count of accidents, thus fuelling the demand for medical specialty bags. Medical specialty bags are extensively used within healthcare institutions and hospitals.
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.
medical-specialty-bags-marketIn terms of product, the report segments the market into bile collection bags, anesthesia breathing bags, blood bags, enema bags, enteral feeding bags, continuous ambulatory peritoneal dialysis (OTCPK:CAPD) bags, ostomy collection bags, urinary collection bags, resuscitation bags, intravenous fluid/infusion bags, and others including cadaver bags and ice bags. Ostomy collection bags are further segmented into multi-use ostomy bags and single-use ostomy bags. Ostomy collection bags led the market in 2013 due to the increasing occurrence of chronic diseases such as Ulcerative Colitis and Crohn's disease, the increasing disposable incomes of consumers, and the rising count of customer awareness programs. On the other hand, by volume, intravenous fluid bags led the market owing to the rising usage of these bags in a number of healthcare procedures. The segment of blood bags is poised to be the most swiftly developing segment in the forecast horizon on the basis of both volume and size owing to the launch of PVC-free blood bags and the increasing occurrence of blood infusion emergencies globally.
By geography, the report segments the market into Europe, North America, Asia Pacific, and Rest of the World (RoW). Amongst these, North America led the market in 2013 owing to the increasing presence of reimbursement policies, the rising occurrence of diseases, the mounting adoption of innovative products, and the rise in obesity and related diseases within this region. Asia Pacific, on the other hand, is predicted to emerge as the most promising market in the forecast horizon owing to the robust economic development in nations such as Singapore, the Philippines, China, India, and Australia.
The major players dominant in the market are Coloplast A/S, Hollister Incorporated, Baxter International, Inc., Medline Industries, Inc., Nolato AB, and Macopharma SA, among others.
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