The global demand for Medical Specialty Bags is projected to reach US$9.2 billion by 2022, driven by growing prevalence of chronic, lifestyle & infectious diseases, and subsequent rise in the number of care seeking population.
Medical specialty bags refer to bags specially designed for use in care environments such as hospitals, clinics, diagnostic centers and homecare settings. Medical Specialty Bags are a compulsion in care delivery, where contamination-free, sterilized conditions represent the most important criterion to execute medical procedures. Medical bags are utilized to perform a plethora of functions such as collection of blood, bile and urine; for carrying transfusion fluids; in ostomy care and continence applications; and to store corpses etc. Market for Medical specialty bags continues to expand, closely tracking the trend in the world healthcare sector, which made a dramatic progress over the past two decade period.
Demand for medical specialty bags is poised to surge in the coming years, with a host of factors contributing to future growth. Rising prevalence of infectious diseases and chronic disorders such as cancer, diabetes, obesity, and cardio vascular diseases, and subsequent increase in the number of care seeking population would fuel growth of the market in a major way. Rapidly increasing geriatric population, who remain vulnerable to various disorders from common flu to life-threatening diseases, constitutes another major market driver. Increased willingness to access care services, higher allocation on healthcare outlays and growing disposable incomes among ballooning urban population would augment the demand. At the same time, wider availability of specialty bags in highly improved versions with long durability, waterproof, skin-friendliness, and unbreakable features is poised to aid expansion.
Market growth would be especially influenced by wider demand for ostomy collection bags, IV fluid containers and CAPD bags, which are used in ostomy care, food ingestion, and peritoneal dialysis applications, respectively. Sterilization packaging bags, urinary collection bags and blood bags are other bag types poised to augment the market prospects in the coming years.
Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 7.4% over the analysis period, led by mushrooming new diagnostic centers and hospitals, and increased government spending on healthcare programs.
Major players in the market include B Braun Melsungen AG, Baxter International Inc., C.R. Bard Inc., Coloplast A/S, ConvaTec Group Plc, Fresenius Kabi AG, Hogy Medical Co. Ltd., Hollister Incorporated, Kawasumi Laboratories Inc., MacoPharma, Medline Industries Inc., Pall Corporation, Terumo BCT Inc., and Westfield Medical Ltd. among others.