Medical Specialty Bags Market Dynamics and Opportunities Report by Transparency Market Research
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.
Based on product types, the medical specialty bags market has been divided into eleven segments: anesthesia breathing bags, bile collection bags, blood bags, continuous ambulatory peritoneal dialysis (CAPD) bags, enema bags, enteral feeding bags, intravenous fluid bags, ostomy collection bags, resuscitation bags, urinary collection bags, and others (cadaver bags and ice bags). Ostomy collection bags held the highest share in 2013 owing to the rising prevalence of chronic diseases such as Crohn’s disease and Ulcerative Colitis, aging population, increase in the number of customer awareness programs and surging disposable income of consumers. According to the CDC, approximately 1 million to 1.3 million people suffer from inflammatory bowel diseases (IBD) in the U.S. each year. High prevalence of IBD coupled with rising awareness has helped ostomy collection bags to hold the largest share of the medical specialty bags market in 2013.
In terms of volume, intravenous fluid bags dominated the medical specialty bags market. Extensive use of these bags in health care procedures, convenience and efficacy in rapid nutrition delivery are the major factors, which are increasing the demand for intravenous fluid bags market globally. Additionally, the use of such bags during drug administration, blood transfusion, fluid replacement and chemotherapy sessions is also propelling the demand for intravenous fluid bags. However, blood bags are estimated to be the fastest growing segment in terms of both market size and volume. Rising incidences of blood infusion emergencies and introduction of PVC-free blood bags are the major factors that drive the blood bags market. Introduction of non-PVC blood bags helps in reducing toxicity and storing blood for a longer period, which would help the blood bags segment to generate higher revenue in the near future.
Geographically, the global medical specialty bags market has been categorized into four regions: North America, Europe, Asia Pacific and Rest of the World (RoW). North America dominated the global medical specialty bags market in 2013 due to high prevalence of diseases, availability of reimbursement policies, increasing prevalence of obesity and associated diseases, acceptance of new and innovative products and well-defined infrastructure investments supporting health care facilities in the region. On the other hand, Asia Pacific is estimated as the most opportunistic market during the forecast period due to strong economic growth in countries such as India, China, Singapore, Philippines, Australia and others. This in turn, has led to rapid growth of medical infrastructure, rising disposable income, increasing awareness and demand for healthy life, which has led to increased healthcare procedures and growth in demand for medical specialty bags.
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The global medical specialty bags market is characterized by the presence of some of the major companies including Baxter International, Inc., B. Braun Melsungen AG, Coloplast A/S, ConvaTec, Inc., Fresenius SE & Co. KGaA, Hollister Incorporated, Macopharma SA, Medline Industries, Inc., Nolato AB, Smiths Medical and Terumo Corporation. These market players are engaged in growth strategies such as acquisitions, collaborations, geographical expansions, developing biodegradable bags and creating various awareness programs to increase market share and sustain in the highly competitive medical specialty bags market.
Mr. Sudip S
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