Los Angeles - California, March 30, 2023 (GLOBE NEWSWIRE) -- The global medical specialty bags market is experiencing significant growth, fueled by the rising prevalence of chronic diseases and an aging population. These bags, made from high-tech materials like polyester and polymer films, help maintain sterile environments for biological samples, preventing leakage and the spread of diseases caused by bowel incontinence. The variety of bags available includes ice bags, resuscitation bags, and continuous ambulatory peritoneal dialysis bags.
Market Growth:
According to DataM market research report, the global medical specialty bags market is projected to reach USD 9.2 billion by 2030, with a CAGR of 4.9% over the forecast period of 2023-2030. Europe is estimated to contribute 26.5% to the global market's growth during this period. Factors driving the market include increased health consciousness, the rising prevalence of chronic diseases, especially among the aging population, and an expanding need for customer-focused products and services.
Market Drivers:
The global concern for chronic diseases and their prevalence among the elderly population is driving the demand for medical specialty bags. Improved living conditions, better infectious disease management, and rising healthcare infrastructure have led to an increase in chronic diseases over the past few decades. According to the World Health Organization (WHO) in 2022, noncommunicable diseases (NCDs) account for 74% of all deaths worldwide, with 82% of premature deaths occurring in low- and middle-income countries. The rise in chronic illnesses fuels market growth.
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Market Restraints:
The highly fragmented global market features numerous local and international vendors. Notable suppliers offer a wide range of products across large geographic areas, backed by reliable distribution networks and significant R&D investments. These suppliers compete on price, quality, and dependability, leading to intense competition, which hinders market expansion.
Market Opportunities:
Key players in the global medical specialty bags market can capitalize on lucrative growth opportunities as consumers increasingly demand plastic-free products. These products recycle waste materials and eliminate the need for single-use plastic bags, which harm the environment. For example, in October 2019, HLL Lifecare Ltd launched the "Plastic free HLL" campaign in support of the Indian government's "Swachhata hi Seva" (Cleanliness is Service) initiative.
COVID-19 Impact Analysis:
The COVID-19 pandemic positively impacted the medical specialty bags market due to increased demand for diagnostic antigen therapy for COVID-19 patients and vaccine developers in 2020-2021. The pandemic prompted major market players to reassess their manufacturing capacity, focus on new product development, and explore optimal supply chain strategies to address COVID-19-related needs. However, with the pandemic gradually coming under control in 2022, the demand for medical specialty bags is expected to decrease.
Notable Developments:
- In June 2022, Gufic Biosciences partnered with its French counterpart to produce breakthrough two-chamber IV bags made of polypropylene (DEHP free) with a peelable aluminum foil for local production in India.
- In May 2019, B. Braun Medical announced a US$ 1 billion investment in new and existing IV fluid manufacturing facilities to address the IV solution shortage exacerbated by Hurricane Maria's impact on Puerto Rico.
- In March 2021, Fagron Sterile Services (FSS) expanded its product line, introducing a new platform offering various intravenous (IV) bag presentations, including fentaNYL, HYDROmorphone, and midazolam presentations.
Market Segmentation:
The global medical specialty bags market is segmented by product into Urinary Collection Bags, Continuous Ambulatory Peritoneal Dialysis (CAPD) bags, Anesthesia Breathing Bags, Blood Bags, Ostomy Collection Bags (Single-use and Multiple-use bags), Enteral Feeding Bags, Bile Collection Bags, Sterile Packaging Bags, Resuscitation Bags, PVC Material Based Fluid Bags, Non-PVC Material Based Fluid Bags, Cadaver Bags, Enema Bags, and Ice Bags. The market is also segmented by end-user into Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Home Healthcare, and Others.
Based on end-user, the hospitals segment is estimated to hold a significant market share during the forecast period (2023-2030). Factors driving this segment's growth include an increase in surgeries and inpatients with serious illnesses, the presence of highly qualified physicians, and access to cutting-edge medical technology. Additionally, a large number of government and private-run hospitals and multispecialty hospitals contribute to the demand for medical specialty bags.
Geographical Classification:
The global medical specialty bags market is segmented into major regions, including North America, Europe, South America, Asia Pacific, and Middle East & Africa.
Asia-Pacific Medical Specialty Bags Market:
The market in Asia is anticipated to expand during the forecast period due to a large patient pool, the aging population, and the rising prevalence of chronic diseases. Other factors contributing to the region's market growth include rising healthcare costs, increasing disposable incomes, a growing middle class, and a surge in medical tourism.
North America Medical Specialty Bags Market:
North America dominates the market for medical specialty bags due to increased health consciousness and strategic initiatives by major companies. For instance, in September 2021, Arizona IV Medics released a beginner guide for its banana IV drip bag called Banana BAG IV 101, which is expected to stimulate regional market growth.
Europe Medical Specialty Bags Market:
The Europe medical specialty bags market is anticipated to experience rapid growth in terms of revenue in the coming years, driven by rising demand in the region and high economic growth rates.
Competitive Analysis:
The global Medical Specialty Bags market features intense competition among numerous international, regional, and local suppliers. To thrive and survive in this competitive market, suppliers must offer cost-efficient and effective products.
Major Companies:
Key companies contributing to the market's growth include B. Braun Melsungen AG, Baxter International Inc., Coloplast AS, ConvaTec Group Plc, Hollister Inc., BD, Cardinal Health Inc., Fresenius Medical Care AG & Co. KGaA, Terumo Corporation, Kawasumi Laboratories Inc., and others.
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The Full Report Insights:
The report delivers a comprehensive evaluation of the market in terms of market value (US$) and Y-o-Y Growth Rates (%). It includes in-depth qualitative insights, historical data (2021-2022), and verifiable projections about market size during the forecast period (2023-2030).
Key Features:
- Global Medical Specialty Bags Market segmentation by product, end-user, and region, highlighting key commercial assets and players.
- By Product: Urinary Collection Bags, Continuous Ambulatory Peritoneal Dialysis (CAPD) bags, Anesthesia Breathing Bags, Blood Bags, Ostomy Collection Bags (Single-use and Multiple-use bags), Enteral Feeding Bags, Bile Collection Bags, Sterile Packaging Bags, Resuscitation Bags, PVC Material Based Fluid Bags, Non-PVC Material Based Fluid Bags, Cadaver Bags, Enema Bags, and Ice Bags.
- By End-User: Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Home Healthcare, and Others.
- By Region: North America, South America, Europe, Asia Pacific, Middle East & Africa.
- Identification of commercial opportunities in the global medical specialty bags market by analyzing trends and co-development deals.
- In-depth coverage of data insights on various industry forces, such as Porter's Five Forces analysis, supply chain analysis, pricing analysis, and regulatory analysis.
- Excel data sheet with thousands of data points of global medical specialty bags market-level 4/5 segmentation.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key products of all major market players.
- Access to approximately 61 market data tables, 64 figures, and close to 180 pages.
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