Westford, USA, Nov. 26, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global medical specialty bags market size will reach a value of USD 14.56 Billion by 2031, with a CAGR of 4.50% during the forecast period (2024-2031). The ageing of the population and the rise in acute illnesses like bladder cancer and other bladder-related conditions are the primary causes of this growth. According to the American Cancer Society, this is especially true when considering the bladder cancer incidences which occur in nearly 90.0% of the incidence cases in adults aged 55 years or older, making the elderly the predominant group of victims. The market for medical specialty bags is growing with the increasing awareness on prevention and control of infections.
Browse in-depth TOC on the " Medical Specialty Bags Market"
Pages – 206
Tables – 65
Figures – 70
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Medical Specialty Bags Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 10.24 Billion |
| Estimated Value by 2031 | USD 14.56 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.50% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Outlook, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | In-home medical care is on the rise |
| Key Market Opportunities | Advancements in medical technology |
| Key Market Drivers | Rise in aging population |
Ostomy Collection Bags to Hold Significant Growth due to Increasing Prevalence of Chronic Diseases
Ostomy collection bags dominate the global medical specialty bags market due to increasing prevalence of chronic diseases like cancer and inflammatory bowel diseases, which require ostomy surgeries. Innovation in bag materials guaranteeing comfort and discretion and the increased awareness and focus on patient care are other factors that strengthen their acceptance in the market. This solidifying ostomy collection bags' leadership in the market and reflecting favorable global medical specialty bags market trends.
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Hospitals to Lead Market due to high Volume of Patient Admissions Requiring Specialized Care
Hospitals dominate the global medical specialty bags market due to the high volume of patient admissions requiring specialized care. The surging demand for specialty bags is of course caused by the rising number of surgical operations, increasing chronic conditions among patients and the improvement of medical technologies. In addition, the other factor that allows them to dominate the market is the focus of hospitals on patient safety and driving the global medical specialty bags market growth.
North America to Dominate Market due to Advanced Healthcare Infrastructure & High Healthcare Spending
North America dominates the global medical specialty bags market due to its advanced healthcare infrastructure, high healthcare spending, and a growing elderly population. The increasing prevalence of chronic diseases and surgeries boosts demand for specialty bags, while technological advancements and strong healthcare policies further enhance market growth, supporting North America's position as a leader in the global medical specialty bags market analysis.
Medical Specialty Bags Market Insight
Drivers:
- Rising Cases of Cancer, Diabetes, and Crohn’s Disease
- Chronic Conditions Requiring Specialty Bags
- Innovations in Material Design and Functionality of Bags
Restraints:
- Disposal of Non-Biodegradable Specialty Bags
- Use of Traditional Methods or Cheaper Alternatives
- Poor Infrastructure Reduces Product Adoption
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Prominent Players in Medical Specialty Bags Market
- B. Braun SE
- Baxter
- Medline Industries
- Coloplast A/S
- Convatec Inc.
- Owens & Minor
- 3M
- Fresenius Medical Care AG
- Berry Global
- Hollister Incorporated
- Cardinal Health
- Macopharma
- Pall Corporation
- Terumo Corporation
- Sealed Air
- Festo
- Sartorius
- Uflex
- Thermo Fisher Scientific
- Kuraray
Key Questions Answered in Global Medical Specialty Bags Market Report
- What is the projected market size of the global medical specialty bags industry by 2031?
- Which region is expected to dominate the market, and why?
- What are some key drivers contributing to the growth of the market?
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This report provides the following insights:
Analysis of key drivers (Growth in healthcare access in developing regions, specialty bags designed for ease of use at home, subsidies for medical specialty bags), restraints (Pandemic related issues, providers resisting to adopt new products) opportunities (Integration of sensors & monitoring systems, growth in affordable surgeries).
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the medical specialty bags market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the medical specialty bags market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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