NEWARK, Del, Nov. 27, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the medical specialty bag market is estimated to be worth US$ 6.0 Billion in 2024 and is projected to be valued at US$ 9.4 Billion in 2034. Between 2024 and 2034, the industry is expected to register a growth rate of 4.7%.
With the increasing global prevalence of chronic diseases like diabetes, kidney disorders, and gastrointestinal conditions, the demand for specialty bags used in treatments such as IV therapy, enteral feeding, and ostomy care has risen significantly. The increasing use of medical specialty bags for blood transfusion, platelets, blood plasma, red blood cells, cord blood, red blood cells, stem cells, or other extraordinary separations and applications drive the market demand.
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The growing aging population and higher incidence of age-related conditions require medical interventions. This demographic shift drives the need for specialized bags catering to the unique healthcare needs of elderly individuals. The growing preference for home-based healthcare has increased demand for portable, user-friendly medical specialty bags that patients can use outside clinical settings. This trend promotes the development of easy-to-use and disposable bags.
The evolving landscape of personalized medicine and targeted drug delivery systems has expanded the applications of medical specialty bags. Bags are being designed to accommodate specific drug formulations and dosage requirements.
Key Takeaways:
- From 2019 to 2023, the medical specialty bag market was valued at a CAGR of 5.1%
- Based on bag type, the IV bag segment is expected to account for a share of 34.7% in 2024.
- Global medical specialty bag demand in China is predicted to account for a CAGR of 6.4% through 2034.
- In the United Kingdom, the medical specialty bag industry is expected to account for a CAGR of 4.8% between 2024 and 2034.
- Germany is projected to expand by a value CAGR of 2.6% between 2024 and 2034.
- By 2034, the medical specialty bag market in Japan is anticipated to record a CAGR of 3.9% during the forecast period.
“The increasing demand for a wide range of medical procedures and increased prevalence of chronic disorders are anticipated to drive the market growth during the forecast period," says Ismail Sutaria, a Senior Consultant in Packaging at Future Market Insights (FMI).
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Medical Specialty Bag Market Competitive Landscape:
The medical specialty bag market is consolidated in nature since a large number of dominant key players are present across the world. To attain a dominant position, the companies may follow an inorganic growth strategy such as merger, expansion, acquisition, partnership, and collaboration of the companies along with a new product development strategy.
- Baxter International Inc.- a major player in the medical devices and specialty bags market. The company offered various IV bags, infusion systems, and solutions in various healthcare settings.
- B. Braun Melsungen AG was known for its comprehensive portfolio of medical products, including IV bags, urinary collection bags, ostomy bags, and other specialty bags. The company focused on innovation and patient-centric solutions.
- Fresenius Kabi AG Specializing in infusion therapy and clinical nutrition, Fresenius Kabi supplied a variety of IV bags and parenteral nutrition solutions. They emphasized quality and patient safety in their products.
Key Players Operating in the Global Medical Specialty Bag Industry:
- Hollister Incorporated
- B Braun Medical
- Terumo Corporation
- Coloplast A/S
- Pall Corporation
- C.R. Bard Inc.
- Kawasumi Laboratories Inc.
- Fresenius Medical Care AG & Co.
- Baxter International Inc.
- Convatec Inc.
Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global medical specialty bag market, providing historical data from 2019 to 2023 and forecast statistics between 2024 and 2034.
To understand opportunities in the medical specialty bag industry, the industry is segmented based on Bag Type (IV Bags, Blood Bags, Urine Collection Bags, Ice Bags, Others) Material (Polyethylene, Polypropylene, Polyvinyl Chloride, Other Plastics) End-Use (Hospitals, Research Centres, Pharmaceutical Companies, Other Government Institutes) Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, the Middle East, and Africa).
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Medical Specialty Bag Market Segmentation Analysis:
By Bag Type:
- IV Bags
- Blood Bags
- Urine Collection Bags
- Ice Bags
- Others
By Material:
- Polyethylene
- Polypropylene
- Polyvinyl Chloride
- Other Plastics
By End Use:
- Hospitals
- Research Centres
- Pharmaceutical Companies
- Other Government Institutes
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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