The global medical specialty bags market size is expected to reach USD 9.38 billion by 2030, registering a CAGR of 5.0% from 2023 to 2030, according to a new report by Grand View Research, Inc. Growing percentage of aging population and prevailing diseases such as urinary incontinence is expected to be the key driving factor for market growth over the next seven years.
Government policies and initiatives intended to draw customer attention by improving the cost-effectiveness of product offering is expected to drive demand over the forecast period. Streamlined reimbursement policies to make the product more attractive is also expected to play a major role in the growth of the medical specialty bag market over the forecast period.
Rise in the disposable income and growing health awareness regarding various diseases coupled with increasing unmet medical needs and the introduction of affordable medical specialty bags in emerging economies such as Brazil, China, and India is anticipated to propel the future growth of the industry. High excise tax rates on healthcare devices in theU.S and Canada is expected to serve as a key challenge for the medical specialty bags market over the next seven years.
Based on the type of product, the medical specialty bag market is broadly classified into urinary collection bags, anesthesia breathing bags, sterile packaging bags, blood bags, bile collection bags, cadaver bags, ostomy bags, enteral feeding bags, intravenous fluid bags, and continuous ambulatory peritoneal dialysis bags. (CAPD).
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Ostomy collection bags was the largest product segment in 2013 and is estimated to grow at a CAGR of 4.3% from 2014 to 2020 to reach USD 2.94 billion. Bile collection bags, on the other hand, are expected to grow at a fast pace with a CAGR of 6.5% from 2014 to 2020, on account of the rising need for minimally invasive laparoscopic cholecystectomy procedures.
Intravenous (IV) fluid bags market revenue is estimated to reach USD 2,469.9 million by 2020, growing at a CAGR of 5.2% from 2014 to 2020. Medical specialty bags comprise niche segments including home healthcare and SurgiCenters. Small non-hospital players such as SurgiCenters are expected to drive the market growth owing to increasing demand and customer awareness. These bags are used for surgeries in hospitals.
North America accounted for the largest share of the market in 2013 owing to the existence of sophisticated healthcare infrastructure, better patient awareness levels, and reimbursement framework. These elements are responsible for high rates of usage and procedure volumes in the region.
Asia Pacific medical specialty bags markets expected to grow at the highest CAGR of over 6.0% from 2014 to 2020. Improved medical knowledge, in addition to improving healthcare infrastructure and disbursements, are some of the factors expected to account for its rapid growth over the forecast period.
Grand View Research has segmented the global medical specialty bags market on the basis of product, and region:
Medical Specialty Bags Product Outlook (Revenue, USD Million, 2018 - 2030)
Anaesthesia Breathing Bags
Urinary Collection Bags
Bile Collection Bags
Sterile Packaging Bags
Blood Bags
Ostomy Collection Bags
Single-use Bags
Multiple-use Bags
Enteral Feeding Bags
Cadaver Bags
Resuscitation Bags
Disposable Bags
Reusable Bags
Continuous Ambulatory Peritoneal Dialysis (CAPD) Bags
Intravenous Fluid Bags
PVC Material-based Fluid Bags
Non- PVC Material-based Fluid Bags
Enema Bags
Ice Bags
Medical Specialty Bags Regional Outlook (Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Denmark
Sweden
Norway
Asia Pacific
Japan
China
India
Australia
Thailand
South Korea
Latin America
Brazil
Mexico
Argentina
Middle East and Africa
Saudi Arabia
South Africa
UAE
Kuwait
List of Key Players in the Medical Specialty Bags Market
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.
Macopharma
Westfield Medical Ltd.
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