According to a recent research report by Transparency Market Research (TMR), the global medical specialty bags market is characterized by players backing their positions through advancements and innovations. Smart manufacturers within the market are shifting their concentration to emerging medical sectors in the nations such as China, India, Mexico, and Brazil, realizing that the markets in the West is mature and much growth opportunities lie in the developing nations. These nations are witnessing great improvements and investments in order to boost their medical infrastructure, facilities, and care and therefore market players will definitely benefit from marketing their products in these nations. Some of the key players within the global medical specialty bags market are: Baxter International Inc., Coloplast A/S, Hollister Incorporated, Smiths Medical, Macopharma Terumo Corporation, ConvaTec Inc., Medlone Industries Inc., B.Braun Melsungen AG, and Nolato AB.
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According to TMR, the global medical specialty bags market is expected to be worth US$9,833.9 mn by the end of 2025, exhibiting a 5% CAGR between 2017 and 2025. On the basis of geography, it is estimated that North America will continue to reign over the medical specialty bags market on account of its well-established healthcare infrastructure. The favourable reimbursement policies in North America will also be a factor behind the growth of the market in the region. Asia Pacific is also expected to be a lucrative market for medical specialty bags. During the forecast period, Asia Pacific will witness the highest growth rate as compared to any other regional market, with Japan in the forefront.
Demand for Ostomy Medical Specialty Bags to Witness Strong Demand During Forecast Period
By product, the demand for ostomy bags is witnessing a stronger demand than any other product types, on account of the growing incidences of inflammatory bowel diseases and other diseases such as ulcerative colitis. The second leading product type is IV bags, which held a 23% share of the overall market in 2016.
Rising Awareness Regarding Adopting Safe Healthcare Measures for Prevention of Disease Transmission Driving Market
One of the primary factors bolstering the growth of this market is the staggering increase in the number of surgeries. Also, the rising number of post-operation or post-surgery complications will propel the use of medical specialty bags. “The growing incidences of chronic diseases as well as rising geriatric population worldwide are also two factors attributed to the growth of the global medical specialty bags market,” states a TMR analyst. In addition to all these factors, the growing attention and awareness towards adopting safe healthcare so as to prevent contamination of samples and preventing the spread of diseases will also have a positive impact on the global medical specialty bags market.
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Availability of Alternative Means to Restrict Market’s Growth
Also, technological advancements have increased the number of applications of medical specialty bags such as collection of urine, collection of blood, and feeding bags. These bags are finding their use extensively during treatment of diseases that need dialysis, transfusion of blood, ostomy care, and intravenous drug delivery. However, the availability of alternative means will restrict the growth of this market, said a TMR analyst. Also a lack of awareness in underdeveloped nations will hamper the market’s growth.