The medical specialty bags market is expected to reach USD 10.31 billion by 2020 with the advent of technology and increasing demand that emphasizes on the customer value proposition of products and services. 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.
Key
participants of this market include Fresenius Medical Care AG & Co, Hollister
Incorporated, Terumo Corporation, Baxter International Inc., B Braun Medical
Convatec Inc., and Coloplast A/S.
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Grand View Research has segmented
the medical specialty bags market on the basis of product and region:
Medical Specialty
Bags Product Outlook
- Anesthesia 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
- North America
- Europe
- Asia Pacific
- RoW
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market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
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relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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