Growing ostomy procedures and surgeries la foundation for increasing uptake of medical specialty bags

calendar_today 11 October, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study by Growth+ Reports, the global medical specialty bags market was pegged at ~US$ 5.3 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of ~6.3% from 2022 to 2030.

The older population tends to be more prone to cardiovascular diseases and urinary tract infections. In addition to the patients' demand for these medical specialty bags, the aging population, in particular, will probably contribute to the growth of the global medical specialty bags market shortly.

Laparoscopic surgery and urological surgery are two standard surgical procedures that use these specialty bags. Due to the increasing prevalence of these procedures, there is a growing demand for them, which is expected to help the growth of the global medical specialty bags market. Moreover, the prevalence of post-surgical complications is rising, and emerging economies are adopting safer healthcare practices at a higher rate to stop the spread of illness. Both of these factors contribute to the market's expansion.

Ostomy collection bags are a beneficial product due to the rise in surgeries and inevitable physical conditions. It is anticipated that they will play a significant role in the growth of the global market shortly. Because of its homogeneous construction, acceptable remuneration practices, uncomplicated accessibility to raw materials, and overall cost-effectiveness, consumers favor these bags. These characteristics make medical specialty bags an extremely versatile, profitable, and economical choice for patients. For instance, in January 2019, the U.K.'s innovation agency, Innovate the U.K., awarded over US$ 340,000 to Ostique. This start-up company focuses on creating more practical devices than standard ostomy bags.

Product innovation and advancement are essential to maintaining market competitiveness in the highly fragmented global medical specialty bags market. To take advantage of development potential, astute players are also refocusing their attention from mature Western markets to developing countries. This is because the demand for medical equipment, such as medical specialty bags, is increasing as rising economies modernize their healthcare infrastructure and adopt safe healthcare practices. For instance, in October 2019, A "Plastic free HLL" campaign was launched by HLL Lifecare Limited in conjunction with the "Swachhata hi Seva" (Cleanliness is Service) initiative launched by the Government of India.

The medical industry's increased preference for cleanliness and hygiene has made it possible for additional investments to enter the market for specialty bags used in healthcare. These bags can be utilized for different purposes, including invasive medical operations and resuscitation techniques. Along with improvements in enteral feeding, the overall volume of revenues going into the global market for medical specialty bags is anticipated to increase over the next century. The industry has also experienced new growth opportunities due to the significance of medical bags for those over sixty. However, due to the abundance of regional competitors, buyers have significant bargaining power, which hinders market expansion. Moreover, patients' dermatological complications are the most common problem connected to medical specialty bags. The sale of fake medical specialty bags is also anticipated to hamper the market.

North America dominates the medical specialty bag market, which is anticipated to continue throughout the forecasted period. The rising elderly population, well-established players, and the rising incidence of chronic diseases in this region due to the high obesity rate and poor lifestyle are key contributors to the region's phenomenal growth. The drivers boosting market expansion are favorable government policies and programs aiming to attract consumers by investing in healthcare infrastructure. Additionally, a more cost-effective supply of goods and services, better reimbursement policies, and streamlined research and development in this area contribute to the market's expansion. Additionally, the forecasted increase will be fuelled by the fast-expanding demand for surgeries, strong economic growth, and rising disposable income in this industrialized region.

 Some of the prominent market players in the global medical specialty bags included B. Braun Melsungen AG, Baxter International Inc., Coloplast AS, ConvaTec Group Plc, Hollister Inc., Becton, Dickinson and Co., Cardinal Health Inc., C.R. Bard, Inc., Fresenius Medical Care AG & Co. KGaA, Terumo Corporation, Hill Lifecare Limited, Macropharma SA, Kawasumi Laboratories Inc, Ostique Grifols, and AdaptHealth LLC. and others.

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