Medical Specialty Bags Market
Number of pages: 100 | Report Format: PDF | Published date: October 11, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 5.3 billion |
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Revenue forecast in 2030 |
US$ 9.2 billion |
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Growth Rate |
CAGR of 6.3% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Product, End User, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
The global medical specialty bags market was valued at US$ 5.3 billion in 2021 and is expected to witness a CAGR of 6.3% during the forecast period.
Market Fundamentals
Collect and store blood samples, collect urine, administer enteral nutrition, and package sterile items. Medical specialty bags were explicitly made for these purposes. These bags are probably used in hospitals to keep blood samples sterile, which helps to prevent the spread of disease and the loss of blood or drug samples. These specialized medical bags are often used in hospitals to lower the risk of infection and contamination. The global requirement for aseptic conditions in medical centers has enhanced the popularity of specialized bags for medical supplies.
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Market Dynamics
The demand for products will likely increase due to the aging population's increasing prevalence and predisposition for disorders like urinary incontinence. This requires careful supervision and special attention, necessitating expert medical treatment. Government agencies are essential to expanding the product market because they support rising demand by investing in health infrastructure, creating better reimbursement plans, raising public awareness, establishing competitive prices, and promoting research and development. Furthermore, the market is anticipated to increase due to rising concern for health and cleanliness, technological trends, and medical standards and facilities improvements.
Market Ecosystem
The global market for medical specialty bags has been analyzed from three perspectives: product, end user, and region.
Medical Specialty Bags Market by Product
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Based on the product, the global medical specialty bags market has been segmented into anesthesia breathing bags, urinary collection bags, blood bags, bile collection bags, sterile packaging bags, cadaver bags, ostomy bags, and intravenous fluid enteral feeding bags, and continuous ambulatory peritoneal dialysis bags. Ostomy bags are sub-segmented into single-use, and multiple use. At the same time, intravenous fluid bags are further sub-segmented into non-PVC and PVC material. During the forecast period, the ostomy bag segments dominated the global medical specialty bags market. Over the forecast period, it is predicted that demand will shift toward non-PVC material due to the increased environmental effects connected with the use of PVC.
Medical Specialty Bags Market by End-user
Based on the end-user, the global medical specialty bags market has been segmented into hospitals & clinics, homecare settings, blood banks, and surgicenters. The hospital segment is expected to dominate the market due to the frequent use of medical specialty bags in hospitals and surgery due to rising customer demand. Surgicenters and home care settings also use medical specialty bags. However, these are specialized niches market.
Medical Specialty Bags Market by Region
Based on the region, the global medical specialty bags market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the market due to a growth in surgical operations and chronic disease frequencies, which drives up demand for medical specialty bags in this region. Nearly 200 million people in North America are affected by urine incontinence, according to the National Association for Incontinence (NAFC). Due to their developed healthcare systems and benevolent reimbursement practices, the United States and Canada are the central producing countries for medical specialty bags in North America.
However, the Asia Pacific medical specialty bags market is expanding the fastest due to the region's growing geriatric population, which is driving up demand for medical urinary collection bags and other specialty bags in emerging countries. The WHO estimates that 120 million Chinese citizens will be 80 or older by 2050. Additionally, throughout the forecast period, the market in the Asia Pacific region is anticipated to increase due to the expanding financial help offered through the Continence Aids Payments Scheme in Australia.
Competitive Landscape
Some of the prominent market players in the global medical specialty bags included
Strategic development
The key players are using several growth tactics, including product launches, acquisitions, and partnerships, aiding in expanding the medical specialty bags market globally.
The global medical specialty bags market is expected to clock US$ 9.2 billion by 2030.
During the forecast period, the ostomy bag segments dominated the global medical specialty bags market.
The rising demand for aseptic conditions, increasing hospital admissions, and the growing elderly population will drive the market expansion.
Some prominent market players in the global medical specialty bags included B. Braun Melsungen AG, Baxter International Inc., Coloplast AS, ConvaTec Group Plc and others.
*Insights on financial performance are subject to the availability of information in the public domain