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 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 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 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 introduction of affordable medical specialty bags in emerging economies such as Brazil, China and India is anticipated to propel future growth of the industry. High excise tax rates on healthcare devices in the U.S and Canada is expected to serve as key challenge for medical specialty bags market over the next seven years.
Based on the type of product, 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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Further key findings from the study suggest:
- 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 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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