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Press Release: Medical Specialty Bags Market to Reach US$ 12,085.5 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Medical specialty bags are specially designed bag for use in various medical areas such as in the collection and storage of blood samples, urine collection, enteral feeding and sterile packaging. These bags are most probably used in hospitals for the maintenance of sterilized condition of blood sample which helps in control of disease spreading and in leakage of medicines or blood samples.
Statistics:
The global medical specialty bags market is estimated to account for US$ 12,085.5 Mn in terms of value by the end of 2027.
Global Medical Specialty Bags Market: Drivers
High prevalence of high blood pressure is expected to propel growth of the global medical specialty bags market over the forecast period. For instance, according to a cross-sectional, population-based study, ‘Diabetes and Hypertension in India: A Nationally Representative Study of 1.3 Million Adults’, published in JAMA Internal Medicine in March 2018, the crude prevalence of hypertension in India was 25.3% between 2012 and 2014.
Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Statistics:
North America held dominant position in the global medical specialty bags market in 2019, accounting for 38.3% share in terms of value, followed by Europe and Asia Pacific, respectively.
Figure 1: Global Medical Specialty Bags Market Share (%) Value, By Region, 2019
Global Medical Specialty Bags Market: Restraints
Issues with bedside scans of certain large-volume parenteral infusion bags for product identification purposes is expected to hinder growth of the global medical specialty bags market.
Moreover, sale of counterfeit medical specialty bags is also expected to limit the market growth.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 8,683.7 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 4.2% | 2027 Value Projection: | US$ 12,085.5 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Braun Melsungen AG, Baxter International, Inc., Coloplast A/S, ConvaTec, Inc., Hollister Incorporated, Medline Industries Inc., Nolato AB, BD, Macopharma SA, Terumo Corporation, Smiths Medical, Fresenius SE & Co. KGaA, HLL Lifecare Limited, Ostique, Grifols, and AdaptHealth LLC. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Global Medical Specialty Bags Market: Opportunities
Increasing focus on plastic-free products is expected to offer lucrative growth opportunities for players in the global medical specialty bags market. For instance, in October 2019, HLL Lifecare Limited launched a “Plastic free HLL” campaign in connection with the ‘Swachhata hi Seva’ (Cleanliness is Service) campaign launched by the Government of India
Moreover, increasing funding for R&D of new products is also expected to aid in growth of the global medical specialty bags market. For instance, in January 2019, Ostique, a startup company focused on developing products that are more convenient from the traditional ostomy bags, received around US$ 340,000 from Innovate UK, the U.K.’s innovation agency.
Statistics:
The global medical specialty bags market was valued at US$ 8,683.7 Mn in 2019 and is forecast to reach a value of US$ 12,085.5 Mn by 2027 at a CAGR of 4.2% between 2020 and 2027.
Figure 2: Global Medical Specialty Bags Market Value (US$ Mn), 2016 – 2027
Market Trends/Key Takeaways
Major players in the global medical specialty bags market have assessed the impact of Covid-19 on supply chain. For instance, in March 2020, Hollister Incorporated announced that the company does not anticipate any impact to its ability to supply ostomy or intermittent catheter products due to the spread of COVID-19
Major players in the market are focused on adopting partnership strategies to enhance their market share. For instance, in January 2019, Macopharma partnered with South Texas Blood & Tissue Center and Calimex to implement a paperless process from electronic donor registration through blood donation.
Regulations
Global Medical Specialty Bags Market: Competitive Landscape
Major players operating in the global medical specialty bags market include, Braun Melsungen AG, Baxter International, Inc., Coloplast A/S, ConvaTec, Inc., Hollister Incorporated, Medline Industries Inc., Nolato AB, BD, Macopharma SA, Terumo Corporation, Smiths Medical, Fresenius SE & Co. KGaA, HLL Lifecare Limited, Ostique, Grifols, and AdaptHealth LLC.
Global Medical Specialty Bags Market: Key Developments
Major players in the market are focused on acquiring contracts to enhance their market share. For instance, in January 2020, Coloplast A/S was awarded a three-year group purchasing agreement for ostomy products with Premier Inc. in the US.
Medical specialty bags are specially designed bag for use in various medical areas such as in the collection and storage of blood samples, urine collection, enteral feeding and sterile packaging. High prevalence of chronic kidney disease, increasing product approvals/launches, along increasing technological advancements in product designing is expected to assist the growth of the market during the forecasted period. Moreover, major players in the market are focused on adopting partnership strategies to enhance their market share during the forecast period.
Key features of the study:
Detailed Segmentation:
*Browse 26 market data tables and 16 figures on “Medical Specialty Bags Market - Global forecast to 2027”.
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