Medical Speciality Bags Remain High in Demand; Hospitals Top Consumer Segment
An escalating demand for a broad range of medical procedures, invasive, minimally invasive or non-invasive, will remain the prime factor driving consumption of the necessary supportive tools, accessories, and infrastructure. Medical speciality bags have been one such thriving segment projected to see healthy growth prospects on the back of an exploding rate of hospitalisation, and the ever-rising number of surgical procedures worldwide, especially laparoscopic, and urinary.
While routine in-hospital applications like blood or urine collection/storage generate incessant demand for medical speciality bags, other important applications such as bile collection, sterile packaging, and enteral feeding also contribute heavily towards sales.
Hospitals remain the prime consumer segment for manufacturers of medical speciality bags as the demand at hospitals is constantly on the rise with an aim to minimise risks of hospital-acquired infections, and disease spread. Moreover, as the maximum number of surgical procedures are conducted at hospitals, they continue to register voluminous consumption of biohazard bags. Hospitals are also the most common source of other types of bio waste, including common refuse, non-infectious medical waste, universal waste from wards/outpatient areas/clinical labs/diagnostic centers viz. blood/urine/stool/biopsy samples/radiology films. Home healthcare centres, and ambulatory surgical centres also point to ample opportunities of revenue generation for manufacturers.
As the overall healthcare spending, infrastructural progress, public education and awareness, R&D investments, pricing strategies, and reimbursement policy framework hold a significant impact on the market build-up, the role of governments remains crucial.
Urinary Collection Bags, and CAPD Bags on an Upswing on Account of Higher Kidney Disease Prevalence
With the geriatric population expanding at a considerably high rate with greater life expectancy, adoption will unlikely see any downtrend in the global market. The ageing population, as is more prone to urinary and faecal incontinence, is expected to remain a prominent booster to market expansion. The world has been witnessing growing burden of chronic kidney disease (CKD) over the recent past so much so that it roughly afflicts one out of 10 adults worldwide. While the World Kidney Day (Initiative) 2020 indicates that CKD will be the 5th leading disease resulting in loss of years of life by 2040, the demand for urinary collection bags at hospitals, and continuous ambulatory peritoneal dialysis (CAPD) bags at kidney dialysis centres will continue to thrive over the foreseeable future.
Besides rising chronic disease prevalence, an ascending rate of incidence of inflammatory bowel disease (IBD), diverticulitis, cancers – particularly colorectal, and kidney disorders is responsible for the soaring demand. Health conditions that involve considerable blood loss also raise notable demand for medical speciality bags.
Sales of Ostomy Collection Bags, and IV Bags Prominent; Medical Speciality Bags Market Sees a Preferential Shift in Material
The market for medical speciality bags covers a broad variety spanning blood bags, ostomy bags, urinary collection bags, enema bags, bile collection bags, enteral feeding bags, IV bags, CAPD bags, resuscitation bags, anaesthesia breathing bags, and ice bags. In line with an increasing number of ostomy procedures, ostomy collection bags have been leading the pack in terms of sales. While this segment is majorly driven by the elderly patients of incontinence, diverticulitis, cancers, and IBD, the market is recently witnessing a sharp shift from polyvinyl chloride (PVC) to non-PVC materials used in the making of ostomy collection bags. Bile collection bags are also most likely to witness noteworthy adoption owing to the rising number of laparoscopic cholecystectomy surgeries. A wide application base of IV fluid bags, on the other hand, continues to make them one of the most rapidly selling out products in the market. IV fluid bags are projected to remain a key product category throughout the forecast period, attributing to their ease of usage, and high convenience quotient.
North America Maintains its Lead; Asia Pacific Emerges Lucrative with Robust Sales of Urinary Collection Bags
As of 2019, roughly 200 million people were suffering from urinary incontinence in North America, suggests the National Association for Incontinence (NAFC). While this is one of the many factors contributing towards the position of North America as the global leader in market, the region will continue to lead its way through the forecast period as well. Europe also continues to represent an important market for medical speciality bags manufacturers. On the other hand, the market participants are expected to discover multiple opportunistic avenues across developing regions.
Sophistication of the healthcare infrastructure is picking up pace in fast-developing economies like China, India, Brazil, and Mexico. The consecutive increase in the number of medical procedures is thus likely to form a strong base for adoption of medical speciality bags. Looking at the rampantly growing population, and expanding elderly patient pool, urinary collection bags will continue to represent a substantial market across Asia Pacific.
The Australian market is expected to exhibit high growth potential on account of the Continence Aids Payments Scheme in the country. Rapid technology adoption, and growing use of advanced tools that assist medical procedures will further complement the growth of the medical speciality bags market in the region during the forecast period.
Manufacturers Discover Multiple Opportunities amid COVID-19 Pandemic
As medical speciality bags play a vital role in the overall maintenance of aseptic conditions at hospitals, and other healthcare facilities, the market is set for robust growth in the backdrop of COVID-19 pandemic. The rising COVID-19 cases in hospitals and other medical care facilities across the globe are eventually leading to massive consumption volumes of medical disposables, sterilants, and disinfectants. The market is speeding up owing to increased transportation of drugs, unadulterated specimens, and research on the novel coronavirus.
Amid the global pandemic situation, research laboratories have been operating to their maximum capacities to deliver viable, and reliable solutions. Moreover, considering the fact that the intravenous (IV) immunoglobulin and low-molecular-weight heparin (LMWH) anticoagulant therapy serves a promising role in enhancing the COVID-19 prognosis, labs are already on their toes to embrace whatever it takes to reduce the disease symptoms. This remains a significant factor creating multiple revenue generation opportunities for manufacturers of IV bags, and other medical speciality bags. The production is accelerating worldwide. An increasing need for blood transfusion, plasma transfusion, plasma fractionation, and transfer of other blood components also accounts for a sizeable chunk of the demand in the global medical speciality bags market.
Growing Investments in Therapeutic Research to Boost Demand Growth for Key Companies
Some of the major companies participating in the medical speciality bags market landscape include Coloplast A/S, Terumo Corporation, Hollister Incorporated, C.R. Bard Inc., В. Вrаun Меlѕungеn АG, Pall Corporation, Kawasumi Laboratories Inc, Baxter International Inc., Maco Pharma, Westfield Medical Ltd., Fresenius Medical Care AG & Co., Smiths Medical, Medline Industries Inc., ConvaTec Group Plc, Nolato AB, Becton, Dickinson and Co., Cardinal Health Inc., and Kiefel Medical.
While some are focused on organic growth strategies like new launches in specialty bag lines, collaborations, and acquisitions, some are prioritising investments in therapeutic research. In 2019, B. Braun announced investments worth of billion-dollar in IV therapy manufacturing facilities through its Solutions for Life initiative. The company looks forward to becoming a preferred long-term supplier of the US healthcare systems. IV bags manufacturers will most likely benefit from this, and more such strategic deals. Key companies are also expected to leverage the rising market attractiveness of Asia Pacific. A number of new players will enter the global market for medical speciality bags during the forecast period.
Key Elements Included In The Study: Global Medical Speciality Bags Market
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