Medical Specialty Bags Market - Growth, Trends, and Forecasts (2023 - 2028)

Medical Specialty Bags Market - Growth, Trends, and Forecasts (2023 - 2028)

The medical specialty bags Market is expected to have significant growth during the forecast period. The market is expected to register a CAGR of 4% during the estimated period. Mounting number of surgical procedures such as laparoscopic, cardiac, urinary, and neurological, etc, due to an increase in the prevalence of chronic diseases is the critical factor contributing to the growth of the market. The geriatric population is more prone to diseases such as cancer, diabetes, blood pressure, kidney disorders, and other chronic diseases and are more likely to be admitted to the hospital and undergo a medical procedure. According to the Department of Economic and Social Affairs Population Division of United Nations, in 2017, the global population who are 60-year-old will double, and those who are 80 years will triple during the next thirty years. For instance, the global burden of bladder cancer has increased from 56.85 per million population in 2008 to 71.98 per million population in 2018 and the global burden of colorectal cancer has increased from 181.74 per million population in 2008 to 235.95 per million in 2018. Thus, the Rising number geriatric population base will also fuel the market growth. Further, increasing in the number of hospitals, increasing blood transfusion and dialysis procedures and post-surgery complications, growing awareness, the escalating need for customer-centric products and services, and uniformly-built compensation policies are expected to trigger the market in the forecast period. Technological advancements such as the introduction of PVC free bags and rising demand for the aseptic condition is expected to facilitate market growth.However, lack of reimbursement is expected to hinder the growth of the market.

By product, the medical specialty bags market is segmented into intravenous fluid bags, ostomy bags, sterile Packaging bags, continuous ambulatory peritoneal dialysis Bags (CAPD), anesthesia and resuscitation Bags, and others. Intravenous (IV) bags are anticipated to grow at the fastest rate over the forecast period. The rising incidence of cardiac surgeries which accounts for approximately 15% of the blood transfusion is increasing the growth in this segment. In hospitals these IV bags account for various applications such as they are used in surgeries, used to provide nutrition, used in expanding IV volumes in hypovolemic state patient, sustaining basal hydration level, and maintaining the correct electrolyte balance. The increasing prevalence of hospital admissions needing the above-mentioned medical procedures will further fuel the growth of the market. The introduction of PVC free bags and the growing blood transfusion emergencies will drive the market growth in the forecast period.

North America by far captures the majority of the share in the medical specialty bags market and is expected to do so even in the forecast period. Key factors attributing to the tremendous growth in this region are the rising aging population, presence of established vendors, and the increasing prevalence of chronic diseases in this region owing to the high obesity rate and unhealthy lifestyle. Favorable government policies and initiatives intended to gain customer attention by spending on healthcare infrastructure are the factors increasing market growth. Also, improved reimbursement packages and cost-effectiveness of products and services offerings, and streamlining research and developments in this region to make innovative products are also supporting the growth of the market. Furthermore, rapidly increasing demand for surgeries, high economic growth rates, rising disposable income in this developed region will propel the growth amid the forecast period.

The medical specialty bags market is highly fragmented and competitive. To strengthen position in the market key players are adopting strategies such as mergers & acquisitions, agreements, product launches, and partnerships. For instance, in September 2017, ProAmpac acquired Poly first Packaging, this acquisition has helped the company to expand its products and services by producing new bags and pouches. Further in 2019, Scripps Health entered into an agreement with ICU Medical, Inc, to purchase the latter’s IV infusion system, to increase their market share. These inorganic strategies to expand businesses, thus further giving rise to competition and pricing pressure among the players.

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