Medical Specialty Bags Market – Growing geriatric population base is anticipated to be the key factor driving the market due to the possibility of being prone towards diseases such as urinary dissoluteness is more among old people, especially people above 60 years of age. Hence, growing need for appropriate management and special care is pulling the demand for better medical services. Ostomy collection bags are very effective for incidences of dissoluteness and it is expected to boost the market of these bags with the increase in number of geriatric population. Specialty bags are mainly used for surgical procedures such as urinary surgical procedures, laparoscopic surgical procedure, etc. and the need for surgeries is increasing due to growing frequencies of rise in number of incidents and chronic diseases such as diabetes, cardiovascular diseases and cancer.
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Cost effectiveness, uniformly laid reimbursement policies and easy availability of products creates the product more attractive, economical and flexible for end users. Medical facilities and standards are developing, with the introduction of new technological trend and people are becoming more anxious towards health issues and hygiene. These factors are also improving and influencing market growth of medical specialty bags. Governments & NGO’s also play a vital role in expansion of medical specialty bag market. They expand the demand for medical specialty bag market with the help of few factors such as investing in health infrastructure, setting competitive prices, designing enhanced reimbursement packages, encouraging research & development and rising level of awareness.
Medical specialty bag market is segmented on the basis of type of product into sterile packaging, anesthesia, bile collection, resuscitation bags, blood, intravenous, cadaver, feeding, ostomy collection, enema, and CAPD. Further, intravenous fluid bags are classified into Non-PVC material and PVC material based fluid bags. Ostomy collection bags are bifurcated into multiple use bags and single use bags. Additionally, Resuscitation bags are also further classified into reusable bags and disposable bags. Among these, ostomy collection bags held the largest market share in regards to revenue. Over the forecast period, bile collection bags segment is anticipated to rise at fastest CAGR due to growing need for laparoscopic cholecystectomy. Additionally, demand is estimated to move towards non-PVC material based fluid bags over the forecast period owing to growing environment impacts related with use of PVC bases fluid bags.
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Medical specialty bag market is segmented on the basis of application into hospitals and healthcare centers, home healthcare and SurgiCenters. Among these, medical centers and hospitals held the largest share in 2013. Availability of medical specialty bag in the hospitals and its extensive use has served as the high impact rendering driver for this segment. SurgiCenters will drive the market over the forecast period owing to the growing demand and increasing awareness.
Geographically, the Medical specialty bag market is studied by segmenting the market into North America, Europe, Asia Pacific and RoW. North America is dominating the whole market due to high per capita healthcare expenditure, sophisticated healthcare infrastructure, rising disposable income, various government or NGO’s initiatives and increasing geriatric population. In 2013, North America generated over 42% of revenue. Asia Pacific is expected to witness lucrative growth rate over the forecast period due to increasing population, government initiatives and growing economies.
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The major market players in the Medical specialty bag market are B Braun Medical, Hollister Incorporated, Coloplast A/S, Terumo Corporation, Pall Corporation, Kawasumi Laboratories Inc., C.R. Bard Inc., Baxter International Inc., Fresenius Medical Care AG & Co., Westfield Medical Ltd., Maco Pharma and Convatec Inc.
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