Medical Specialty Bags Market is set to record 5.82% CAGR through 2026
Medical Specialty Bags Market is in emerging phase and it is likely to grow at a high pace on account of increasing demand for customer focused products and rising patient awareness. In addition, growing aging population base is the key market driver due to the possibility of being prone towards several diseases such as urinary dissoluteness.
The medical specialty bags market is pacing with steady growth due to escalating number of hospital admissions. Hence, emerging need for special care and appropriate management of health care services is promoting the demand for medical specialty bags.
Moreover, rising demand for aseptic conditions in the medical area is boosting the sales of medical specialty bags, leads to strong revenue stream.
Nevertheless, high bargaining power of the buyer owing to wide number of market players is negatively affecting the market size. Followed by, counterfeiting of medical devices and products remains a challenge for global medical specialty bags market.
Counterfeiting has become a global issue for most of the medical businesses. As per WHO, over 8% of the medical products commercialized all over the world are counterfeit. Counterfeiting destroys the brand image of the products and also affects companies image. On the other hand, counterfeit products are becoming a major risk for patients.
Ostomy Collection Bags contributes strong market value over estimated period
Ostomy collection bags segment is holding dominant position in the global medical specialty bags market. Increasing occurrence of inflammatory bowel diseases wherein ostomy bags offer required assistance to cure. The prevalence of other diseases such as crohn’s disease and ulcerative colitis also contributes to the ostomy collection bags demand. Further, these bags are used for patients who are undertaking ostomy procedures such as a urostomy and colostomy.
Demand for non-PVC based Ostomy collection bags is emerging strongly over advantages of low environmental impacts associated with the use of non PVC based materials.
Both single-use bags and multiple use Ostomy collection bags are seen to be trending across the market. Key players are investing to offer quality Ostomy speciality bags through ecommerce. Accordingly, Vitality Medical supplies a wide online selection of Ostomy products from top players, such as Hollister, Bard Inc., Covidien, Convatec, Coloplast, and others.
Emerging medical specialty bags markets in developing countries
The healthcare infrastructure of developing countries like Brazil, China, India, and Mexico is increasing at a rapid speed. Accordingly, there is an intense demand for advanced technology and tools, including medical specialty bags, for supporting several medical procedures during and after treatment.
The government regulations and medical tourism is also driving the demand for medical specialty bags. For instance, NAFTA regulations & medical tourism is key growth drivers of medical devices industry in Mexico.
Further, increasing patient cognizance, disposable incomes and availability of cheaper medical specialty bags are other factors fueling the market growth. Bile collection bags, Ostomy collection bags, Intravenous (IV) fluid bags are some of the medical specialty bags that are under commercialisation in these countries.
Medical Specialty Bags Market is witnessing strategic partnerships and investments across key players
Terumo Corporation, B Braun Medical, Hollister Incorporated, Coloplast A/S, Pall Corporation, Westfield Medical Ltd., C.R. Bard Inc., Kawasumi Laboratories Inc, Terumo Corporation, Baxter International Inc., Maco Pharma are leading players operating in the global medical specialty bags market.
The increasing demand for sophisticated tools and superior technology, together with medical specialty bags is encouraging the key market players to enter strategic partnerships and expand their business operations worldwide through investments and collaborative workforce Accordingly, in 2018, Hollister Incorporated and YIT signed a partnership agreement to construct the 2nd stage of a healthcare product factory in Lithuania.
Key players are entering partner ships to develop and commercialize novel products on a large scale. For instance, in June 2019, Orchestra BioMed declared its strategic partnership with Terumo Corporation for development and commercialization of “Virtue Sirolimus-Eluting Balloon”.
Furthermore, the companies are investing to develop their business operations worldwide and meet the emerging customer needs. For instance, in May 2019, B. Braun declares $1 Billion Investment to lesson IV fluid shortages in the US healthcare system. The company provides IV solutions responsibly, designing the highest quality IV fluid bags, which are safe for patients and the environment.