Industry Outlook

The medical specialty bags market to reach US$ 10,541.0 Mn in 2026 and projected to exhibit a compound annual growth rate (CAGR) of 5.4% during the forecast period from 2018 to 2026. Increasing geriatric population susceptible for chronic diseases is the major growth factor driving the demand for specialty medical bags globally. Geriatric population are more prone to procedures which require ostomy bags, IV bags, bile collection bags, urinary collection bags and others. Moreover, growing hospitalization and surgical procedures across the globe is further boosting the growth of medical specialty bags. Product innovation and use of environment friendly materials are the latest trend observed in the medical specialty bags market. Polyvinyl chloride (PVC) bags are being replaced by non-PVC materials such as latex, silicone, polyurethanes and polyethylene as these have minimum environmental hazards. Moreover, manufacturers are focusing on use of cost-effective materials such as ethylene vinyl acetate, multilayer polyethylene or polypropylene to make PVC free bags. Another significant trend observed in the medical specialty bags market is the rise in online sale of medical specialty bags. This increases the availability and accessibility of these products to customers, thereby increasing their purchase. North America held the largest in the global medical specialty bags market owing to growing geriatric population and surgical procedures leading to the greater demand for medical bags in the region. Asia Pacific will show highest growth rate during the forecast period with Japan, China and India setting the stage for swift growth of the region. The global medical specialty bags market is highly consolidated with players seeking for innovation and product enhancement to ensure dominance in the market.

Increasing Number of Ostomy Procedures Performed to Drive the Market Growth of Ostomy Bags

In 2017, ostomy bags dominated the global medical specialty bags market by product type owing to rising prevalence of gastric diseases such ulcerative colitis, Crohn's disease, peritonitis, bowel cancer resulting in obstruction or bleeding, spina bifida and urolithiasis. This is also leading to the growth in the volume of procedures among the diseased patients which is boosting the growth in demand for ostomy bags. Increased awareness programs and promotion for these products supported by leading vendors in the market have also led to rise in their adoption rate among patients at home and by staff at healthcare facilities. IV bags and blood collection bags also held a significant share in the global medical specialty bags market. Growing hospitalization requiring intravenous administration of drugs and parental nutrition have surged the demand for IV bags. Growing cases of blood transfusion during trauma conditions and chronic diseases have led to the growth of blood bags market. However, lack of adequate reimbursement for medical specialty bags have limited their adoption among the population. This has led to use of products beyond their average lifespan, reducing demand for new products.

Increasing Geriatric Population Susceptible to Chronic Diseases in North America to Drive the Market

In 2017, North America held the largest share in the global medical specialty bags market. The key factors responsible for the growth of this region include growing incidence of chronic conditions such as ulcerative colitis and Crohn's disease lead to the requirement of ostomy bags. Nearly 100,000 people in the U.S. undergo ostomy procedures annually. The implementation of healthcare reforms in the US has also helped new users of ostomy products purchase ostomy drainage bags at reasonable prices. Asia Pacific is projected to grow at the highest rate during the forecast period due to growing rapidly because of increasing economic affluence and the availability of better healthcare services across the region. The emerging countries in the APAC region, such as China and India, offer a big opportunity for the leading players in this market as these countries contain a significantly large pool of under-served patients.

Market is studied in order to understand the current and future market trends in the medical specialty bags market. The market is estimated by providing the compounded annual growth rate (CAGR) and data forecast from 2018 to 2026. Strategic acquisition, merger and collaboration among the key players for developing innovative product pipeline mentioned in the business strategy section. The key players currently engaged in the medical specialty bags market are B. Braun Melsungen, Baxter International, Coloplast A/S, ConvaTec, Inc., Hollister Incorporated, Fresenius Kabi, Terumo Corporation among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Medical Specialty Bags market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Medical Specialty Bags market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Medical Specialty Bags market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Medical Specialty Bags market?
• Which is the largest regional market for Medical Specialty Bags market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Medical Specialty Bags market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Medical Specialty Bags market worldwide?