ALBANY, New York, April 25, 2019 /PRNewswire/ -- The medical specialty bags market was valued at US$6.3 bn in 2016. It is expected to reach US$9.8 bn by 2025 end, thanks to a healthy 5.5% CAGR. Among various products in the market, the ostomy bags dominated the total revenue share in 2016. The growing incidences of inflammatory bowel disease is expected to drive growth of the segment further. Among various regions in the medical specialty bags market, North America held the largest market share during 2017-2025. The region is expected to expand at 4.7% CAGR and drive robust revenue growth for the global medical specialty bags market. The growing favorable insurance terms and advanced healthcare infrastructure are expected to propel growth.
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Chronic Illnesses to Boost Growth in the Medical Specialty Bags Market
Various chronic illnesses like cancers, HIV, Alzheimer, and Crohn Disease are on the rise. For example, according to centers for disease control and prevention, between 2010 and 2020, the cancer cases in United States are expected to rise by 24% in men and 21% in women to nearly 2 million in total. Additionally, due to sugary fast foods, sedentary lifestyle, and lack of exercise, illnesses such as diabetes are also on the rise. Diabetes requires constant monitoring for sugar levels in blood. Due to rising geriatric population, many people in the Unites States, suffering from diabetes experience extremely limited mobility. Moreover, diseases like cancer and HIV require prolonged periods of physician visits. Hence, the rise in chronic illnesses, robust product innovations, and favorable reimbursement policies are expected to drive significant growth for the medical specialty bags market.
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Lack of Awareness in Emerging Markets to Curtail Growth
The medical specialty bags market is expected to expand in emerging regions such as Asia Pacific. However, currently, due to lack of standardization in regulations and medical processes in medical industry, the use of medical specialty bags are not prevalent. Additionally, many players in the medical specialty bags market have a large presence in developed regions. The expansion in promotions in the near future is also expected to create significant opportunities in the medical specialty bags market in the near future. Public and private entities in the region are also pouring large investments in the development of medical infrastructure. This has resulted in emergence of large hospital chains, a private insurance sector, and growing publicly supported infrastructure for the healthcare industry. Due to rising disposable income, and growth in conventional markets such as Japan, the Asia Pacific region is expected to expand at 6.0% CAGR during 2017-2025 in the medical specialty bags market.
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Major innovation challenges in the medical specialty bags market involve inventing next-gen materials. Currently, medical specialty bags provide various pockets and application tools to meet medical demands during emergencies. However, next-generation materials like Zylar promise more. Zylar is inherently hydrophobic and offers a non-corrosive and pre-drying material for less wear. Additionally, such bags would come in handy in emerging markets, where limited medical facilities are expected to drive growth in the near future.
The medical specialty bags market depicts a highly competitive and fragmented landscape. The market is witnessing a robust competition, thanks to a large number of small players and cost-effective products, reports Transparency Market Research (TMR). Large players in the market continue to raise the benchmark with product innovation through innovative materials. Some key players in the medical specialty bags market are Coloplast A/S, Macopharma Terumo Corporation, Hollister Incorporated, Baxter International Inc., ConvaTec Inc., Smiths Medical, Nolato AB, and Medlone Industries Inc.
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This information is based on the findings of a research report published by Transparency Market Research (TMR), titled "Medical Specialty Bags Market (Product Type - Anesthesia Breathing Bags, Bile Collection Bags, Ostomy Bags, Resuscitation Bags, Blood Bags, CAPD Bags, Enema Bags, Enteral Feeding Bags, IV Bags, and Urinary Collection Bags) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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