Medical Specialty Bags Market Size to Boost Based on Rising Demand for Surgical Procedures & Medical Facilities Globally | Million Insights

Medical Specialty Bags Market Size to Boost Based on Rising Demand for Surgical Procedures & Medical Facilities Globally | Million Insights

PR Newswire

FELTON, California, April 22, 2020

FELTON, California, April 22, 2020 /PRNewswire/ -- The global Medical Specialty Bags Market is anticipated to exhibit a healthy CAGR during the forecast period, according to a report available on Million Insights. Medical specialty bags are uniquely designed bags that are used for various medical purposes such as blood storage, bile collection, urine collection, enteral feeding, and sterile packaging. Almost all healthcare facilities use these collectors on regular basis to protect patients and medical staff from infection. Every day, healthcare facilities such as hospitals and clinics generate tons of medical waste such as used syringes and blood socked cotton. Exposure to such medical waste can infect week patients and doctor present in healthcare facilities. Thereby, it is essential for medical facilities to use specialty bags.

Rising demand for surgical procedures owing to growing prevalence of chronic diseases is expected to impel medical specialty bags industry growth. Medical procedures such as blood transfusion and dialysis require huge amount of specifically designed bags. In addition, growing adoption of ostomy procedures to treat diverticulitis, inflammatory bowel disease (IBD), and colorectal cancer is driving demand market growth. Rising demand for environment-friendly to reduce amount of disposal during surgical procedures is anticipated to propel medical specialty bags market growth. Manufacturers are offering biodegradable and flushable pouch liners to ensure safety caregiver and patients. Moreover, supportive initiatives being taken by government and private organizations to promote use of eco-friendly medical disposables will drive the medical specialty bags industry over the forecast period.

To cater to rising demand for special bags, manufacturers are investing in R&D to develop innovative products. For instance, in May 2018, Punjab Pollution Control Board (PPCB) in India launched compostable bags for storage and disposal of biomedical waste in hospitals. The organization distributed these eco-friendly waste collectors to multiple hospitals in the state for trial. According to feedback received from the hospitals, bags are found to be strong and durable.

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Product Insights:

Based on product, the medical specialty bags market is categorized into resuscitation bags, anesthesia, bile collection, sterile packaging, blood, intravenous, cadaver, enteral feeding, ostomy collection, enema, and continuous ambulatory peritoneal dialysis (CAPD). Ostomy collection segment is anticipated to dominate and account for largest market share over the forecast period. This is attributed to rising cases of IBD and colorectal cancer. In addition, growing geriatric population and rising health awareness is driving segment's growth.

Disposable intravenous pouches are also getting popular among healthcare facilities owing to benefits such as effectiveness and biodegradability. Growing focus on use of eco-friendly materials will drive segment's growth.

Application Insights:

On the basis of application, the medical specialty bags industry is classified into hospitals, healthcare institutes, surgical centers, and home healthcare. Surgical centers segment is expected to hold significant market share in the coming years. This is attributed to growing adoption of surgical procedures to get instant relief from pain. Intravenous fluid bags are used various applications including IV volumes hypovolemic state in patients and balancing the basal hydration level. In addition, they are used in medical procedures with convenience and ease to provide nutrition to patients.

Regional Insights:

Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. North America is predicted to dominate and likely to account for largest market share over the forecast period. Supportive reimbursement policies and established healthcare infrastructure are driving regional market.

Europe, on the other hand, is expected to follow North America in terms of market share during next few years. Growing adoption of surgical procedures such as laparoscopy along with rising healthcare expenditure will drive demand for effective medical bags. Asia Pacific is anticipated to witness significant growth rate over the forecast period owing to government initiatives, rising population, and growing economies.

Some of the key players in the medical specialty bags market are Terumo Corporation, Coloplast A/S, Hollister Incorporated, Nolato AB, and Macopharma SA. Most companies are adopting business strategies such as merger and acquisition to expand their business portfolio. In addition, companies are using sophisticated tools and superior technology to develop quality products and to gain competitive edge over others.

Browse 100 page research report with TOC on "Global Medical Specialty Bags Market" at: https://www.millioninsights.com/industry-reports/medical-specialty-bags-market

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