The Global Demand for Medical Specialty Bags is Projected to Reach US$9.2 Billion by 2022

High Prevalence of Chronic Diseases & Rising Surgical Procedures to Drive the Medical Specialty Bags Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Medical Specialty Bags market. The global demand for Medical Specialty Bags is projected to reach US$9.2 billion by 2022, driven by aging population, increasing incidence of chronic diseases, and growing number of surgical procedures.

Aging population represents a fundamental growth driver in the medical specialty bags market, largely because of the susceptibility of the elderly to diseases and the ensuing need for superior medical care. The growing incidence and prevalence of chronic diseases worldwide is helping increase the number of surgical procedures performed each year. A vast majority of surgical procedures carried worldwide involve the use of medical specialty bags, such as blood bags, urinary bags, bile collection bags, and IV fluid container bags, among others. Increasing awareness over the risk of disease transmission and improvements in medical standards are also key factors influencing widespread adoption of medical specialty bags. Another important growth driver is the favorable regulatory policies and approvals for class I medical devices. Governments across the world are playing a pivotal role in fuelling the demand for medical specialty bags in the form of price controls, reimbursement programs, and increased healthcare spending.

High prevalence of Inflammatory Bowel Disease (IBD), Crohn’s disease, and colon cancer will continue to benefit demand for Ostomy bags. Blood bags, on the other hand, are benefiting from increasing use in blood transfusion and therapeutic apheresis procedures. The growing blood management and traceability needs are helping support technological developments such as non-peel off labels and IC tracer chip containing all information present on the label for easy identification and traceability in emergency situations. Radio Frequency Identification (RFID) is gaining importance for tagging and monitoring blood bags. The RFID technology allows monitoring of blood supplies all through the logistic supply process from donor to the recipient.  In addition, growing number of new medications which require intravenous administration is benefiting the market for IV bags. Rising concerns over contamination, and cross infection is fuelling interest in sterilization packaging bags.

As stated by the new market research report on Medical Specialty Bags, Europe represents the largest market worldwide with an estimated 41% share of the global market in 2016. Asia-Pacific ranks as the fastest growing market with a CAGR of 7.4% over the analysis period, led by mushrooming new diagnostic centers and hospitals, and increased government spending on healthcare programs. As the largest market, ostomy collection bags will continue to be driven by aging population and rise in the number of patients with stoma, and incontinence. Blood bags represent the fastest growing segment, with growth driven by the rise in the number of blood donations and transfusions, as well as apheresis procedures to treat blood disorders.

Major players covered in the report include Baxter International Inc., B Braun Melsungen AG, Coloplast A/S, ConvaTec Inc., C.R. Bard Inc., Fenwal Inc., Hogy Medical Co. Ltd., Hollister Inc., Kawasumi Laboratories Inc., MacoPharma, Medline Industries Inc., Pall Corporation, Terumo BCT Inc., and Westfield Medical Ltd., among others.

The research report titled "Medical Specialty Bags: A Global Strategic Business Report" announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, mergers and acquisitions, and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets, such as the U.S., Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), The Middle East & Africa, and Latin America (Brazil and Rest of Latin America). Product segments analyzed in the report include Bile Collection Bags, Blood Bags, Cadaver Bags, Enema Bags, Enteral Feeding Bags, Ice Bags, Intravenous Fluid Containers, Ostomy Collection Bags, Sterilization Packaging Bags, Urinary Collection Bags, CAPD Bags, and Others (Resuscitation Bags and Anesthesia Breathing Bags, among others).

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