Albany, NY, April 22, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Medical Specialty Bags Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," the global medical specialty bags market was valued at USD 5.4 billion in 2013 and is expected to grow at a CAGR of 5.2% from 2014 to 2020, to reach an estimated value of USD 7.6 billion in 2020.
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At present, the medical specialty bags market is growing at a steady pace due to rising number of hospitals in the emerging economies, growing geriatric population, favorable reimbursement policies in the North American and European markets and less stringent FDA approval norms. According to the Central Bureau of Health Intelligence (India), the number of government hospitals in India has increased from 4,571 in 2000 to 11,993 in 2011. Similarly, an article in Emirates 24/7 news states that the number of hospitals in Dubai increased from 22 in 2008 to 28 in 2012 and the government is planning to build three new hospitals and 40 health care centers by 2020. Such growth in the number of hospitals would lead to increased health care procedures including the use of medical specialty bags such as enema bags, enteral nutrition bags, IV fluid bags and anesthesia breathing bags.
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Among all the product types, ostomy collection bags accounted for the largest market share of approximately 30% in 2013. Global aging population, rising prevalence of chronic diseases, growing customer awareness, increasing health care-related consumer expenditure and rising disposable income of the consumers are the major factors that are driving the ostomy collection bags market. On the other hand, the blood bags market with a CAGR of over 9% is the fastest growing segment in the medical specialty bags market. Rising blood infusion emergencies and increasing use of PVC-free blood bags are the major factors that would drive the blood bags market. Introduction of non-PVC blood bags to reduce toxicity and store blood for a longer time is one of the major technological advancements in this area that would drive the blood bags segment during the forecast period.
In terms of volume, the IV fluid bags held the largest share (over 60%) in the medical specialty bags market. This is due to low cost of IV fluid bags, extensive use in health care procedures, convenience and efficacy in rapid nutrition delivery and wide use in both treatment and diagnostic procedures. However, the blood bags segment is estimated to be the fastest growing segment during the forecast period.
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Geographically, North America accounted for the largest market share (more than 35% in 2013) in the medical specialty bags market. High prevalence of diseases, availability of favorable reimbursement policies, high obesity rate, acceptance of new and innovative products and well-defined infrastructure investments supporting health care facilities in the region are the major factors that are propelling the medical specialty bags in North America. Favorable reimbursement for ostomy bags and supplies from agencies such as Medicare has contributed significantly to the growth of the medical specialty bags market in North America.
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However, with a CAGR of over 6%, Asia Pacific is anticipated to emerge as lucrative regional market during the forecast period owing to the strong economic growth in India and China, high population growth, rising disposable income, increasing awareness and preference for healthy life. Growing medical tourism in Asia is the other major factor that is likely to boost the growth of the medical specialty bags market.
Stability of the medial specialty bags market is likely to attract many multinational companies to venture in this market during the forecast period. Major players currently operating in the medical specialty bags market include Baxter International, Inc., B. Braun Melsungen AG, Coloplast A/S, ConvaTec, Inc., Fresenius SE & Co. KGaA, Hollister Incorporated, Macopharma SA, Medline Industries, Inc., Nolato AB, Smiths Medical and Terumo Corporation.
Other Reports By Transparency Market Research:
- Vitreous Tamponades Market: http://www.transparencymarketresearch.com/vitreous-tamponades-market.html
- Auto-Injectors Market: http://www.transparencymarketresearch.com/global-auto-injectors-market.html
The global medical specialty bags market is segmented into the following categories:
Global Medical Specialty Bags Market, by Products
- Anesthesia Breathing Bags
- Bile Collection Bags
- Blood Bags
- Continuous Ambulatory Peritoneal Dialysis (CAPD) Bags
- Enema Bags
- Enteral Feeding Bags
- Intravenous Fluid/Infusion bags
Ostomy Collection Bags
- Single-use Ostomy Bags
- Multi-use Ostomy Bags
- Reusable Resuscitation Bags
- Disposable Resuscitation Bags
Urinary Collection Bags
Others (Ice Bags, Cadaver Bags)
Global Medical Specialty Bags Market, by Geography
- North America
- Asia Pacific
- Rest of the World (RoW)
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Transparency Market Research (TMR) is a U.S.based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research