The medical speciality bags market is anticipated to grow at a significant CAGR of 4.0% during the forecast period (2022-2028). Medical speciality bags are high-quality, sanitised, nontoxic bags made from sophisticated materials to prevent contamination. These bags are generally used in hospitals to keep blood stored in sterile conditions. The rising number of surgical operations such as laparoscopic, cardiac, urinary, neurological, and others, is a key factor driving market growth. Cancer, diabetes, high blood pressure, kidney disease, and other chronic diseases are more common in the elderly population, and they are more likely to be admitted to the hospital and undergo medical procedures. Additionally, an increase in the number of hospitals, rising blood transfusion and dialysis procedures, as well as post-surgery complications, rising awareness, the growing need for customer-centric products and services, and uniformly-built compensation policies are expected to propel the market growth.
The global medical speciality bags market is segmented based on type and application. Based on type, the market is sub-segmented into intravenous fluid bags, ostomy bags, sterile packaging bags, CAPD, anesthesia & resuscitation bags, and others. Among these types, the intravenous fluid bags segment holds the major share in the market. The increased incidence of cardiac procedures, which account for around 15% of all blood transfusions, is fueling this segment’s expansion. This intravenous fluid (IV) bags are used in hospitals for a variety of purposes, including operations, nourishment, extending IV volumes in hypovolemic patients, maintaining basal hydration levels, and maintaining the right electrolyte balance. The market will continue to increase as the number of hospital admissions requiring the above-mentioned medical treatments rises. During the forecast period, the market will be driven by the introduction of PVC-free bags and the rising number of blood transfusion situations. Based on application, the market is sub-segmented into hospitals, pathologies, blood banks, and others.
The market players are also contributing significantly to the market’s growth by adopting various strategies, including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in May 2019, Scripps Health entered into an agreement with ICU Medical, Inc. to purchase the latter’s Intravenous Fluid Bags, to increase their market share.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Product Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape– Hollister Inc., Coloplast Group, Pall Corp., Macopharma, Baxter International Inc., ConvaTec Inc., Kawasumi Laboratories Inc., and Nolato AB,among others.
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Global Medical Speciality Bags Market Report by Segment
By Product Type
- Intravenous Fluid Bags
- Ostomy Bags
- Sterile Packaging Bags
- Continuous Ambulatory Peritoneal Dialysis Bag (CAPD)
- Anaesthesia and Resuscitation Bags
- Others
By Application
- Hospitals
- Pathologies
- Blood Banks
- Others
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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