According to the analysis of Reports and Data, the global medical specialty bags market was valued at USD 7,793.2 Million in 2020 and is anticipated to reach USD 11.52 Billion by the year 2028, at a CAGR of 4.9%. These bags are designed especially for a collection of body wastes from the body through a surgical opening for passage of body wastes. It is used in various applications like urine collection, blood storage, sterile packaging, bile collection, enteral feeding, and many others. It has applications extensively in hospitals and healthcare centers for hygiene maintenance, along with the usage of patient-centered products. According to the world population statistics, the number of geriatric patients are increasing, due to the changing lifestyle and increased inclination towards active life; the number of accidents has gradually increased. This has eventually led to a rise in the number of surgical processes. Thus, the demand for medical specialty bags is on the rise. Additionally, the growing need for maintaining hygiene in hospitals, home care centers, surgicenters, and healthcare centers coupled with increased awareness among the population, is expected to boost the market growth of target industry. An increase in road accidents is expected to drive the demand for medical specialty bags. For example, in India, more than 150,000 people meet with an accident every year which means around 400 casualties occur every day.
As per the Annual Global Road Crash Statistics, nearly 1.25 million people die every year and another 20-50 million people are injured or disabled. Moreover, a report by the World Health Organization (WHO) stated that, by 2020 the number of old people aged 60 years and above will outnumber younger than 5 years of age. The fore stated factors are expected to propel the market growth of medical specialty bags during the forecast period. However, the negative effects associated with product and extremely competitive market scenario leading to pressure the pricing of these bags are predicted to hamper the market growth.
Market Overview:
The pharma and healthcare industry is at a crossroads. Patients are benefiting from the promise of cell and gene therapies; uncommon diseases that were previously thought to be incurable are on the verge of finding true treatments. Artificial intelligence (AI) and machine-learning technologies are creating hopes that therapy discovery and development would be more innovative, as well as faster and cheaper. Manufacturing, the supply chain, and the entire healthcare ecosystem all have the potential to benefit from data-driven initiatives. Consumer attitudes and behaviours are shifting in a variety of ways, from growing use of technology and willingness to share data to an interest in using tools to make prescription and treatment decisions. Such factors will drive pharma and healthcare market growth in the coming years.
Key Players covered in this report are:
B Braun Melsungen AG, C.R. Bard, Inc., MacoPharma, Pall Corporations, Smiths Medical, Westfield Medical Ltd, Medline Industries, Inc., Baxter International Inc., Convatec Inc., Terumo Corporation.
Type (Revenue, USD Million; 2018–2028)
- Ostomy Bags
- CAPD Bags
- Blood Bags
- IV Fluids Bags
- Enteral Feeding Bags
- Bile Collection
- Others
End Use (Revenue, USD Million; 2018–2028)
- Healthcare centers
- Hospitals
- Home Healthcare
- SurgiCenters
- Others
Based on Region market is segmented into:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
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Major Points covered in this report are as below:
• The Medical Specialty Bags industry development trends and marketing channels are analyzed. The feasibility of new investment projects are assessed and overall research conclusions offered.
• With the tables and figures, the report provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.
• Development policies and plans, manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand figures, cost, price, revenue and gross margins.
• The Medical Specialty Bags Market report provides key statistics on the market status of the Medical Specialty Bags manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.
We can also provide the customized data for separate regions like North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central & South America, Brazil, Argentina, Rest of South America, Middle East & Africa, Saudi Arabia, Turkey, Rest of Middle East & Africa
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