MEDICAL SPECIALTY BAGS MARKET ANALYSIS

Medical specialty bags are specially designed bag for use in various medical areas such as in the collection and storage of blood samples, urine collection, enteral feeding and sterile packaging. These bags are most probably used in hospitals for the maintenance of sterilized condition of blood sample which helps in control of disease spreading and in leakage of medicines or blood samples.

Statistics:

The global medical specialty bags market is estimated to account for US$ 12,085.5 Mn in terms of value by the end of 2027.

Global Medical Specialty Bags Market: Drivers

High prevalence of high blood pressure is expected to propel growth of the global medical specialty bags market over the forecast period. For instance, according to a cross-sectional, population-based study, ‘Diabetes and Hypertension in India: A Nationally Representative Study of 1.3 Million Adults’, published in JAMA Internal Medicine in March 2018, the crude prevalence of hypertension in India was 25.3% between 2012 and 2014.

Moreover, increasing geriatric population is also expected to aid in growth of the market. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.     

Statistics:

North America held dominant position in the global medical specialty bags market in 2019, accounting for 38.3% share in terms of value, followed by Europe and Asia Pacific, respectively.

Figure 1: Global Medical Specialty Bags Market Share (%) Value, By Region, 2019

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Global Medical Specialty Bags Market: Restraints

Issues with bedside scans of certain large-volume parenteral infusion bags for product identification purposes is expected to hinder growth of the global medical specialty bags market.

Moreover, sale of counterfeit medical specialty bags is also expected to limit the market growth.

Global Medical Specialty Bags Market: Opportunities 

Increasing focus on plastic-free products is expected to offer lucrative growth opportunities for players in the global medical specialty bags market. For instance, in October 2019, HLL Lifecare Limited launched a “Plastic free HLL” campaign in connection with the ‘Swachhata hi Seva’ (Cleanliness is Service) campaign launched by the Government of India

Moreover, increasing funding for R&D of new products is also expected to aid in growth of the global medical specialty bags market. For instance, in January 2019, Ostique, a startup company focused on developing products that are more convenient from the traditional ostomy bags, received around US$ 340,000 from Innovate UK, the U.K.’s innovation agency.

Statistics:

The global medical specialty bags market was valued at US$ 8,683.7 Mn in 2019 and is forecast to reach a value of US$ 12,085.5 Mn by 2027 at a CAGR of 4.2% between 2020 and 2027.

Figure 2: Global Medical Specialty Bags Market Value (US$ Mn), 2016 – 2027

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Market Trends/Key Takeaways

Major players in the global medical specialty bags market have assessed the impact of Covid-19 on supply chain. For instance, in March 2020, Hollister Incorporated announced that the company does not anticipate any impact to its ability to supply ostomy or intermittent catheter products due to the spread of COVID-19

Major players in the market are focused on adopting partnership strategies to enhance their market share. For instance, in January 2019,       Macopharma partnered with South Texas Blood & Tissue Center and Calimex to implement a paperless process from electronic donor registration through blood donation.

Regulations

Global Medical Specialty Bags Market: Competitive Landscape

Major players operating in the global medical specialty bags market include, Braun Melsungen AG, Baxter International, Inc., Coloplast A/S, ConvaTec, Inc., Hollister Incorporated, Medline Industries Inc., Nolato AB, BD, Macopharma SA, Terumo Corporation, Smiths Medical, Fresenius SE & Co. KGaA, HLL Lifecare Limited, Ostique, Grifols, and AdaptHealth LLC.

Global Medical Specialty Bags Market: Key Developments

Major players in the market are focused on acquiring contracts to enhance their market share. For instance, in January 2020, Coloplast A/S was awarded a three-year group purchasing agreement for ostomy products with Premier Inc. in the US.