ALBANY, New York, September 14, 2017 /PRNewswire/ --
"The global Medical Specialty Bags Market is driven by a number of factors which include rising prevalence of chronic diseases, increasing number of surgeries, and favorable reimbursement scenarios for medical equipment used for treatment purposes, says the author of the study." Furthermore, growing elderly population worldwide that are prone to incontinence and rising incidence of post-surgery complications are leading to a surging demand for medical specialty bags.
As per estimates of a report by Transparency Market Research, the global medical specialty bags market is projected to rise at a CAGR of 5.0% between 2017 and 2025. At this pace, the market will reach a valuation of US$9,833.9 mn by the end of 2025 up from US$6,323.1 mn in 2016.
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The increasing employment of safe healthcare practices to prevent transmission of diseases and to prevent contamination of samples that are collected for investigation purposes is also having a positive bearing on medical specialty bags market. This, along with technological advancements leading to the development of medical specialty bags for a number of applications such as collection of blood, collection of urine, feeding bags, and for other medical purposes is acting in favor of the market's growth. These bags are used in hospitals and healthcare clinics during the course of treatment of diseases that require blood transfusion, dialysis, intravenous drug delivery, and ostomy care among other requirements.
The report studies the global medical specialty bags market based on product type and geography. Amongst the various product types, ostomy bags dominated the overall market and is expected to lead in terms of market share over the 2017-2025 period. The growth of ostomy bags product segment is mainly because of rising prevalence of inflammatory bowel disease and other diseases such as ulcerative colitis. The IV bag segment held the second-leading share of more than 23% in the overall market in 2016.
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North America, amongst the key geographic segments, held the leading share in the global medical specialty bags market in 2016. The region is expected to hold on dominance on the back of a well-established healthcare infrastructure and favorable reimbursement policies for use of medical equipment for medical conditions. Powered by Japan, Asia Pacific is expected to display the leading growth rate for the 2017-2025 period.
Lack of Awareness of Importance of Safe Healthcare Practices in Emerging Economies Hinders Growth
On the flip side, proving to act as a hindrance to the growth of global medical specialty bags market is lack of awareness among patients in developing countries and availability of alternative means that are used for treatment purposes.
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The global medical specialty bags market features a fairly consolidated vendor landscape, according to a research report by Transparency Market Research. Key participants in the global medical specialty bags market to name a few are Coloplast A/S, Baxter International Inc., Hollister Incorporated, Terumo Corporation, Smiths Medical, ConvaTec Inc., B.Braun Melsungen AG, Medlone Industries Inc., Nolato AB, and Macopharma among others.
Innovation and advancements are key growth trends among leading players in the global medical specialty bags market. Further, keen players are shifting focus from mature markets of the West to emerging economies such as India, China, Brazil, and Mexico that are opening up growth opportunities with the development of healthcare infrastructure.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research