Global Medical Specialty Bags Market Basks Under Heated Competition between North America and Asia Pacific
The global medical specialty bags market is witnessing a high rise as the FDA regulations for class I medical devices become less stringent, worldwide geriatric population rises, and consumers increase their healthcare-related spending. Medical specialty bags have proved to be essential in the treatment of bile leakage, bowel incontinence, and other pertinent conditions.
According to a report by Transparency Market Research (TMR), the world medical specialty bags market is envisaged to rise from US$6.2 bn in 2016 to US$7.6 bn in 2020.
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Which Segment will take Charge in Terms of Revenue and Volume?
In the report by TMR, the international medical specialty bags market could see a number of classifications on the basis of product type, viz. blood bags, urinary collection bags, resuscitation bags, enema bags, ostomy collection bags, enteral feeding bags, bile collection bags, cadaver bags, continuous ambulatory peritoneal dialysis (CAPD) bags, ice bags, anesthesia breathing bags, and intravenous fluid bags.
By revenue, the ostomy collection bags segment will look to capitalize on the magnifying commonness of ulcerative colitis, Crohn’s disease and other chronic diseases to lead the global market. Other factors that could contribute to the rise of this market are the soaring disposable income of consumers and increasing number of customer awareness programs.
By volume, intravenous fluid bags are anticipated to hold a lion’s share in the global medical specialty bags market. The demand is expected to augment on the back of the want for convenience, extensive usage in healthcare procedures, and need for efficiency in rapid nutrition delivery.
How is the Market Faring Amidst North America vs. Asia Pacific Contest?
In the outset, North America has always been at the forefront of the demand in the world medical specialty bags market. Recording a towering share in 2016, the North America market gained impetus with a strong prevalence of general diseases and widespread commonness of obesity and other related disorders. Besides this, the market has gained traction with the access to reimbursement policies, robust support for healthcare facilities through well-defined infrastructure investments, and growing adoption of innovative and novel products.
The emerging countries of the Asia Pacific region have exhibited a hefty economic growth, which has brought about a brisk advancement in medical infrastructure, boosted demand and awareness for healthy living, and inflated the disposable income of citizens. This has in turn provided a good platform for the global medical specialty bags market to thrive on and also led to the rise in healthcare procedures. Some of the most opportunistic economies of Asia Pacific until 2020 could be China, Singapore, India, Australia, and Philippines.
Other geographies that have caught the attention of research analysts are Europe and Rest of the World.
How are the Major Players Prevailing in the International Market?
Most global players in the medical specialty bags market are riding on a number of growth strategies to cement their position in the industry. Some of these strategies are producing biodegradable bags, geographical expansions, collaborations, acquisitions, and formulating different awareness programs. This has significantly assisted the international players to sustain themselves in the extremely competitive environment of the market and swell their overall share. The presence of crucial players has notably characterized the market. Nolato AB, Medline Industries, Inc., ConvaTec, Inc., Coloplast A/S, Terumo Corporation, Baxter International, Inc., Macopharma SA, Fresenius SE & Co. KGaA, B. Braun Melsungen AG, Hollister Incorporated, and Smiths Medical are a few of them.