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The medical specialty bags market is estimated to grow at a CAGR of 6.11% between 2022 and 2027. The size of the market is forecast to increase by USD 2,287.87 million. The growth of the market depends on several factors, including the increasing incidence of diseases, the increasing number of surgical, dialysis, and blood transfusion procedures, and technological advances.
This report extensively covers market segmentation by end-user (hospitals, ASCS, and others), product (IV fluids bags, ostomy bags, CAPD bags, urine bags, and others), and geography (Asia, North America, Europe, and Rest of World). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Technavio categorizes the global medical specialty bags market as a part of the global healthcare supplies market that primarily covers manufacturers of medical products, including all categories of supplies such as consumables and disposables like safety needles, syringes, and catheters. The parent, global healthcare equipment market, covers products and companies engaged in R&D of a variety of product categories, including capital equipment, instruments, implants, accessories, and consumables that are used for the diagnosis, monitoring, and treatment of various diseases. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The increasing number of surgical, dialysis, and blood transfusion procedures are notably driving the market growth, although factors such as intense competition among vendors leading to pricing pressure may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Key Medical Specialty Bags Market Driver
The increasing number of surgical, dialysis, and blood transfusion procedures are notably driving market growth. The increase in the number of surgeries implies the growing use of different medical specialty bags to aid in various surgical procedures. People undergoing surgeries often require blood transfusions when a lot of blood is lost during surgical procedures. Transfusions are mostly required in cardiovascular surgeries, massive trauma surgeries, transplant surgeries, and therapies for solid and hematological malignancies. Cardiac surgeries commonly account for about 15% of blood transfusions, on average. Globally, over 790,000 CABG surgeries are performed annually. This high prevalence of surgeries requiring blood transfusions leads to increasing demand for blood bags.
Furthermore, general anesthesia is typically used for a range of operations, especially for major operations on the heart and joints and laparoscopic operations on the abdomen. It is also essential for most operations on the brain or major arteries and some lung surgeries, which will fuel the demand for anesthesia and resuscitation bags, which in turn drives the growth of the global market during the forecast period.
Significant Medical Specialty Bags Market Trend
The increasing marketing strategies of vendors are major trends in the market. Major vendors in the market are increasingly adopting innovative marketing strategies to increase their market penetration. They are also increasing their product portfolio and having strategic collaborations and partnerships with healthcare professionals and GPOs to increase their market penetration and the scope of cross-selling their products.
For example, ConvaTec Group Plc continues strengthening the relationships with ostomy caregivers in hospitals to increase the familiarity of its products and provide them with the necessary tools for simple, easy, and accessible ostomy care. The company is focused on expanding direct-to-consumer programs for frequent and direct engagement with ostomates. This helps in developing strong and long-term customer relationships. Additionally, the company also reports that it is implementing changes to its commercial approach, including flattening the organizational structure to get closer to customers, improving segmentation, and revising sales incentive programs to address the underperformance in the US. Therefore, such growth strategies of established vendors will accelerate the growth of the global market during the forecast period.
Major Medical Specialty Bags Market Challenge
Intense competition among vendors leads to pricing pressure which is a major challenge impeding market growth. The global market is highly fragmented, with the presence of several regional and global vendors. Leading vendors that have the required financial, technical, and marketing resources offer a broad range of products in a large geographical area with strong distribution channels and make significant investments in R&D. Hence, established vendors compete in terms of quality, reliability, and pricing. On the contrary, small and medium-sized regional vendors give intense competition to global vendors by offering similar products at lower prices.
Furthermore, due to the increasing pressure on national healthcare budgets, the pressure to reduce prices for most medical devices, accessories, and consumables has significantly increased. This also has led to an increasing need for vendors to document the efficacy of their products to justify the pricing points. As a result of these factors, there is huge pricing pressure on the manufacturers. Thus, owing to such factors the market's growth is expected to be hampered during the forecast period.
Key Medical Specialty Bags Market Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Medical Specialty Bags Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
CliniMed Ltd. - The company operates under one segment. The company under this segment manufactures and distributes stoma care, wound care, and continence care products. The key offerings of the company include medical specialty bags.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the hospital segment will be significant during the forecast period. The hospital segment holds the majority share of the global market, majorly due to the increase in the number of inpatients with critical diseases and the high number of surgeries being performed in hospitals.
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The hospitals segment was valued at USD 2,539.69 million in 2017 and continued to grow until 2021. The rise in the number of surgeries and inpatients with critical diseases is propelling the demand for various medical specialty bags, including anesthesia and resuscitation bags, blood bags, ostomy bags, and IV fluid bags. Furthermore, a significant proportion of patients with severe diseases increasingly prefer to receive treatments in hospitals, as they employ a large number of skilled clinicians and have access to advanced medical equipment. Moreover, there are many hospitals and multispecialty hospitals that work under government sponsorship or through private entities. The multispecialty hospitals have a capacity of 500 beds and engage closely with many suppliers to procure therapeutic devices and medicinal supplies in bulk. Additionally, many reimbursement authorities and government organizations tie up with the hospitals to help the patients. Thus, the hospital segment is likely to grow during the forecast period.
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Asia is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The market in Asia is expected to grow at a significant rate during the forecast period due to the presence of a large patient pool, the growth of the aging population, and the rising prevalence of chronic diseases. Furthermore, rising healthcare expenditure, increasing disposable incomes, expansion of the middle-class population, and the high number of surgeries due to the growth of medical tourism also drive the growth of the market in the region. China, Japan, and India are the major contributors to revenue to the market in Asia. The vendors here are investing in R&D entering into strategic partnerships and alliances to develop innovative products to address the need for high-quality healthcare. They are also expanding their manufacturing facilities in Asia due to the low cost and the potential for growth.
Additionally, the high unmet need for quality healthcare, the growth in medical tourism for surgeries in countries such as Thailand and India, and the increasing focus of the vendors on expanding their reach in the untapped markets of Asia are also expected to drive the growth of the market in the region during the forecast period.
The COVID-19 pandemic drove the sales of medical specialty bags due to a spike in diagnostic antigen treatment for patients with COVID-19, as well as the increase in demand from vaccine developers in 2020-2021. The pandemic, therefore, had a positive impact on the market. Leading market companies were compelled to reconsider their manufacturing capacity, focus on new product development, and seek out the best supply chain strategies to deal with COVID-19-related exigencies due to a shift in the demand for medical specialty bags. However, the increased demand for medical specialty bags is expected to decline as the pandemic was gradually brought under control in 2022. Thus, the market in Asia is expected to grow at a moderate rate during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by End-user (Hospitals, ASCs, and Others), Product (IV fluids bags, Ostomy bags, CAPD bags, Urine bags, and Others), and Geography (Asia, North America, Europe, and Rest of World (ROW)).
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Medical Specialty Bags Market Scope |
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Report Coverage |
Details |
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Page number |
178 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.11% |
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Market growth 2023-2027 |
USD 2,287.87 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.75 |
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Regional analysis |
Asia, North America, Europe, and Rest of World (ROW) |
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Performing market contribution |
Asia at 39% |
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Key countries |
US, Germany, France, China, and Japan |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Ambu AS, B. Braun SE, Baxter International Inc., Becton Dickinson and Co., Cardinal Health Inc., CliniMed Ltd., Colo Majic Enterprises Ltd., Coloplast AS, ConvaTec Group Plc, Fresenius Medical Care AG and Co. KGaA, Hollister Inc., Macopharma SA, Medline Industries LP, Mitra Industries Pvt. Ltd., SIPPEX, Sumitomo Bakelite Co. Ltd., Teleflex Inc., Terumo Corp., VBM Medizintechnik GmbH, and Vogt Medical Vertrieb GmbH |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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