Originally published on Technavio:Analysis of the Medical Specialty Bags Market Across Regions - North America, Europe, Asia, and Rest of World (ROW) - US, Germany, France, China, Japan - Forecast 2024-2028
Snapshot, Table of Contents, and Methodology
The report begins with a snapshot overview, followed by a detailed table of contents and an explanation of the methodology employed in the analysis. The global Medical Specialty Bags Market size is projected to increase by USD 6.86 billion, with a forecasted CAGR of 9.86% between 2023 and 2028.
Market Dynamics
The market witnesses significant technological advancements globally, with established companies investing significantly in research and development to produce technologically advanced products. Innovations, such as the Esteem+ Flex Convex 1-piece System by ConvaTec Group Plc, cater to patient-specific requirements, enhancing market growth.
Market Size Forecast and Analysis
The report includes a comprehensive analysis of drivers, trends, and challenges, examining historical data from 2018 to 2022 alongside the current market scenario.
Product Segmentation Analysis
Ostomy Bags
- Ostomy bags witness substantial growth during the forecast period, serving as waterproof pouches to collect waste during ostomy surgery.
- Valued at USD 2.12 billion in 2018, the ostomy bags segment addresses various conditions like Inflammatory Bowel Disease (IBD), ulcerative colitis, and colorectal cancer, offering different material-based options such as polyethylene terephthalate (PET), plastic, and rubber.
End-user Segmentation Analysis
Hospitals
- Hospitals dominate the market, driven by an increase in inpatients with critical diseases and a high volume of surgeries.
- Multispecialty hospitals, operating under government or private entities, procure therapeutic devices and medical supplies in bulk, collaborating with reimbursement authorities and government organizations.
Ambulatory Surgical Centers (ASCs)
- ASCs represent a rapidly growing healthcare provider segment, equipped with advanced operating equipment and specialist surgeons.
- With significantly lower surgery costs compared to hospitals, ASCs witness steady growth in surgical procedures, often part of Group Purchasing Organizations (GPOs) for cost-saving benefits.
Regional Analysis
North America is estimated to contribute 34% to global market growth during the forecast period, driven by factors such as an aging population, established company presence, and rising prevalence of diseases like cancer, chronic illnesses, and urinary incontinence.
Key Market Players
The report includes detailed analyses of 20 market companies, such as Ambu AS, B.Braun SE, and Baxter International Inc., highlighting their strategies like strategic alliances, partnerships, mergers, acquisitions, and product launches.
Key Drivers, Trends, Challenges, and Customer Landscape
Key Drivers
Increasing surgical, dialysis, and blood transfusion procedures propel market growth, with ostomy procedures witnessing rising demand globally.
Significant Trends
Major companies adopt innovative marketing strategies and expand product portfolios through collaborations and partnerships to increase market penetration.
Major Challenges
Consolidation of buyer groups presents a challenge, as large private institutions and commercial payers drive cost containment, affecting manufacturers' profitability.
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The market witnesses significant growth, driven by an aging population and the prevalence of acute diseases like urinary bladder cancer. Government agencies focus on compensation policies and reimbursement plans to ensure product access, while competitive prices and research and development initiatives propel market expansion.
The report forecasts market growth at global, regional, and country levels, analyzing the latest trends, opportunities, and challenges from 2018 to 2028.
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