The global medical specialty bags market size was valued at USD 10.22 billion in 2021 and is poised to grow at a significant CAGR of 4.9% during the forecast period 2022-28. Medical speciality bags are specially designed bags that are used in a variety of medical settings, including urine collection, blood sample storage and collection, enteral feeding, and sterile packing. These bags are most likely used in hospitals to maintain the sterilised condition of blood samples, which aids in the prevention of disease spread and the loss of blood samples as well as medicines.
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Government agencies play an important role in the expansion of the product market by investing in health infrastructure, devising better reimbursement packages, raising awareness, setting competitive prices, and promoting research and development. Market expansion in this industry is likely to be fuelled by advancement in medical standards and facilities, evolving technological trends, and rising health and hygiene concerns. Ostomy collection bags are useful because of the incidence of incurable diseases, and the market demand is expected to increase as the older population grows. Consumers gain from consistent compensation practises, ease of product availability, and cost-effectiveness. They make the product cost-effective, profitable, and adaptable for customers. Due to the COVID-19 outbreak, research labs have expanded their research and development efforts in order to find remedies that help reduce coronavirus symptoms in the early stages. Intravenous immunoglobulin and LMWH (Low-molecular-weight heparin) anticoagulant therapy have been found to have promising results in improving COVID-19 prognosis. As a result, players in the IV bag and other medical specialty bag markets are concentrating on this trend and stepping up their efforts to expand manufacturing capacity in the face of the COVID-19 epidemic.
The global medical specialty bags market segmentation:
1) By Product Type: Enteral Feeding Bags, Enema Bags, Anesthesia Breathing Bags, Urinary Collection Bags, I.V Fluids Bags, Ostomy Collection Bags, Continuous Ambulatory Peritoneal Dialysis (CAPD) Bags, Resuscitation Bags, Blood Bags, Bile Collection Bags, and Others.
2) By End User: Hospitals, Ambulatory Surgical Centers, Home Healthcare, and Others.
Owing to the rise in customer’s awareness, North America dominates the market for medical speciality bags. Furthermore, the advancement of progressing countries as a result of technological advancements would propel the medical speciality bags market in the region to new heights during the forecast period. Due to the improving economy, the medical speciality bags market in Asia-Pacific is expected to increase significantly. Furthermore, the presence of significant important players is expected to fuel the region's medical speciality bags market expansion in the future years.
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There are several industry players working in the Medical Specialty Bags Market, which include Braun Melsungen AG (Germany) Baxter International Inc. (U.S.) Coloplast A/S (Denmark) Terumo Corporation (Japan) Smiths Medical (U.S.) Hollister Incorporated (U.S.) ConvaTec Inc. (U.K) Nolato AB (Sweden) Medline Industries Inc. (U.S.) C.R. Bard Inc. (U.S.)
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