Medical Specialty Bags: A Global Strategic Business Report
San Jose, CA (PRWEB) October 04, 2011
Follow us on LinkedIn - The global medical specialty bags market is poised to grow at a healthy rate in the near future backed by technological advancements, aging population and introduction of a number of sophisticated products. Extensive reimbursement options and increased availability of a number of economically priced products are some of the major growth drivers. Hospitals and healthcare institutions constituting over 60% of total demand remain the strongest end-use segments, with the urgent need to deal with rise in chronic and age-related diseases keeping up the market momentum. Non-hospital settings such as surgicenters and home healthcare are specific niche areas growing in importance, and largely focused on the medical disposables segment.
Continuous product rollouts, automation and innovations are common in the industry and a critical strategy for retaining consumer interest and loyalty in the highly competitive environment. Development of automated blood collection devices; environmentally compatible IV containers and blood bags with RFID tags are just a few recent instances of the furious pace of technological developments. The adult incontinence market holds significant potential for expansion particularly in developed countries, attributed mainly to age-related diseases and higher disposable income. In addition, enhanced reimbursement policies, general awareness among patients and lesser societal stigma attached with the condition have also played a vital role in stimulating demand. Europe is the largest market for ostomy care products, while Asia and Latin America are some of the emerging markets sporting rapid growth rates.
Disposable medical pouches and bags are the preferred containers for standard devices and supplies, owing to their cost-effectiveness and intrinsic advantages. Disposable plastic blood bags are ideal substitutes for glass bottles that are traditionally used to collect, store, and transport blood and blood components. Presently, Europe, US and Japan make up for a majority share worldwide. However, rapidly advancing nations including India, China, Russia and Brazil with rising population and demand are expected to emerge as lucrative markets for disposables in the coming years. Environmental organizations and governments in several parts of the world are urging consumers to use reusables due to heightened concerns over the amount of landfill waste generated. However, despite reusables being cheaper in the long run, large number of people prefer disposables due to issues relating to embarrassing leakages, inconvenience in usage and high cost of washing and sterilizing the products.
In recent times, the healthcare industry has been witnessing phenomenal changes that are translating into fierce competition among the medical device, pharmaceutical and biotechnology players. Market leaders in the medical specialty bags segment compete with domestic as well as international firms, leading to intense price wars, hectic corporate activity and thrust towards product differentiation and innovation. Large players primarily compete on safety, technological advancement, performance and pricing grounds. Obtaining on-time regulatory clearances is also crucial for the success of products. Medical device companies across the world are facing increasing pricing pressure owing to government mechanisms to restrain healthcare expenditure and provide cost relief to the consumer. Escalating raw material and shipping costs, leading to erosion in profit margins also pose a major challenge for manufacturers.
Europe dominates as the largest market for medical specialty bags, as stated by the new research report on Medical Specialty Bags. The US and Japan constitute the other major markets, spurred by favorable health care reforms, aging baby boomers and medical advancements. The Asian region, encouraged by rapidly burgeoning markets of China and India is forecast to take the lead, posting a healthy CAGR of about 5.0% through 2017. By product, Ostomy Collection Bags comprises the largest segment with about 1.5 million people with stoma using ostomy bags on a daily basis worldwide. Infection control remains one of the most impending requirements for effective healthcare treatment. Medical packaging materials are being developed on a continual basis, whereby sterilization packaging materials meet severe sterilization standards. Sterilization Packaging Bags holds forth the largest expansion potential, racing ahead at the fastest growth rate of about 4.9% through 2017.
Key market participants profiled in the report include Baxter International, Inc, B Braun Medical, Inc., Convatec, Inc, Coloplast A/S, CR Bard, Inc., Fresenius Medical Care AG & Co. KGaA, Hogy Medical Co. Ltd, Hollister, Inc., Kawasumi Laboratories, Inc, Maco Pharma, Pall Corporation, Terumo Corporation, and Westfield Medical Ltd.
The research report titled “Medical Specialty Bags: A Global Strategic Business Report” announced by Global Industry Analysts, Inc., provides a comprehensive review of industry and product overview, market trends, product introductions, recent industry activity and profiles of market players worldwide. Analysis and overview is provided for major geographic markets such as the US, Canada, Japan, Europe, Asia-Pacific, Middle East and Latin America. Market analytics are provided in value (US$) terms for the product segments Bile Collection Bags, Blood Bags, Breathing Bags, Cadaver Bags, Enema Bags, Enteral Feeding Bags, Ice Bags, Intravenous Fluid Containers, Ostomy Collection Bags, Sterilization Packaging Bags, Urinary Collection Bags and Others. The study also provides historic data for an insight into market evolution over the period 2003 through 2008.
For more details about this comprehensive market research report, please visit – http://www.strategyr.com/Medical_Specialty_Bags_Market_Report.asp
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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