Aging Population & Increasing Prevalence of Chronic Diseases to Drive Demand for Medical Specialty Bags, According to New Report by Global Industry Analysts, Inc.
San Jose, CA (PRWEB) June 03, 2014 -- Follow us on LinkedIn – Aging population represents a fundamental growth driver in the medical specialty bags market, largely because of the susceptibility of the elderly to diseases and the ensuing need for superior medical care. Growing incidence and prevalence of chronic diseases worldwide is helping increase the number of surgical procedures performed each year, which in turn is generating strong demand for medical specialty bags. A vast majority of surgical procedures carried worldwide involve the use of medical specialty bags such as blood bags, urinary bags, bile collection bags, and IV fluid container bags, among others. Increasing awareness over the risk of disease transmission and improvement in medical standards are also key factors influencing widespread adoption of medical specialty bags. Although the global recession negatively affected the market resulting in a slowdown during the year 2008-2009, the market recovered quickly in 2010 and has since been witnessing steady growth.
Growing number of new medications which require intravenous administration is benefiting the market for IV bags worldwide. Rising concern over contamination, and cross infection is fuelling interest in sterilization packaging bags. Sterile bags are slowly superseding sterilization wrap as they provide better barrier protection at a lower cost. Polypropylene (PP) is preferred for sterile medical packaging above all other plastic materials such as PVC and polystyrene due to its clarity, barrier strength, and radiation resistance. Radio Frequency Identification (RFID) is gaining importance for tagging and monitoring blood bags. The RFID technology allows monitoring of blood supplies all through the logistical supply process from donor to the recipient.
Governments across the world are playing a pivotal role in fuelling demand for medical specialty bags in the form of price controls, reimbursement programs and increased healthcare spending. Growing blood management and traceability needs are helping support technological developments such as non-peel off labels and IC tracer chip containing all information present on the label for easy identification and traceability in emergency situations. Growing concerns over the use of PVC in medical specialty bags is attracting R&D investments in new materials and demand in the coming years is poised to shift towards PVC-free medical bags.
As stated by the new market research report on Medical Specialty Bags, Europe represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market worldwide with a CAGR of 6.0% over the analysis period. Emerging economies in Asia-Pacific present huge growth opportunities supported by increasing number of new diagnostic centers and hospitals, and increased government spending on healthcare programs. Ostomy Collection Bags represents the largest product market with growth driven by aging population and rise in the number of patients with stoma, and incontinence.
Major players covered in the report include B Braun Medical, Inc., Coloplast A/S, C.R. Bard Inc., Fresenius Kabi AG, Hollister Incorporated, Kawasumi Laboratories Inc., Pall Corporation, and Terumo Corporation, among others.
The research report titled "Medical Specialty Bags: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East and Latin America (Brazil and Rest of Latin America). Product segments analyzed in the report include 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.
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 1500+ 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.
Global Industry Analysts, Inc.
Telephone: 408-528-9966
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Raghu Gopal, Global Industry Analysts Inc, +1 408-528-9966, [email protected]
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