Medical Specialty Bags: A Global Strategic Business Report
San Jose, CA (Vocus) October 7, 2010
The world market for medical specialty bags is poised to grow at a healthy, sustainable rate in the near future. Aging baby boomers are the prime demand drivers for specialty bags owing to their vulnerability and need for greater medical care. The market for adult incontinence products holds significant potential for growth, attributed to greater product awareness and enhanced comfort levels. Another major driver for this price sensitive market is the wider availability of quality products at economical prices. The medical specialty bags market is portended to witness steady growth owing to advancements in technology and products indicating more user-friendly services and superior treatment options. Cost-effective pouches and bags are increasingly becoming the preferred choice as containers for standard devices and supplies.
Governments across the world are playing a pivotal role in ensuring a level playing field for all participants in the healthcare industry. As a result, medical specialty bag manufacturers are facing increasing pricing pressures owing to government mechanisms for restraining rising healthcare expenditures. Product formularies, price controls, competitive tenders and reimbursement programs play a crucial role in raising the performance and competitive bar for the manufacturers. Major players in the market rely on technological expertise, innovations, and R&D resources to offer unique and differentiated product offerings. ‘Change the look’ is the new selling strategy adopted by manufacturers, since there have been insignificant developments in the packaging structure or raw materials used for the adult incontinence products in the last few years. In response to this, a shift in consumer preference is being observed towards larger, jumbo, mega, or twin packs. These strategies have proved helpful to retailers in surviving tough conditions and moving products off the shelves at a faster pace. Non-hospital settings where people receive medical care including surgicenters and home care units are certain other niche areas contributing to the increase in demand.
The recession had a marginal effect on the medical specialty market, which registered a small drop in growth rates during 2008 and 2009, primarily due to steep raw material and transportation costs. Hospitals constitute the largest consumer base for medical disposables and supplies. Spending on these products is largely unavoidable, as they are listed as prioritized expenses for hospitals even while running on tight budgets. Fiscal woes during the recession forced majority of hospitals worldwide to cut down on costs. However, the demand for medical disposables and specialty products continued unabated, albeit at a slower pace. The medical specialty bags market is slated to regain lost ground and expand gradually, starting 2011.
The US, Europe and Japan account for a lion’s share of the world market, as stated by the new market research report on Medical Specialty Bags. In addition to technological developments and product innovations, the US and Europe markets gain mileage over other regions resting on favorable reimbursement policies. Reimbursement is considered the most important factor in almost all European countries and the US, the only two regions that provide extensive coverage, though under constraints for incontinence treatment and management. In terms of growth, Asia-Pacific, boosted by India and China, is projected to forge ahead as the fastest growing region worldwide through 2015.
Ostomy Collection Bags represents the largest product segment of the global market, followed by Urinary Collection Bags. Considering highest growth potential, Sterilization Packaging Bags segment is forecast to race ahead, due to the need for enhanced infection control standards and convenient, user-friendly sterile packaging.
Key market participants in the Medical Specialty Bags market include Baxter International, Inc, B Braun Medical, Inc, Convatec, Inc, Coloplast, CR Bard Inc, Fresenius Medical Care AG & Co. KgaA, Hogy Medical, Hollister Inc, Kawasumi Laboratories, Inc, Maco Pharma, Pall Corporation, Terumo Corporation and Westfield Medical Ltd.
The report titled “Medical Specialty Bags: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of industry outlook, overview, market trends, product overview, recent industry activity, and profiles of market players worldwide. Analysis and overview is presented for major geographic markets such as US, Canada, Japan, Europe, Asia-Pacific, Middle East and Latin America. Market analytics are provided in terms of terms of dollar (value) for product segments including 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 presents historic data for an insight into market evolution over the period 2000 through 2006.
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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.
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