Brazil, China and India to drive the growth of global medical specialty bags market

According to a report published by Radiant Insights, the global medical specialty bags market is estimated to reach USD 10.31 billion by 2020. Ostomy collection bags market led the global medical specialty bags market in 2013 with revenue of USD 2.94 billion and is projected to grow at CAGR of 4.5 % over 2014-2020. Bile collection bags market is the fastest growing market, which is likely to grow at the CAGR of 6.5% over 2014-2020 due to rising requirements for minimally invasive laparoscopic cholecystectomy procedures. Intravenous (IV) fluid bags market is estimated to grow to USD 2,469.9 million at a CAGR of 5.2% over 2014-2020. The paramount aspects contributing to the growth of the market include increasing geriatric patients’ base, high prevalence of urinary incontinence cases, government policies focused at increasing healthcare spending, setting affordable prices and devising better reimbursement plans. Brazil, China and India will see a future growth of this market owing to availability of cheaper medical specialty bags, increasing patient cognizance and disposable incomes. Canada and the US market will have to face the barriers like High excise tax on healthcare device to grow. North America was the leader of the market in 2013 due to the presence of better healthcare infrastructure, reimbursement policies and high patient awareness levels. Asia Pacific medical specialty bags market is speculated to grow at the highest CAGR of more than 6% over the forecasted period. The key global players of this market include Hollister, Fresenius Medical Care, Terumo, Baxter, B Braun Medical, Coloplast and Convatec.

 

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