Medical Bags market is projected to record more than 8% growth rate during the forecast period and expected to reach US$ 8 Bn by 2031. Medical bags are specialty bags designed for safety and care of patients. These bags are used in various applications such as urine collection, blood storage, bile collection, enteral feeding, sterile packaging, and among others.
These bags are manufactured with advanced materials including plastic, polymer, latex and others to enhance their quality and are used to avoid any contamination. Rising number of several chronic diseases including cancer, diabetes, cardiovascular diseases, kidney and liver infections is among the key factors propelling the growth of medical bags market globally.
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What is Driving Demand for Medical Bags?
Lifestyle-associated chronic ailments such as cardiovascular diseases, gastrointestinal problems, and musculoskeletal disorders have been on the rise worldwide.
Chronic diseases are currently the major cause of death among adults across the globe and the toll is projected to increase by a further 20% in the next 10 years. Globally, approximately one in three of all adults suffer from multiple chronic conditions.
According to the World Health Organization, chronic disease prevalence is expected to rise by 57% by the year 2020. Emerging markets will be hardest hit, as population growth is anticipated be most significant in developing nations. The
Increase in number of chronic diseases across the world is expected to drive the growth of medical bags market.
Impact of COVID-19 on Medical Bags Market
The world has caught in a perfect storm of rising number of chronic disease, persistent infectious diseases and public health failures that has fuelled deaths in the COVID-19 pandemic, according to a major global study of human health.
The prevalence of medical conditions such as type 1 diabetes, cardiac and circulatory congenital anomalies, and obesity increased the severity of COVID-19 caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) infection – among patients under 18 years old.
The chronic conditions such as high blood pressure, high blood sugar, obesity and high cholesterol suffered by millions of peoples around the world had played a critical role in driving the more than 1 million deaths caused by COVID-19 to date. Thus, the rising number of coronavirus cases across the world is projected to substantially drive the market growth.
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US Demand Outlook for Medical Bags
US is expected to account for the largest share in the North America medical bags market during the forecast period. The large share of the North American region is mainly attributed to the rising incidence of HAIs and chronic diseases in the region.
Further, the availability of technologically advanced medical bags and their huge production is due to the presence of major players in the North American region also support the market growth. As per the National Association for Incontinence (NAFC), in North America, nearly 200 million people are affected by urinary incontinence.
The United States and Canada are the key contributing regions for medical specialty bags in North America, owing to well-established healthcare infrastructure and favorable reimbursement policies in these countries.
Moreover, the demand for high performance medical plastics is primarily driven by the existing medical device manufacturers in the country, technological advancements in design and manufacturing, and product modernization in terms of quality and application development.
China Demand Outlook for Medical Bags
The growth of the China medical bags market is attributed to the region’s growing population and increasing healthcare expenditure across the country.
Additionally, increased investments from private and government sectors to improve the healthcare infrastructure across country is also expected to create a demand for medical bags, thereby fueling the growth of the medical bags market in the country.
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Who are the Key Medical Bags Vendors?
Some of the leading vendors offering Medical Bags products include
These vendors have adopted various key strategies, to increase their customer base locally and globally. The vendors are focusing on product innovation and strategic partnerships with the regional vendors to collaborate for offering advanced medical bags to customers.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
