Medical Specialty Bags Market to Expand owing to Introduction of Cost-Effective Products
The global medical specialty bags market is currently led by enterprises such as Baxter International, Inc., Coloplast A/S, Hollister Incorporated, and Fresenius SE & Co. KGaA. Besides popular brands, the presence of a large number of generic product manufacturers has been contributing to the competition prevailing in the market. Since generic product manufacturers compete in terms of cost-effectiveness, they are likely to present stiff competition to other prominent companies in the market. Additionally, the larger companies are in a constant state of competition with local players offering cost-effective medical specialty bags.
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The prevailing competition has a profound impact on the market. Spurred by this and other factors, the global medical specialty bags market is likely to reach US$7.68 bn by the end of 2020. The market stood at US$5.41 bn in 2013 and is expected to rise at a CAGR of 5.2% between 2014 and 2020. Based on product, the ostomy collection bags segment led the market with a share of almost 30% in 2013. Regionally, the global market was dominated by North America with a share of 37.8% in 2013.
Emerging Economies Present Lucrative Opportunities for Medical Specialty Bags Manufacturers
“Medical specialty bags manufacturers are considerably gaining from the opportunities in emerging economies,” said a lead TMR analyst. With the growth in the number of hospitals and diagnostic centers, developing nations in Asia Pacific, Africa, and Latin America present strong growth opportunities for the medical specialty bags market.
“The manufacturers of specialty bags are also expected to gain from the increasing geriatric population,” the TMR analyst added. Aging makes people more vulnerable to diseases such as bowel dysfunctions, colon cancer, gall bladder problems and incontinence disorders. These conditions often require assistance provided by medical specialty bags.
Favorable Reimbursement Policies to Augment Demand for Medical Specialty Bags
The market is also benefitting from favorable reimbursement policies, which encourage patients to undergo expensive treatments. For instance, in regions such as Europe and North America, reimbursements are available for various healthcare procedures. Many of these reimbursement plans also include disposable ostomy bags to support patients undergoing expensive procedures for the treatment of inflammatory bowel disease. Such policies augur well for the medical specialty bags market.
Furthermore, because medical specialty bags are categorized as class 1 medical devices, which are considered to be low risk devices, manufacturers are required to comply with relatively less stringent approval process. This aids the expansion of the medical specialty bags market.
Availability of Alternative Treatment Could Dampen Market’s Growth
On the flip side, gains witnessed by the market could decelerate due to the availability of alternative treatment procedures. With the number of patients opting for alternative medical procedures increasing, the challenges for medical specialty bags manufacturers are likely to increase in the near future. Additionally, the lack of awareness regarding diseases has negative implications on the number of healthcare procedures conduction in a region. This in turn is limiting the demand for medical specialty bags.
Rapid Expansion of Healthcare Industry in Developing Countries to Fuel Demand for Medical Specialty Bags in Near Future
Despite aforementioned limitations, the rapid expansion of the healthcare industry in the emerging economies will present significant scope for the market’s growth in the near future. Governments in Asia Pacific, Latin America, and the Middle East and Africa are increasing their investment in the healthcare sector. This is likely to increase the number of medical procedures conducted in a country over a period of time, thus creating demand for medical specialty bags in response.
Besides this, the escalating prevalence of chronic ailments will fuel demand for medical specialty bags in the forthcoming years.
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