The medical specialty bags market is expected to reach USD 10.31 billion by 2020, according to a new study by Grand View Research, Inc. Increasing old-age population (65 years and above) base and prevalence of urinary is expected to serve this market as a high impact rendering driver during the forecast period. In addition, government initiatives aimed at increasing healthcare expenditure, setting affordable prices and designing better reimbursement policies is expected to drive market growth over the next six years. High unmet medical needs coupled with the introduction of low cost medical specialty bags and growing patient awareness and disposable income levels in emerging markets such as India, China and Brazil is expected to fuel future growth of this market. High excise tax on healthcare device such as in Canada, U.S., etc is expected to serve as key challenge for medical specialty bags market.
Ostomy collection bags dominated the overall market in 2013, with revenue estimated at USD 2.94 billion, expected to grow at a CAGR of 4.5% from 2014 to 2020. Bile collection bags, on the other hand, are expected to grow at the fastest CAGR of 6.5% from 2014 to 2020, majorly owing to the growing demand for minimally invasive rising number of laparoscopic cholecystectomy procedures.
The report “Medical Specialty Bags Market Analysis By Product (Anesthesia, Sterile Packaging, Resuscitation Bags, Bile Collection, Intravenous, Blood, Enteral Feeding, Cadaver, Enema, Ostomy Collection, CAPD) And Segment Forecasts To 2020,” is available now to Grand View Research
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Further key findings from the study suggest:
• Intravenous (IV) fluid bags market revenue is expected to reach USD 2,469.9 million by 2020, growing at a CAGR of 5.2% from 2014 to 2020.
• North America accounted for the largest share of the market in 2013, on account of the.