Blood bags are sterile bags and are nontoxic or reduce the toxicity and can store the blood for a relatively long period. Therefore, they are used in blood collection and storage of blood, especially in blood banks. Anesthesia breathing bags are used with face mask that can be placed over the mouth and nose of the patients and provides oxygen for complete breathing.
The global Medical Specialty Bags Market was estimated to account for US$ 12,085.5 Mn in terms of value by the end of 2019.
Global Medical Specialty Bags Market: Drivers
High prevalence of chronic kidney disease is expected to propel growth of the global medical specialty bags market over the forecast period. For instance, according to European Renal Association – European Dialysis and Transplant Association’s data in 2018, over 850 million people worldwide have some form of kidney disease.
Global Medical Specialty Bags Market: Opportunities
Increasing focus on recycling and reuse is expected to offer lucrative growth opportunities for players in the global medical specialty bags market. For instance, in November 2019, Grifols hosted North Carolina’s first recycling summit to strengthen its commitment to recycling and reuse
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Global Medical Specialty Bags Market: Restraints
Product recalls are expected to hinder growth of the global medical specialty bags market. For instance, in September 2019, The Metrix Company recalled certain lots of empty flexible IV bags distributed throughout the United States and Canada between November 2016 and July 2019.
The global medical specialty bags market was valued at US$ 8,683.7 Mn in 2019 and is forecast to reach a value of US$ 12,085.5 Mn by 2027 at a CAGR of 4.2% between 2020 and 2027. High prevalence of chronic kidney disease is expected to propel growth of the global medical specialty bags market over the forecast period.
Ostomy Collection Bags segment held dominant position in the global medical specialty bags market in 2019, accounting for 30.7% share in terms of value, the growth of the segment is attributed to increasing product approvals, and increasing prevalence of chronic diseases during the forecast period.
Major players in the global medical specialty bags market are focused on expansion of production capacity to enhance their market share. For instance, in November 2019, Grifols announced the start of production at its new blood-collection systems plant in Campo Largo, Brazil with a capacity of more than 10 million blood collection bags annually.
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Major players in the market are also focused on adopting M&A strategies to enhance their market share. For instance, in December 2019, AdaptHealth LLC entered into a definitive agreement with Advanced Home Care to acquire its home medical equipment business.
Global Medical Specialty Bags Market: Competitive Landscape
Major players operating in the global medical specialty bags market include, Braun Melsungen AG, Baxter International, Inc., Coloplast A/S, ConvaTec, Inc., Hollister Incorporated, Medline Industries Inc., Nolato AB, BD, Macopharma SA, Terumo Corporation, Smiths Medical, Fresenius SE & Co. KGaA, HLL Lifecare Limited, Ostique, Grifols, and AdaptHealth LLC.
Global Medical Specialty Bags Market: Key Developments
Major players in the market are focused on adopting M&A strategies to enhance their market share. For instance, in January 2020, AdaptHealth, the U.S.-based home medical equipment provider, acquired the Patient Care Solutions (PCS) business of McKesson, which added urological and ostomy products to AdaptHealth’s home medical equipment product portfolio.
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