Hospital sector to drive medical fluid bags industry growth over 2017-2024, U.S. to majorly impel the regional landscape
The growing elderly population has led to the high prevalence of age-related ailments like bowel & urinary incontinence. Medical fluid bags market is expected to be driven primarily due to the aforementioned factor. Along similar lines, it is expected that the rapid increase in the number of surgeries, healthcare centers, and premature births are likely to offer massive business growth prospects for the industry players. There has been a considerable rise in the number of research activities in the medical space, which has led to the deployment of novel changes in the manufacturing process of medical bags. The latest products are designed to not only address patient safety but also environmental protection, which will boost the market trends. According to Global Market Insights, Inc., “Medical Fluid Bags Industry, which is estimated to cross the targeted revenue margin of USD 4 billion by 2024, will register a CAGR of nearly 7% over the period of 2017-2024.”
U.S. Medical Fluid Bags Market size, By Material, 2013-2024 (USD Million)
Medical fluid bags find wide range of applications across homecare settings, hospitals, diagnostic centers, blood banks, and clinics. Hospital sector, which dominated the application landscape in 2016, is foreseen to record a CAGR of over 7% during the period from 2017 to 2024. Beneficial compensation policies and high incidence of chronic ailments among the aging population will steer the product demand. Rise in the number of hospitals across the developing regions will further boost medical fluid bags industry revenue.
Medical fluid bags industry share in the blood banks sector is expected to experience an immense growth over the coming timeframe, owing to beneficial government sponsored schemes & programs to set up blood donation centers and organize blood donation camps. Escalated need for dependable cold chain facilities will further contribute toward the industry growth. Of late, patients have been depicting an inclination toward home treatments due to their inability to visit hospitals or clinics. This changing trend is predicted to favor medical fluid bags market development across the homecare settings sector.
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Considering the regional outlook, U.S. industry, which contributed a major chunk of global medical fluid bags market share in 2016, is projected to observe a massive growth over the coming seven years. The growth of the industry is highly impacted due to the rise in the number of blood transfusions coupled with the massive increase in the patient base suffering from chronic ailments.
Germany medical fluid bags industry, which made vast contributions toward Europe market share in 2016, is predicted to dominate the regional share over the years to come. Strategic collaborations between the key industry players across the region is predicted to stimulate the market growth.
China medical fluid bags market is projected to experience a massive surge over the next few years, driven by mounting healthcare awareness among the consumers coupled with the easy availability of low-cost medical bags. Mexico medical fluid bags industry is projected to sketch a profitable roadmap over the years ahead, driven by the escalating popularity of cosmetic surgeries along with improvement in healthcare facilities across the region.
Medical fluid bags market encompasses a wide range of products including enema, blood, dialysis, reagent, intravenous, drain, biohazard disposable, and breast milk bags. Drain bags, which held a major portion of medical fluids bags market revenue in 2016, are expected to register notable gains of more than 7% over the span of the next few years. Rise in the patient population suffering from kidney failure, prostate problems, and bladder issues are projected to boost the market growth. Breast milk bags are predicted to experience rapid expansion over the next few years as well, driven by the high surge in the birth rate and a rise in the proportion of working women.
Blood bags industry size is slated to record a commendable expansion during the coming timeline as a result of mounting awareness among the public pertaining to the growing significance of emergency blood transfusions and blood donations. An inactive lifestyle along with the rising need for rigorous medication of constipation-related ailments will fuel medical fluid bags market size from enema bags over the next few years. Intravenous bags are expected to boost medical fluid bags industry share as well. The growth can be attributed to the increase in the geriatric population who have been receiving intravenous nutrition treatment due to the inability to swallow and digest regular meals.
Based on the material trends, medical fluids bags industry is segmented into polyolefins, TPU, PVC compounds, and TPE materials. TPU medical fluid bags market is expected to witness a lucrative surge over the years to come, due to its favorable features such as high tensile strength, abrasion, and resistance to chemicals. High blood biocompatibility of thermoplastic elastomers over its counterparts has enhanced its demand for blood transfusion kits as well as blood bags, thereby driving TPE medical fluid bags industry size.
Polyolefins, which made a major contribution towards medical fluid bags market share in 2016, are expected to further boost the industry development in the near future. High thermal stability & impact and leaching resistance have helped catapult its demand as an ideal raw material for manufacturing medical bags. Its beneficial characteristics such as high elongation, low density & weight, and improved tear resistance, coupled with reduced costs will elevate medical fluid bags market size from PVC over the years to come.
C.R. Bard Inc., Baxter International Inc., Fresenius SE & Co. KGaA, Smiths Medical Company, Kawasumi Laboratories Inc., Thermo Fisher Scientific, B. Braun Melsungen AG, ConvaTec Group plc, and Amcor Limited are the key participants of medical fluid bags industry.
Author Name : Dhananjay Punekar