Market Size of Medical Specialty Bags Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Medical Specialty Bags Market Analysis
The medical specialty bags market is expected to register a CAGR of 4% during the forecast period.
The COVID-19 pandemic significantly impacted the growth of the studied market. Several elective and non-urgent surgeries and therapies were either postponed or cancelled, which negatively affected the market growth. However, the use of custom medical speciality bags during the COVID-19 pandemic increased significantly. For instance, an article published in the journal of Best Practice and Research Clinical Anaesthesiology in October 2021 suggested the use of a COVID epidural pack in an isolation room for reducing the risk of contamination of the entire medication or supply cart. The pack included one epidural kit, epidural infusion pump tubing, Tegaderm and tape for securing the catheter, and a duraprep stick for skin prep. Such activities significantly added to the growth of medical speciality bags during the COVID-19 pandemic. Thus, the pandemic positively impacted the studied market growth and it is expected to continue its strong hold during the forecast period.
Factors such as growing burden of chronic diseases coupled with growing demand for surgeries and technological advancements are expected to fuel the market growth over the forecast period.
The mounting number of surgical procedures such as laparoscopic, cardiac, urinary, neurological, and others due to an increase in the prevalence of chronic diseases is the critical factor contributing to the growth of the market. For instance, the factsheet published by the British Heart Foundation (BHF) in August 2022 shows that around 7.6 million people were living with heart and circulatory diseases in 2021 including 4 million males and 3.6 million females. This highly prevalent heart and circulatory disease patients often require blood transfusion and dialysis procedures, which further creates demand for specialty bags used for these procedures. Thus, it is expected to contribute to the overall market growth during the forecast period.
Furthermore, strategic activities by global and regional market players, and favorable government initiatives are anticipated to fuel the market growth. For instance, in Septemebr 2022, the Health Ministry of India conducted a nation-wide mega voluntary blood donation drive called Raktdaan Amrit Mahotsav, with the aim to collect one lakh units of blood for its blood banks. These initiatives are creating demand for specialty blood bags used during the process. This is further anticipated to fuel the market growth during the analysis period.
However, the lack of reimbursement is predicted to hinder the growth of the market over the forecast period.
