Medical fluid bags market will exceed $4.4 billion by 2024: report
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Propelled partly by demand for drainage bags, the market for medical fluid bags is set to surpass US$4.4 billion by 2024, according to research from Global Market Insights
Propelled partly by demand for drainage bags, the market for medical fluid bags is set to surpass US$4.4 billion by 2024, according to research from Global Market Insights (GMI).
In its new Medical Fluid Bags Market report, the Selbyville, Del.-based market research firm noted that the drainage bag segment dominated the industry in 2017 with revenue of US$867.5 million, and it will continue to dominate through the forecast period due to applications in various surgical procedures. “The breast-milk storage bag segment is projected to grow at the fastest rate, achieving approximately 7.1% compound annual growth rate (CAGR) during the forecast period,” the report said.
“Rising prevalence of chronic diseases such as heart, kidney and liver disorders, cancer, diabetes and anaemia worldwide will serve to be a high impact rendering factor for medical fluid bags market growth,” the report said. “High incidences of gastrointestinal diseases among geriatric population such as bowel obstruction, Crohn’s disease and gastroschisis will fuel the demand for medical fluid bags. Treatment of these diseases require hospitalization to facilitate administration of drugs and nutrition thereby increasing the industry growth over the forecast period.”
Of the materials typically used to fabricate medical bags—PVC, polyolefins, thermoplastic elastomers (TPEs) and thermoplastic polyurethanes (TPUs)—TPEs are projected to grow at a robust 6.8% CAGR owing to their benefits over traditional PVC bags. “Wide use of PVC with DEHP plasticizer for manufacturing medical fluid bags is forecasted to hamper the market growth over the forecast period,” the report said. “These materials, on incineration, emit carcinogenic and toxic material that adversely affects humans as well as environment. Moreover, leaching out of DEHP plasticizer during medical procedures such as haemodialysis and administration of IV fluids will restrain industry growth to some extent.”
Polyolefins accounted for the largest market share with a revenue of US$925.2 million in 2017. “This material will continue to experience growth in medical fluid bag applications because of its thermal stability, low levels of leaching and extraction levels, and its organoleptic properties, GMI said.
Europe region dominated the medical fluid bags market with a revenue of US$901 million in 2017 and is projected to grow at a significant rate over the forecast period. “This is attributable to huge geriatric patient pool coupled with increasing incidences of age related chronic diseases such as cancer, kidney disorders and skin diseases,” the report said. “Favourable reimbursement policies and growing number of healthcare centers will fuel the regional growth during the forthcoming years.”
Asia pacific medical fluid bags market is estimated to witness the fastest growth rate of around 6.9% during the forecast period owing to increasing prevalence of chronic diseases. “Growing disposable income and developments in healthcare facilities in the emerging economies will boost the regional growth,” GMI said. “Moreover, increasing number of premature births leads to necessity of providing total parenteral nutrition to preterm babies thereby accelerating the demand for intravenous bags throughout the forecast period.”
For more on the the Medical Fluid Bags Market report, click on this link.