Sellbyville, DE -- (SBWire) -- 10/19/2018 --Medical Fluid Bags Market size is set to exceed USD 4.4 billion by 2024; according to a new research report by Global Market Insights.
Prevalence of chronic diseases such as cardiovascular diseases, diabetes and cancer is increasing owing to lifestyle changes, consumption of harmful substances such as alcohol and tobacco, intake of high calorie and salt food and lack of physical exercise. Chronic diseases account for the highest mortality, morbidity and healthcare costs across the globe. Increasing prevalence of gastrointestinal diseases such as Crohn's disease, gastroschisis and bowel obstruction will further accelerate the medical fluid bags market growth over the forecast period.
Growing geriatric population across the globe will drive the demand for medical fluid bags market during the forecast period. According to United Nations, the geriatric population accounted for 962 million in 2017 and is expected to double to reach nearly 2.1 billion by 2050. Increase in age results in loss of appetite as well as motor skills that are required for eating. Need for parenteral nutrition through use of IV is high among the elderly patients owing to inability or difficulty in swallowing. Furthermore, bowel and urine incontinence among the geriatric population will fuel the demand for drainage bags during the forthcoming years.
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Rising number of healthcare centers such as clinics, hospitals and ambulatory surgical centers worldwide coupled with increasing number of surgical procedures will serve to be high impact rendering factors. Increasing awareness among patients pertaining to need for surgeries in treatment of various diseases, improved healthcare facilities as well as increased disposable income has resulted in increase in number of people undergoing surgical procedures. Around 232 million surgical procedures were performed in 2013 worldwide. However, extensive use of Poly Vinyl Chloride (PVC) with DEHP plasticizer used for manufacturing fluid bags has a negative impact on humans as well as the environment. Incineration of PVC and DEHP results in formation of carcinogenic and other toxic material that harm human organs such as kidneys, lungs, liver as well as the male reproductive system hampering the industry growth.
Drain bags segment of medical fluid bags market held the largest market share in 2017 and is estimated to follow similar trend over the forecast period owing to increasing prevalence of kidney failures and rising number of surgeries. Prevalence of diabetes, hypertension and obesity in adults between 35-55 years of age is increasing in recent years. Furthermore, chronic kidney related disorders in geriatrics such as cognitive impairment, cardiac diseases and kidney failure will favor segment growth during the forthcoming years.
Thermoplastic polyurethanes segment of medical fluid bags market will witness lucrative growth over the forecast period owing to greater blood biocompatibility compared to other materials, high elongation, superior tensile strength and resistance to oil, grease, chemical and abrasion. Moreover, thermoplastic polyurethane helps reduce the negative impact of PVC as it is capable of recycling and easy to process. Addition of various additives to thermoplastic polyurethane renders it more versatile as compared to other materials thereby augmenting the segment growth. For instance, addition of anti-microbial agents minimizes chances of infection.
Hospitals segment of medical fluid bags market accounted for the largest market share in 2017 attributable to the increasing number of hospitals in developing countries, rising demand for medical fluid bags owing to the geriatric patient pool as well as favorable reimbursement policies that influence adoption of expensive treatments. Furthermore, improved healthcare facilities, increasing disposable incomes and rising awareness among people towards adoption of surgical procedures for disease treatment will fuel the segment growth over the forecast period.
U.S. dominated the medical fluid bags market in 2017 and will witness robust growth over the forecast period owing to the high prevalence of chronic diseases coupled with favorable reimbursement policies. Various government initiatives such as Affordable Care Act (ACA) aimed at improving quality of healthcare, increasing access and reduction of costs will boost the market growth during the forthcoming years.
Growing investments in healthcare infrastructure, increasing disposable income and rising prevalence of chronic diseases coupled with growing geriatric population base will lead to a significant growth in the Indian medical fluid bags market. Furthermore, low labor cost in India coupled with high level of technical expertise render India as a highly favored destination for outsourcing of manufacturing services. Government funding for R&D investments to accelerate new product development will further fuel the regional growth throughout the forecast period.
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Some of the notable industry players operating in global medical fluid bags market are Amsino, B. Braun, Baxter, C.R.Bard, Coloplast, ConvaTec, Eagle, Fresenius Kabi, Hospira, Kawasumi Laboratories, Kraton, Maco Pharma, Pall Corporation, Renolit, Sippex, Smiths Medical, Technoflex, Terumo, Thermofisher, Vonco, Westfield Medical, Wipak. Industry players are focusing on R&D activities to develop innovative and superior quality products in less cost. Strategic expansion through collaborations and acquisitions help the players to strengthen and enhance the product portfolio. For instance, in April 2017, B. Braun Medical collaborated with Christie Medical Holdings Inc. with an aim to provide health care providers and patients with a seamless solution for refining peripheral IV access.
