Ocean View, DE -- (SBWire) -- 05/13/2020 --Medical Fluid Bags Market will exceed USD 4.4 billion by 2024; as per a new research report.
Rising aging population, leading to various age-associated diseases coupled with increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, kidney and liver disorders, will drive medical fluid bags market over the forecast timeframe.
A large number of preterm births leads to an increase in demand for critical care and life support facilities & the need for giving intravenous parenteral nutrition. Additionally, huge patient population undergoing surgical procedures owing to increased awareness regarding availability of various healthcare facilities will act as high impacting factor for industry growth.
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Numerous government and non-government initiatives has led to a rise in awareness amongst the population regarding the necessity of blood donations. These initiatives will assist the population to increasingly participate in blood donation activities that will propel industry growth. Furthermore, favorable reimbursements by Medicare and Medicaid for various fluid bags will drive medical fluid bags market over the forecast timeframe. However, ill effect on environment as well as human beings, along with fragmented industry will hinder medical fluid bags market growth during the forecast timeframe.
Drain bags segment dominated medical fluid bags market contributing to over 30% share in 2017 and is estimated to grow considerably over the forecast timeline. Increasing number of surgeries coupled with rising prevalence of chronic diseases such as kidney failure and cardiovascular diseases resulting into surgeries, will drive segment growth.
Polyolefins segment is the largest market share bearing segment, driven by superior properties such as greater thermal stability, lesser leaching levels and high-impact resistance.
This material is unreactive possessing great organoleptic properties. Due to excellent stability property, the need for chemical analyzer is eliminated thereby, increasing customer preference. Thermoplastic polyurethanes segment will grow at significant growth rate owing to higher relative biocompatibility, versatility and ease of recycling.
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Blood banks segment is anticipated to witness significant growth during the forecast timeline due to rising necessity for cellular therapies, customized vaccines and blood transfusion. Growing awareness for blood donations along with secure blood storage during transportation and blood donation camps will further accelerate business growth.
High medical fluid bag adoption rate and an excellent reimbursement scenario will drive the U.S. medical fluid bags market. Additionally, rising prevalence of kidney diseases that require more number of medical fluid bags will propel business growth in the country.
Germany medical fluid bags market will be driven by rising geriatric population coupled with high chronic disease occurrence. Growing tie-ups amongst the companies for gaining technological advantage will favor industry growth.
Some of the key industry competitors in medical fluid bags market Amcor, 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 adopting strategies such as acquisitions and collaborations in order to expand their product base and thereby increase company revenue.
