Specialty Medical Bags Market Growth Expanded from Rising Number of Hospitals in Developing Economies

A new Transparency Market Research report states that the global medical specialty bags market pegged at US$5.4 bn in 2013 is predicted to reach US$7.6 bn by 2020 by expanding at a CAGR of 5.20% from 2014 to 2020. The title of the report is €œMedical Specialty Bags Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020.

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Medical specialty bags are utilized in preventing, assisting, and treating numerous types of disorders such as cancer, ostomy, ophthalmic, and ophthalmic diseases. They are also utilized for laparoscopic surgical procedures and urinary surgical procedures, among others. The demand for surgeries is on the rise owing to the increasing occurrence of chronic diseases and the growing count of accidents, thus fuelling the demand for medical specialty bags. Medical specialty bags are extensively used within healthcare institutions and hospitals.

As per the report, the increasing count of hospitals in developing economies has boosted the market for medical specialty bags. In addition, the swiftly increasing aging population is a key factor impacting the market positively. Furthermore, the supportive reimbursement policies have encouraged the adoption of expensive treatments amongst patients, driving the growth of the market. The flexibility in FDA approval norms in case of 510k exempted class I devices is also a chief factor augmenting the growth of the market for medical specialty bags. Additionally, the improvement of the healthcare sector in developing nations has raised the count of healthcare procedures, thus propelling the development of the market.

The soaring count of chronic diseases globally has also resulted in the increased demand for medical specialty bags. On the other hand, the absence of awareness about diseases in some underdeveloped nations has lowered the count of healthcare procedures, thereby inhibiting the development of the market.

The major players dominant in the market are Coloplast A/S, Hollister Incorporated, Baxter International, Inc., Medline Industries, Inc., Nolato AB, and Macopharma SA, among others.

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