Demand for Global Medical Fluid Bags Market Size & Share | Exhibit a CAGR of 6.4% Growth | Industry Trends, Value, Analysis & Forecast Report by Zion Market Research
NEW YORK, June 11, 2022 /PRNewswire/ -- As per the Zion Market Research study, The global medical fluid bags market was worth around USD 3.25 billion in 2021, with a compound annual growth rate (CAGR) of approximately 6.4 percent over the forecast period. The report evaluates key drivers and opportunities for the medical fluid bag market. Also, major restraints and challenges are studied in the report that can impact the overall market expansion during the projection period. In addition.
Key Industry Insights & Findings of the Medical Fluid Bags Market Reports:
- As per the analysis shared by our research analyst, the Medical Fluid Bags Market is expected to grow annually at a CAGR of around 6.4 % (2022-2028).
- Through the primary research, it was established that the Cognitive and Memory Enhancer Drugs Market was valued at approximately USD 3.25 Billion in 2021.
- This is primarily due to the high patient population, increasing prevalence of chronic diseases, large number geriatric population, and emerging healthcare infrastructure.
- China and India are expected to remain the major revenue contributor in the regional market owing to the huge patient population and presence of key vendors.
- North America and Europe are projected to contribute significant revenue to the global market during the forecast period
Zion Market Research published the latest report titled "Medical Fluid Bags Market By Product Type (Blood Bags, Intravenous Bags, Dialysis Bags, And Others), By Material (PVC Compounds, Polyolefins, And Others), And By End-User (Hospitals, Diagnostic Laboratories, Blood Banks, Ambulatory Surgical Centers, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028" into their research database.
Medical Fluid Bags Market: Overview
Medical fluid bags come in a variety of sizes and are made up of an interior pouch and an outside plastic coating. The separation of these bags into an inner pouch and an exterior covering serves to protect the contents until the pouches' specified expiry date. These bags are commonly utilized in healthcare settings with a multifunctional approach to maintain proper sterilized conditions for blood samples, which helps to ensure infection-free premises, reduce disease spread, and avoid any loss of blood samples or medications. Additionally, these bags are utilized in fluid replacement treatment, which is used to ensure blood transfusions, body fluid collection, electrolyte imbalances, and the patient's healthy nutritional intake via an oral or enteral route of administration.
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Industry Dynamics:
Medical Fluid Bags Market: Growth Drivers
- Growing geriatric population may boost the market growth over the forecast period.
The global increase in the number of geriatric and older persons is likely to boost the market. According to the World Health Organization, the share of the world population over 60 years old is predicted to rise by 22% by 2050, reaching 2 billion people. In the year 2020, the number of persons over 60 years old outweighed children under the age of five. By 2050, 80 percent of the world's elderly will be living in low- and middle-income countries. This is a significant problem for countries throughout the world since they must guarantee that their social and health systems are capable of dealing with this demographic transformation. Chronic obstructive lung disease, diabetes, obesity, and heart disease are all frequent illnesses in older people. Geriatric syndromes refer to the rise of complicated health conditions such as urine incontinence, frailty, and cancer as people get older. As medical fluid bags are used to store blood, drain, glucose, and other liquids, it will have a significant impact on the growth of the global medical fluid bags market. Furthermore, the increase and development of numerous chronic diseases, such as obesity, cardiovascular diseases, and other associated conditions, are also driving the market.
Medical Fluid Bags Market: Restraints
- Health hazards associated with components used in the manufacturing of medical fluid bags may impede the market growth.
Concerns about incorrect disposal having a negative influence on the environment, as well as difficulties linked with the usage of PVC-made medical fluid bags on patients' overall health, might stymie market growth. Prolonged exposure to endocrine-disrupting di-(2-Ethylhexyl) phthalate (DEHP) and bisphenol-A (BPA) has been linked to major health problems, according to the National Centers for Biotechnology Information.
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Global Medical Fluid Bags Market: Opportunities
- Increasing the use of eco-friendly materials for the manufacturing of medical fluid bags will provide better growth opportunities for market expansion.
This growing emphasis on the usage of environmentally friendly materials in the creation of medical specialty bags will have a favorable influence on the market's growth in the coming years. Because of the negative effects of DEHP-PVC medical bags on human health and the environment, PVC-free medical bags have been developed. Several governmental and private groups are encouraging the adoption of environmentally friendly materials in medical disposables to safeguard caregivers and patients from the pollution generated by PVC manufacture and disposal. To limit the quantity of waste created during ostomy treatments, vendors are also producing washable and biodegradable pouch liners, which is one of the important trends in the global medical fluid bags market.
Global Medical Fluid Bags Market: Challenges
- Stringent regulatory approvals for the manufacturing of medical fluid bags pose a major challenge to the market growth.
The Food and Drug Administration (FDA) in the United States oversees the development, approval, and post-approval monitoring of medical devices, counting medical fluid bags. The majority of medical fluid bags are classed as Class I medical devices, requiring manufacturers to register their businesses. In order to receive FDA clearance, medical fluid bags must also have correct labeling and fulfill the packaging standard standards of 21 CFR 175.105. Such mandatory regulatory requirements may cause a delay in product launch, limiting the arrival of new medical fluid bags in the market.
Global Medical Fluid Bags Market: Segmentation
- The global medical fluid bags market is categorized into product type, material, end-user, and region.
Based on product type, the market is categorized into intravenous bags, blood bags, dialysis bags, and others. The material segment of the market is bifurcated into polyolefins, PVC compounds, and others. The end-user segment is further divided into ambulatory surgical centers, hospitals, blood banks, diagnostic laboratories, and others.
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List of Key Players in Medical Fluid Bags Market:
- Baxter International
- B. Braun Medical
- C.R. Bard (Becton Dickinson and Company)
- Terumo Corporation
- Coloplast
- Fresenius Kabi
- Pall Corporation
- ConvaTec
- Renolit
- Maco Pharma
- Smiths Medical
- Technoflex
- Thermo Fisher Scientific
Key questions answered in this report:
- What are the growth rate forecast and market size for Medical Fluid Bags Market?
- What are the key driving factors propelling the Medical Fluid Bags Market forward?
- What are the most important companies in the Medical Fluid Bags Market Industry?
- What segments does the Medical Fluid Bags Market cover?
- How can I receive a free copy of the Medical Fluid Bags Market sample report and company profiles?
Report Scope:
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Recent Developments:
- In November 2020, Fagron Sterile Services (FSS) introduced Intravenous (IV) Bags, which complement the company's current HYDROmorphone, fentaNYL, and midazolam brands. This introduction aided the corporation in expanding its product variety and increasing revenues.
Regional Dominance:
- North America to lead the global market over the forecast period.
Asia Pacific holds the major share in the global medical fluid bags market. This is primarily due to the high patient population, increasing prevalence of chronic diseases, large number geriatric population, and emerging healthcare infrastructure. China and India are expected to remain the major revenue contributor in the regional market owing to the huge patient population and presence of key vendors. North America and Europe are projected to contribute significant revenue to the global market during the forecast period.
Global Medical Fluid Bags Market is segmented as follows:
Medical Fluid Bags Market: By Product Type Outlook (2022-2028)
- PVC Compounds
- Polyolefins
- Others
Medical Fluid Bags Market: By End User Outlook (2022-2028)
- Hospitals
- Diagnostic Laboratories
- Blood Banks
- Ambulatory Surgical Centers
- Others
Medical Fluid Bags Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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- Orthopedic Navigation Systems Market - Global Industry Analysis: The global Orthopedic Navigation Systems market accrued earnings worth approximately 2.1(USD Billion) in 2020 and is predicted to gain revenue of about 7.3 (USD Billion) by 2028, is set to record a CAGR of nearly 14.7% over the period from 2021 to 2028.
- Intravenous Infusion Pumps Market - Global Industry Analysis: The global Intravenous Infusion Pumps market accrued earnings worth approximately 4.7 (USD Billion) in 2020 and is predicted to gain revenue of about 8.9 (USD Billion) by 2028, is set to record a CAGR of nearly 8.1% over the period from 2021 to 2028.
Browse through Zion Market Research's coverage of the Global Medical Device Industry
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