Market Trends of Medical Specialty Bags Industry
This section covers the major market trends shaping the Medical Specialty Bags Market according to our research experts:
Intravenous Fluid Bags Segment is Expected to have a Significant Growth in the Market Over the forecast Period
Intravenous (IV) bags are used to prevent dehydration, maintain blood pressure, or give patients medicines or nutrients to disable patients or patients in care. In hospitals, IV bags have various applications such as providing nutrition, sustaining basal hydration levels, and maintaining the correct electrolyte balance. Thus, due to its numerous applications in healthcare settings, following various medical procedures, the demand for IV bags is growing. This is further expected to fuel the Segment's growth.
Besides, the elderly population is also likely to boost the market growth, as the insufficient intake of food and nutrition at an older age leads to vitamin deficiency among the elderly population aged 60 years or more. For instance, according to an article published in BMC Geriatrics journal, iron deficiency anemia (IDA) is the most common type of nutrient deficit linked with anemia, followed by vitamin B12, folate, and iron among the older population. Additionally, the same source also stated that in elderly surgical patients with IDA, IV iron supplementation raises hemoglobin (Hb) levels which in turn lowers the need for blood transfusions. Thus, there is a demand for IV supplements among hospitalized patients which is expected to fuel the growth of the segment.
Also, the technological advancements in intravenous bags are likely to add to the growth of the market. For instance, as per an article published in March 2022 in Contrast Media and Molecular Imaging, the application of artificial intelligence in intravenous drug dispensing technology is currently gaining demand to increase the accuracy and safety of IV supplementation. Thus, the implementation of advanced technologies such as artificial intelligence could be used to overcome problems such as difficult dispensing processes, high labor intensity, occupational injury, time-consuming, and shortage of personnel. Hence, the technical advancements are anticipated to fuel the intravenous bags segment growth over the forecast period.
Therefore, owing to the factors mentioned above the segment is expected to witness growth over the forecast period.
North America is Expected to Hold the Largest Market Share over the Forecast Period
North America currently dominates the medical specialty bags market, and it is expected to continue its stronghold for a few more years. Among the other countries, the United States is expected to retain its significant market share, owing to factors, such as rising healthcare expenditure and the increasing burden of chronic diseases.
The increasing trend for rising healthcare expenditure in the United States is also predicted to propel market growth. Every year, the United States government and population spend a significant amount on healthcare. For instance, the health spending statistics updated by OECD in November 2022, reported that in the United States, the total healthcare spending per capita accounted for USD 12,318, and inpatient and outpatient spending accounted for 60% of total healthcare expenditure in 2021. This high spending on healthcare is anticipated to increase hospital development activities, and hospital admissions for various chronic diseases and simultaneously it will contribute to the demand generation of the specialty bags used in hospitals, clinics, and other end users for various applications. Thereby, expected to drive market growth.
Furthermore, strategic activities by major players are fueling the market growth in the region. For instance, in September 2021, Arizoana IV Medics launched a starter guide called Bannana BAG IV 101, for its banana IV drip bag, which contain key information about nutrient-rich banana bags that provides fast rehydration and reduce symptoms that are linked to alcohol abuse. Such developments are anticipated to fuel market growth in the region.
Therefore, owing to the factors mentioned above, the studied market is expected to witness growth in North America over the forecast period.
