Medical Fluid Bags Market worth over $4.9bn by 2027

Medical Fluid Bags Market size is set to surpass USD 4.9 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Growing prevalence of infectious and non-communicable diseases along with rising number of blood donations and transfusions are among the major factors contributing towards the market growth. As per the World Health Organization (WHO) report 2018, around 15 million mortality cases of age group 30 to 69 years occur every year due to non-communicable ailments. Blood and urine bags are widely used in the treatment of patients suffering from chronic ailments, specifically during dialysis, complex surgeries, organ transplantation, and chemotherapy procedures. These products are also used during the diagnosis of numerous infectious and non-infectious disorders.
 

As per the American Red Cross report 2018, in the U.S., over 21 million blood components are transfused every year. Furthermore, according to the WHO report 2020, around 118.5 million blood donations were collected across the globe. Hence, the surging number of blood donations and transfusions are predicted to spur the industry growth during the forecast period. As a result, the companies are investing in developing high-quality medical fluid bags, further facilitating the market progression positively.
 

Increasing geriatric population is projected to promote the medical fluid bags market expansion. According to the Eurostat, the population of elderly people in the Europe is expected to reach 129.8 million by 2050. As per the American Association of Retired Person, the older population in Germany is estimated to upsurge, reaching nearly one-third of the total population by 2050. Rising age is one of the non-modifiable factors that surges the risk related to chronic diseases. Additionally, urinary retention owing to neurological abnormalities, posterior urethral stricture, and bladder neck obstruction is one of the major concerns in older people that will augment the industry progression.
 

Numerous benefits offered by drain bags are anticipated to drive the market revenue

The drain bags segment is poised to expand at more than 5.9% growth rate through 2027 led by the growing prevalence of diabetes and hypertension that leads to a rising prevalence rate of end-stage renal disorders. As per the WHO, a projected around 1.13 billion people across the globe are suffering due to hypertension. Diabetes is the leading cause of chronic kidney failure, followed by hypertension that will affect around 422 million people worldwide. According to the University of California San Francisco research data, an estimated around 2 million individuals globally suffer from renal failure and the number of patients diagnosed with this disorder continues to upsurge at a rate of 5-7% every year. As a result, surging number of patients suffering from end-stage kidney ailments will boost the demand for medical fluid bags for urine collection, thereby driving the industry expansion over the forecast period.
 

Browse key industry insights spread across 250 pages with 498 market data tables & 15 figures & charts from the report, “Medical Fluid Bags Market Size By Product (Blood Bags, Intravenous Bags, Drain Bags {Surgical, Urinary}, Enema Bags, Biohazard Disposable Bags, Breast Milk Bags, Reagent Bags, Dialysis Bags), By Material (PVC Compounds, Polyolefins, Thermoplastic Elastomers, Thermoplastic Polyurethanes), By End-Use (Hospitals, Blood Banks, Clinics, Homecare Settings, Diagnostic Centers), COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/medical-fluid-bags-market
 

Growing preference for eco-friendly materials used in medical fluid bags will attract a large customer pool

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The polyolefins segment is poised to reach over 2.10 billion by 2027. This is attributed to its high thermal stability, excellent organoleptic properties, and low leaching & extracting levels among others. This material is highly unreactive in nature and eradicates the requirement of a chemical analyzer owing to its high stability that is slated to stimulate the segment growth. There has been a surge in the use of eco-friendly polyolefins that ensure minimal environmental degradation and cause lesser emissions. Factors such as stringent government regulations, increasing consumer awareness pertaining to environment protection, an upsurge in efforts to curb plastic waste disposal, etc. are promoting the use of medical bags made of polyolefins. Moreover, several medical organizations are emphasizing to use polyolefins that do not exhibit PVC’s negative effects or release its toxins.
 

Emerging number of blood banks across the globe are expected to fuel the market demand

The blood banks segment will cross USD 739 million by 2027 on account of the increasing prevalence of hematological disorders, rise in accidents, and high demand for safe blood components credited to growing prevalence of transfusion transmissible infections among others. Further, as per the WHO report, around 1.3 million individuals die every year as a result of road traffic crashes. Hence, rising road traffic accidents result in serious blood loss injuries which in turn will augment the segment expansion.
 

Rising prevalence of chronic diseases in China is predicted to propel the industry value

China medical fluid bags market size was over USD 331 million in 2020. This is attributable to a rise in incidences of various chronic disorders comprising cardiovascular diseases, cancer, diabetes, kidney, liver infections, etc. As per an article published in 2020, in China, it is estimated that 4 million deaths are due to cardiovascular diseases every year. Cancer is a major health issue and the leading cause of death in China. Moreover, as per the International Diabetes Federation, in China, there are around 425 million adults living with diabetes.
 

Treatment of these disorders needs hospitalization to facilitate administration of nutrition and drugs, thereby accelerating the market growth in the country. As per the article published in 2020, China has made significant advancements in rising blood donation with a rate of 11 donors per 1,000. Hence, market players in the country have introduced a simplified and modern approach in the development of medical fluid bags that will be required to cater to the ever-increasing demand for the product in healthcare settings is anticipated to boost the industry revenue.
 

Implementing new strategies and launch of innovative products to expand customer base is among the primary operating pointers for industry leaders

Some of the major companies operating in the market are Baxter International, B. Braun Medical, Coloplast, Macopharma, Thermo Fisher Scientific, and ConvaTec among others. These participants are involved in partnerships, agreement and acquisition to gain an edge over their competitors.