As per the research report, the size of the Europe Medical Specialty Bags Market is valued at USD 1908.51 million in 2022 and estimated to grow at a CAGR of 5.68%, to reach USD 2515.94 million by 2027 during the forecast period 2022 to 2027.
The major factors expected to drive the market growth of the Europe medical specialty bags are the increase in the incidence of high blood pressure and their complications like urinary incontinence etc. In addition, the development of the elderly population is estimated to drive the growth of this market.
According to the Population Division of the U.N. Department of Economic and Social Affairs, the world's population aged over 60 years will double. Furthermore, that old 80 will triple in the next 30 years. Furthermore, technological developments in the healthcare sector are anticipated to facilitate the market growth with better products in the Europe medical specialty bags market. In addition, the growing need for customer-centric products to cater to target patients is estimated to be another significant factor driving the market.
There is an increased focus on reducing the amount of plastic wastage. Hence, this is paving the way for plastic-free products, which will provide lucrative growth opportunities in the Europe medical specialty bags market. In addition, it triggers the need for special care and proper management, which leads to the need for excellent medical care. Therefore, improving medical standards and facilities and growing concerns about health and hygiene are estimated to drive the growth of this market. Furthermore, unique bags are most often used for surgical procedures, including urinary and laparoscopic surgeries. Hence, the need for surgeries increases due to the increasing incidence of chronic diseases in Europe.
In addition, increased funding for the R&D of new products and approval and launch of the new products is also estimated to contribute to the market's growth. For example, Optique is developing products that are more practical than traditional ostomy bags; they have also received around $ 340,000 from the U.K.'s innovation agency. Finally, leading key players are undergoing mergers and acquisitions to strengthen their product offerings and revenues.
On the other hand, concerns about high-volume specific parenteral infusion bags for product identification purposes and product recalls could jeopardize the growth of the Europe medical specialty bags market soon. In addition, the sale of counterfeit specialty bags and increased patient awareness will further restrain the market growth.
This research report on the Europe Medical Specialty Bags Market has been segmented and sub-segmented into the following categories.
By Product:
By Country:
Geographically, the Europe Medical Specialty Bags Market is predicted to reach a decent CAGR during the period due to the market growth attributed to the awareness among people about products and improved reimbursement packages.
The U.K. Medical Specialty Bags Market is anticipated to have a high CAGR of around 5.69% in the Europe medical specialty bag market because of the high market growth is the due presence of technologically developed products and a sizeable senior population, well-developed healthcare facilities. In addition, this region will also experience significant growth due to economic growth and the emergence of major key players in this region.
The German Medical Specialty Bags Market is captured the majority of shares due to the increased demand for spending on health infrastructure and raising awareness. In addition, government agencies play a critical role in setting competitive prices to limit the spread of fake products.
KEY MARKET PLAYERS
Key players dominating the Europe Medical Specialty Bags Market profiled in this report are ConvaTec, Medline Industries, Inc., Nolato AB, Hollister Incorporated, Baxter International, Inc., Coloplast A/S, Macopharma SA, Terumo Corporation, B. Braun Melsungen AG, Inc, C.R. Bard, Inc.,
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