Renowned medical saline bags market giant, ConvaTec Group, has recently acquired its Dutch competitor, Eurotec Beheer, a Netherlands-based company, specializing in developing ostomy appliances. The deal concluded with a valuation of EUR 25 million (approximately more than GBP 21 million) and is ConvaTec’s first acquisition ever since the company was listed in the London Stock Exchange in October 2016. Convatec’s prime intent behind the proposed acquisition was to strengthen its position in Benelux and France medical saline bags markets while developing superior products in ostomy care. Medical saline bags industry is increasingly becoming one of most lucrative businesses spheres for stakeholders, given its far-flung presence across myriad geographies. The increasing number of blood transfusion procedures, blood banks, hospitals, and surgeries, especially across the U.S. and Europe, as per analysts, will augment the demand for blood, enema, IV solution, drain, colostomy, and dialysis bags. Unquestionably, this surging product demand will bring about a commendable change in the dynamics of medical fluid bags market, the valuation of which is slated to cross USD 4 billion by 2024.
The increasing rates of surgical procedures, urinary & bowel incontinence, and rising premature births will be the principal factors impelling medical fluid bags market over 2017-2024. As per WHO, more than 200 million of the global population suffers from bladder problems, while around 16% men and 17% women above 18 years of age suffer from an overactive bladder. The WHO also states that more than 10% males above 65 have a slight degree of urinary incontinence. In the light of this scenario, it is rather overt that medical saline bags market will witness a meteoric rise, given the robustly increasing demand for the product.
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As per a 2008 survey, more than 230 major surgeries are performed every year, globally, and this number has only served to multiply over the last few years. This estimate vividly depicts that in the coming years, a massive rise in the demand for blood, urinary, and colostomy bags will be observed across hospitals and blood banks. A reliable study claims that medical fluid bags industry share from hospitals to grow at a CAGR of 7% over 2017-2024, given the rise in geriatric population, number of chronic disorders, surgeries, and favorable reimbursement policies.
The latest trend in medical saline bags market is that of using PVC-free bags, given the adverse impact of this material on the human body and the environment. In fact, in 2016, the Government of India had compiled a decree – ‘Bio-Medical Waste Management Rules 2016’, which demands the complete elimination of PVC bags for blood, urine, IV solutions, and other fluids.
Envisaging the increasing number of global chronic disorders and the subsequent rise in the demand for fluid bags, it is palpable that the growth curve of medical saline bags industry will take a turn for the better. Furthermore, the demand from end-users, such as blood banks, diagnostic centers, and hospitals is anticipated to continually depict an upward trajectory, which will extensively drive medical fluid bags market, projected by analysts to garner a CAGR of 7% over the forthcoming seven years.