The launch of Cryo-Cell International’s blood freezer bag is an exemplary instance that marks the progressive shift being witnessed in medical fluid bags market. The latest blood freezer bag, approved by the U.S. Food and Drug Administration, enables multiple uses of the baby’s cord blood stem cells. It reportedly works in tandem with proprietary procedure enhancements by Cryo-Cell that have improved stem cell viability by around 10%. This transformative product goes on to demonstrate the significant results of the R&D programs being undertaken by major firms operating in medical fluid bags industry.
In addition to this, there has been a substantial rise in the number of healthcare centers such as ambulatory surgical institutes, hospitals, and clinics which has invariably had an optimistic influence on the medical fluid bags market share which surpassed a total revenue of USD 2.8 billion in 2017, as per reliable estimates.
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Thermoplastic elastomers to procure a major chunk of the medical fluid bags industry landscape
Increasing tendency of healthcare institutions to utilize light-weight, eco-friendly, and sustainable alternatives over PVC compound has been one of the pivotal factors that have compelled medical fluid bags market players to readily incorporate thermoplastic elastomers in their manufacturing units. While PVC compound continues to hold a significant position in creating several products across diverse business verticals, reducing or eliminating the use of PVC in the medical devices and equipment has emerged as a major challenge for many hospitals and healthcare institutions across the globe.
In this regard, it is quite prudent to mention that several progressive features of thermoplastic elastomers such as ease of recycling, superior low-temperature flexibility, higher tear resistance, greater elongation, and broader processing window has immensely popularized this material across medical fluid bags market space. Considering its scores of benefits over traditional bags made from PVC compound, numerous companies catering the healthcare industry have directed their resources toward manufacturing PVC-free medical equipment including fluid storage, delivery, and drainage bags.
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Citing an instance to affirm the efficacy of the aforementioned statements, O’Sullivan Films, one of the foremost producers of medical grade films, had announced in 2016 that it has collaborated with Genesis Plastics Welding and Teknor Apex Company to manufacture a PVC-free alternative film. The United States-based firm further made it clear that the latest film could be used to produce a variety of medical fluid bags. Apparently, the company added in a statement that the film has been created using the flagship ecoGenesis™ technology of Genesis Plastics Welding and Teknor Apex’s Medalist® medical elastomers.
Moreover, the latest films have been reportedly manufactured from an advanced Thermoplastic Elastomer (TPE) Medalist® MD-500 Series product of Teknor Apex and raw materials approved by Food and Drug Administration (FDA) of the U.S. This instance apparently goes on to reinforce the fact that the overall usage of thermoplastic elastomers in manufacturing a variety of fluid bags has been witnessing a significant jump in the recent times which would consequentially boost the prominence of this material across the medical fluid bags industry. In fact, as per the estimates recorded in the research report collated by Global Market Insights, Inc., thermoplastic elastomer segment of medical fluid bags market is slated to expand at an impressive CAGR of 6.8% over 2018-2024.
Speaking of the regional growth outlook of medical fluid bags industry, the U.S. has been the forerunner in terms of apportioning the largest revenue share of this business space in the year 2016. A substantial increase of chronic illnesses such as cancer, Crohn’s disease, gastroschisis, diabetes, bowel obstruction, and disorders related to kidney and liver has considerably augmented the product demand in this region. Moreover, with the presence of a well-established healthcare infrastructure coupled with a number of favorable reimbursement policies, the U.S. medical fluid bags industry is slated to proliferate at an exceptional pace over the next few years, cite analysts.
Touted to be a crucial part of the overall healthcare and medical devices industry, medical fluid bags market has been witnessing a paradigm shift of sorts in terms of innovation and technological advancements in the recent times. Driven by a steady increase in R&D initiatives coupled with the introduction of high-grade products, medical fluid bags industry size is forecast to register a commendable CAGR of 6.5% over 2018-2024.