Medical Specialty Bags Market Regional Analysis

As of 2023, the North American market accounted for 27.85% of the total medical specialty bags market. North America's robust and developed health care system and higher adoption rate are contributions driving the market. Pharmaceutical companies operating within this region continue to invest in resources in the development of medical specialty bags consistently. According to published data by the Centers for Medicare and Medicaid Services, the national health expenditures increased 4.1% in 2022 to reach a total of USD 4.5 trillion, or 17.3% of GDP. During 2024-2031, the US medical specialty bags market is slated to witness an impressive growth rate. The competition in this market has become very aggressive with top-grade global players vying for leadership positions. Manufacturers are increasingly incorporating smart technology and innovative materials to make their products more useful and safer.

In 2023, in terms of revenue share, Europe dominated the market for medical specialty bags. The leading companies in the market are heavily investing to expand their local manufacturing facilities. For instance, Hollister Incorporated, it is an international healthcare business that, in February 2023, enhances its manufacturing operation in Kaunas, Lithuania by a significant amount. The company will spend an investment worth USD 25.0 million over the next four years to expand manufacturing capacity at the Kaunas Free Economic Zone facility. This growth shall witness Hollister providing its critical care, ostomy, and continence care products to Europe in increasing demand.