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Wednesday, 27 July 2016
Ostomy Drainage Bags Market : Research Report, Industry Outlook and Forecast 2023
As per the latest publication by Credence Research, Inc. “Global Ostomy Drainage Bags Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast, 2016 - 2022,” the ostomy drainage bags market was valued at USD 1,936 Mn in 2015, and is expected to reach USD 2,958 Mn by 2022, expanding at a CAGR of 6.2% from 2016 to 2022.
High prevalence of colorectal cancer, rapidly growing geriatric population pool and gradual adoption of ostomy procedures have together rendered a steady growth to the global ostomy drainage bags market. Ostomy is a surgical procedure for creating an opening (stoma) for body waste expulsion. The exact statistics regarding the number of ostomates could not be done, however it is estimated that this number ranges between 450,000 to 800,000, whereas the average age of patients undergoing ostomy is 68.
With the overall growth in geriatric population, the number of ostomy procedures is anticipated to augment significantly. Adoption of novel ostomy drainage products covered under reimbursement policies would further encourage patients to improvise in terms of product usage and also adopt disposable product options.
Among the different product types, colostomy drainage bags are the largest product segment standing at almost half of the market share in 2015. High prevalence of colorectal cancer and rising awareness about colostomy as an convenient treatment and disease management option facilitate the dominance of this segment. Also establishment of several ostomy advocacy groups and organizations about life with ostomy further adds future prospects to the market. Patient education and propagation of availability of advanced colostomy products thereby boost the demand for colostomy drainage bags in the global market.
In terms of geographical distribution, North America and Europe together capture more than 60% share of the global ostomy drainage bags market. Here again, high awareness among both caregivers and patients play a vital role in widespread adoption of ostomy drainage bags in these regions. Additionally, Latin America and Asia-Pacific are anticipated to be the fastest developing regional markets during the forecast period. Rising incidence of colorectal cancer in the region, growing prevalence of sedentary lifestyle in emerging economies facilitate the growth of number of ostomies being performed and thus the demand for ostomy drainage bags.
The ostomy drainage bags market, is moderately competitive and is characterized with presence of several region specific market players. Though the market is experience is steadily progressing in terms of revenue generation, the volume growth of the same relatively slacks. Pelican Healthcare, Alcare Co., Coloplast A/S, ConvaTec, Inc. are some of the notable players in the global ostomy drainage bags market.
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