Portland, OR -- (SBWire) -- 06/28/2018 --Ostomy Drainage Bags Market report, published by Allied Market Research, forecasts that the global market is expected to garner$3,524 million by 2022, growing at a CAGR of 3.6% during the period 2016-2022.
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The ostomy drainage bags market was valued at $2,742 million in 2015, and is expected to reach $3,524 million by 2022, growing at a CAGR of 3.6% from 2016 to 2022.
High prevalence of colorectal cancer owing to the increase in geriatric population drives the market growth. Increase in population prone to colon cancer, urinary tract cancer, bladder cancer, colorectal cancer, inflammatory bowel disease, and chronic diseases such as ulcerative colitis and Crohns disease that require ostomy surgery, further boosts the market growth.
Launch of new ostomy products with desirable features and technological advancements would propel adoption of these products. says Hemali Narkhede, Manager, Healthcare Research at Allied Market Research.
North America was the largest regional market, followed by Europe due to moderate reimbursement scenario in these regions. Asia-Pacific is estimated to grow at the highest CAGR of 6.7% during the forecast period.
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Key Findings Of The Ostomy Drainage Bags Market Study
-Colostomy, ileostomy, and urostomy bags segments are expected to occupy highest market share, and are identified as lucrative targets for investment.
-Colostomy bags segment dominated the ostomy drainage bags market in 2015.
-Majority of the market share was dominated by North America in 2015, while Asia-Pacific is expected to grow at the highest rate.
-Continent urostomy and Ileostomy bags segments are projected to grow at high CAGRs globally.
The respective firms associated with ostomy healthcare products have set their positions in the market by launching innovative products meeting patients' needs and comfort. The demand for ostomy bags as a life-saving opportunity has increased among people as they offer features such as skin-friendliness, waterproof, unbreakable, and long durability, thus affecting the adoption of these bags.
Key market players, such as Coloplast A/s, ConvaTec Inc., Hollister Incorporated, Welland Medical Ltd., Salts Healthcare Ltd., Pelcin Healthcare Ltd., ALCARE Co. Ltd., and B. Braun Melsungen AG, are involved in technical advancements that leads to market growth.
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