Global Ostomy Drainage Bags Market Share, Demand And Growth Analysis, Forecast 2017 To 2022 – by Credence Research
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.
Browse the full report Global
Ostomy Drainage Bags Market - Growth, Share, Opportunities, Competitive
Analysis, and Forecast, 2016 – 2022 at http://www.credenceresearch.com/report/ostomy-drainage-bags-market
Market Insights
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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Global Ostomy Drainage Bags Market Share, Demand And Growth Analysis, Forecast 2017 To 2022 – by Credence Research
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