The top three players operating in the global ostomy drainage bags market are Coloplast A/S, Hollister Incorporated, and ConvaTec, Inc. The cumulative share of these leading companies in the overall market as of 2013 stood at 84.5%. These companies are focusing on developing innovative and advanced products to maintain a competitive edge in the global market. The players are also aiming at expanding their product portfolio through mergers and acquisitions in the emerging economies. “Delivering product differentiation on the basis of product design and price will emerge as two key strategies that will help market players penetrate in price-sensitive regions as well,” suggests the lead author of this research report.
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According to the research report, the opportunity in the global ostomy drainage bags market is expected to be worth US$2.7 bn by the end of 2022 as the market exhibits a CAGR of 4.7% between 2014 and 2022. The overall market is expected to be driven by the increasing demand for colostomy bags as the segment rises at a CAGR of 4.9% between 2014 and 2022. The demand for colostomy bags will grow due to a high prevalence of colorectal cancer. Geographically, Asia Pacific is anticipated to witness a significant rise in the demand for ostomy drainage bags due to a growing pool of patients with unmet medical needs. Owing to this reason, this geographical segment is expected to expand at a 5.3% CAGR during the forecast period.
High Prevalence of IBD Poised to Drive Global Market
The population explosion has led an increasing pool of geriatrics across the U.S., Japan, China, and Germany. Growing old comes with its set of risks such as bowel cancer, bowel dysfunctions, colon cancer, and other incontinence disorders. These demand ostomy procedures, thus driving the demand for ostomy drainage bags. The demand for these bags is also growing due to the high incidence of bladder cancer, inflammatory bowel diseases, colorectal cancer, and Crohn’s disease. According to the U.S. Centers for Disease Control and Prevention, there are more than 1 million people suffering from inflammatory bowel disease (IBD) in the country. This disease includes a wide range of conditions pertaining to the gastrointestinal tract. Crohn’s disease and ulcerative colitis are also considered to be a part of the IBD. The rising number of patients suffering from these diseases and disorders are likely to facilitate the demand for ostomy drainage bags.
The entry of new players in the global ostomy drainage bags market with the relaxation of FDA norms for the class I medical devices has triggered a substantial demand for ostomy drainage bags. This move has allowed new players to be a part of the market with low capital investments along with relatively simpler approval processes that require baseline standards. This has compelled existing players to price their products at competitive rates, thereby making these medical devices a little more affordable than before.
The overall ostomy market has also been thriving due to the growing awareness amongst patients about the ostomy procedures. Furthermore, programs to eradicate and educate the masses to tackle the stigma associated with carrying ostomy bags are also lending an impetus to the global market.
Alternative Therapies Shifts Focus from Ostomy Procedures
The strong market drivers are being stymied with restraints such as available of alternative medical procedures. Surgeries such as ileoanal reservoir procedures and bladder diversion surgeries do not require ostomy bags post surgeries. This factor has been discouraging the uptake of ostomy drainage bags to a fair degree.