The report also profiles key players involved in the global ostomy drainage bags market, 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. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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The growth of the global ostomy drainage bags market is driven by the surge in occurrence of colorectal cancer, bladder cancer, urinary tract cancer, Crohn’s disease, and inflammatory bowel disease. Additionally, the growth in geriatric population that opts for ostomy drainage bags and rise in preference for ostomy surgery in both youth & adults also supplement market growth. However, the availability of other alternative surgical procedures restricts market growth. Nonetheless, the launch of new ostomy products with desirable features and rapid technological advancements would provide lucrative opportunities to merging market players in the near future.
The global ostomy drainage bags market accounted for $2.7 billion in 2015 and is projected to reach $3.5 billion by 2022, registering a CAGR of 3.6% during the forecast period, 2016-2022.
The report segments the global ostomy drainage bags market based on type and geography. By type, the report further segregates the market into colostomy bags, ileostomy bags, urostomy bags, continent ileostomy bags, and continent urostomy bags. In 2015, the colostomy bags segment occupied the largest market share. The colostomy, ileostomy, and urostomy bags segments are expected to generate the highest market revenue during the forecast period. However, the continent urostomy and continent ileostomy bags segments are expected to grow at high CAGR from 2016 to 2022.
Regionally, North America dominated the global market, followed by Europe. This is attributed to moderate reimbursement scenarios in these regions. Moreover, Asia-Pacific is projected to exhibit the highest CAGR of 6.7% during the forecast period.
Scope of the Report:
|Market size available for years||2014 – 2022|
|Base year considered||2015|
|Forecast period||2014 – 2022|
|Forecast units||Value (USD)|
|Segments covered||By Type, By Geography|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
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