Ostomy Drainage Bags Market 2022-2031
New Study Report “ Ostomy Drainage Bags Market 2022 Global Market Opportunities, Challenges, Strategies and Forecasts 2031″ has been Added on PMR.
The Ostomy Drainage Bags Market is likely to grow at an impertinent level shortly. Chabot’s powered by machine learning is the transformation of the way interaction amongst patients happens. Machine learning is there to help radiologists to identify differences in the scans. This, in turn, helps them in diagnosing and detecting health issues, that too, at an early stage. This is the ongoing trend in the healthcare vertical and the status quo is expected to remain unchanged even going forward.
As per Persistence Market Research’s latest industry analysis, the global ostomy drainage bags market was valued at US$ 1.57 Bn in 2020, and is expected to exhibit a CAGR of around 3.5% over the forecast period (2022-2031).
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Ostomy drainage bags are useful for patients who suffer from chronic diseases such as irritable bowel syndrome, colorectal cancer, ulcerative colitis, Crohn’s disease, diverticulitis, and others. Since the prevalence of these diseases has been increasing in the past few years, demand for ostomy drainage bags has also increased in parallel.
The market has witnessed advancements of technology in terms of innovative ostomy drainage bags. Strategic mergers & acquisitions and introduction of new products are some of the key strategies adopted by the major players of this industry.
Opportunistic growth awaits the key players since the cost of ostomy procedures has reduced in the past few years, and there is increased adoption of these products amongst healthcare providers and patients. Manufacturers are investing in research & development activities to develop unique and technologically-advanced devices, such as implantable drainage bags for remote monitoring.
- For instance, in October 2019, Hollister Inc., a leading medical device manufacturer, announced the construction of a new manufacturing plant in Kaunas Free Economic Zone in Lithuania. This new manufacturing plant was started to produce ostomy-care products at first, and later start manufacturing continence-care products as well.
- Hollister Incorporated
- Alcare Co. Ltd.
- Coloplast Group
- ConvaTec, Inc
- B.Braun Melsungen AG
- Torbot Group Inc.
- Flexicare Medical Ltd
- Marlen Manufacturing & Development
- Pelcin Healthcare Ltd
- Salts Healthcare Ltd
- Welland Medical Ltd
- Prowess Care
- Oakmed Healthcare
- Goodhealth Inc.
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Key Takeaways from Market Study
- By product, colostomy bags are expected to hold over 60% market value share by the end of 2031.
- Based on modality, single-use ostomy drainage bags are leading with 62.8% market share.
- Hospitals dominate the end-user segment with a share of around 42.7%, due to increasing favorable reimbursement scenario and decreasing cost of ostomy procedures.
- By region, North America is slated to be the largest market with a value share of around 33% by 2031.
“Advancements in technology and increasing demand for ostomy drainage bags for chronic diseases management will positively impact market growth over the coming years,” says an analyst of Persistence Market Research.
Acquisitions, mergers, expansion, and product launches are key strategies being adopted by manufacturers for technology transfer and to increase their consumer base across geographies.
- In March 2021, Coloplast Corp, a global medical device manufacturing company, who is also a leader in intimate healthcare products, was awarded a contract by Vizient Inc., for its ostomy products. Vizent Inc., is the largest healthcare performance improvement company in the U.S.
- In June 2021, Pelican Healthcare Ltd., based in Cardiff, strengthened its position as one of U.K.’s top makers of disposable stoma products in the U.K. and Ireland healthcare markets, following major investment for the launch of a new innovative ostomy pouch portfolio called ModaVi.
- In April 2021, Welland Medical announced a distributor partnership with Premier Ostomy Centre in Canada for its ostomy care products and accessories to be made directly available for the Canadian population.
Major Highlights of the Ostomy Drainage Bags Market Report:
- The Ostomy Drainage Bags Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
- The report dives deeper into the market and explains the dynamic factors bolstering market growth.
- The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
- The report analyzes the Ostomy Drainage Bags Market presence across major regions of the world.
- It determines the production & consumption capacities and demand & supply dynamics of each regional market.
- The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
- It provides company overview and SWOT analysis of each of the market players.
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