Ostomy Drainage Bags Market : Growth, Trends and Demands Research Report and Forecast 2014 - 2022
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Some such large global players in the market for ostomy drainage market are ALCARE Co. Ltd., Salts Healthcare Ltd., Pelcin Healthcare Ltd., B. Braun Melsungen AG, Welland Medical Ltd., and Flexicare Medical Limited.
The report by TMR projects the global ostomy market to attain a value of US$ 2.75 bn by 2022-end.
The different types of ostomy drainage bags available in the market are colostomy bags, ileostomy bags, and urostomy bags. Of the three, the colostomy bags have come to account for most of the share in the market mainly on the back of the large pool of elderly worldwide and the growing awareness about colostomy, especially in the emerging economies in Asia Pacific and Latin America. Availability of various distribution channels of the products has also proved to be a boon for their sales. From a geographical standpoint, Europe leads the market primarily because of the relatively high incomes of people which enable them to easily opt for the expensive ostomy procedure.
Rising Occurrence of Cancer Stokes Demand for Ostomy Drainage Bags
Majorly fuelling the global market for ostomy drainage bags market is the rising occurrence of diseases such as colorectal cancer, urinary tract cancer, and bladder cancer. This is mainly because of the growing pool of elderly people who are highly susceptible to such cancers. Another reason for the market’s growth is the rising number of health disorders on account of a poor or unhealthy lifestyle. Efforts by astute companies operating in the market to educate people about ostomy procedures and ostomy and effective health reimbursement policies by governments of developed nations is also bearing fruit.
Wide Array of Products Benefits Market
Also boding well for the market is the availability of an array of products that spoils buyers for a choice. Different materials are used for making ostomy drainage bags such as polyethylene terephthalate (PET), rubber, and plastic. The market for ostomy drainage bags is mainly being driven by the multi-use ostomy bags because of the increasing occurrence of ulcerative colitis and inflammatory bowel disease (IBD). Those warrant ileostomy and urostomy surgical procedures. Multi-use ostomy bags as the name suggests can be reused and this is what results in their popularity.
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Spelling considerable opportunity for the market is the Asia Pacific region which is seeing rising instances of colorectal cancer particularly in nations of South Korea, Turkey, Indonesia, and Philippines. “The surging investments in the medical devices and presence of numerous effective reimbursement policies in developed nations such as Australia and Japan are promoting growth of the ostomy drainage bags market in Asia Pacific,” adds the lead analyst of the report.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector – such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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