Ostomy Drainage Bags Market To Expand With Significant CAGR of 4.70% During 2014 to 2022

The ostomy drainage bags market is the subject of a recent report by Transparency Market Research. It finds that the market is teeming with regional and international players which makes competition stiff. In such a challenging landscape, regional players are increasingly finding it tough to grow sales through competitive pricing and quality on account of their deep-pocketed international counterparts, having greater resources at their command, beating them to it. The larger international players also have established greater geographical outreach using their resources.

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.

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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.

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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.

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This release was published on openPR.