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Ostomy Drainage Bags Market Analysis and Key Business Strategies to 2023 by Globally Leading Players - ALCARE, B BRAUN MELSUNGEN AG, COLOPLAST A/S, CONVATEC, FLEXICARE MEDICAL, MARLEN MANUFACTURING & DEVELOPMENT

10-02-2018 06:06 PM CET | Health & Medicine

Press release from: Market Prognosis

Global Ostomy Drainage Bags Market Highlights
The Ostomy Drainage Bags Market is expected to register a CAGR of about 3.6% during the forecast period, 2018 to 2023. An ostomy is a surgically created opening, called a stoma, in the body. It is a surgical opening for the collection of waste products, such as urine, stool, and mucus, from urinary bladder and intestine externally. Depending on the type of condition and needs of the patient an ostomy can be permanent or temporary. Different kinds of ostomies are named according to the organ involved, such as urostomy, colostomy, and ileostomy. Some of the ostomy products are ostomy care accessories and ostomy drainage bags.

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Rapidly Growing Aging Population
The global population of geriatric population is increasing rapidly. According to statistics, in countries, like Singapore, Malaysia, Sweden, Germany, the number of older adults has gone up substantially. This expanding pool of geriatric population across the world is also fuelling the market as the elderly population is considered to be more vulnerable to different types of cancers. During and after surgery ostomy drainage bags are used extensively for controlling incontinence. This will allow substantial growth in the ostomy drainage bags market. Other factors increased incidence of inflammatory bowel disease and chron's disease and rising colorectal and bladder cancer cases will lead to the rise in demand for ostomy drainage bags.

Key Developments in the Market
July 2017: Convatec has agreed to buy Woodbury Holdings for enterprise value of 120.5 million pounds this acquisition will create a new home distribution business unit in the U.S. for catheter and incontinence related products

Major players –
ALCARE CO., LTD., B BRAUN MELSUNGEN AG, COLOPLAST A/S, CONVATEC, INC., FLEXICARE MEDICAL LTD., MARLEN MANUFACTURING & DEVELOPMENT, PELCIN HEALTHCARE LTD., SALTS HEALTHCARELTD., TORBOT GROUP INC. AND WELLAND MEDICAL LTD., amongst others.

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Alternative Surgical Procedures
Alternative treatment options for conditions, like bowel cancer are easily available. One of the treatment options is radiotherapy known as Papillon, an alternative to surgery, which reduces the likelihood of a permanent colostomy bag. The tendency of patients and caregivers to go for alternative treatments to ostomy decreases the overall usage of ostomy drainage bags. This result in an overall decrease in the growth of the ostomy drainage bags market.

Europe to Maintain Dominance in the Forecast Period
Europe is expected to retain its regional supremacy to be at the forefront of market growth until the year 2023. The regional market growth is encouraged by the high disposable income of the common people leading to the greater affordability to undergo the expensive procedure of ostomy. In addition to that, the existence of favorable reimbursements policies by the government reimbursement is also steering the growth of in the market in this region. On the other hand, the region of Asia Pacific is poised to expand at a very high rate of CAGR. The progress of the said region can be linked with the rising prevalence of colorectal cancer in various emerging countries, like Indonesia, Turkey, Philippines, and South Korea. The increased investments in the sector of medical devices and existence of various favorable policies of reimbursement in many of the developed nations, like Australia, and Japan are further stimulating the progress of the market for ostomy drainage bags market in the region of APAC.

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About Market Prognosis
We at Market Prognosis believe in giving a crystal clear view of market dynamics for achieving success in today’s complex and competitive marketplace through our quantitative & qualitative research methods.
We help our clients identify the best market insights and analysis required for their business thus enabling them to take strategic and intelligent decision.
We believe in delivering actionable insights for your business growth and success.

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