Ostomy Drainage Bags Market to Grow faster according to new research report (2014 - 2022)

Ostomy is a surgical procedure that creates artificial openings known as stomas in the body to eliminate body wastes such as urine, mucus and stool. Plastic / rubber bags or pouches, known as ostomy drainage bags, are used to collect these wastes. There are two types of bags: one-piece system and two-piece system. The One Piece System consists of a single unit pouch collection removed from skin barrier and skin barrier.

A recent report published by Allied Market Research states that 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 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 restrict 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.

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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.

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.

Rapid launch of products with desirable features

The respective firms associated with ostomy healthcare products have set their positions in the market by launching innovative products meeting patients’ needs and comfort. The demand for ostomy bags as a life-saving opportunity has increased among people as they offer features such as skin-friendliness, waterproof, unbreakable, and long durability, thus affecting the adoption of these bags.

Key market players, 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, are involved in technical advancements that leads to market growth.

Key Market Benefits:

• This report provides an extensive analysis of the current and emerging trends and dynamics through 2014-2022 in the global ostomy drainage bags market, which assist in identifying the prevailing opportunities.
• Geographically, the market is analyzed based on various regions such as North America, Europe, Asia-Pacific, and LAMEA.
• Comprehensive analysis of factors that drive and restrict the growth of the market is provided.
• Key players within the market are profiled and their strategies are analyzed thoroughly.

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