Ostomy Drainage Bags Market to Report a CAGR of 4.70% Between 2014 and 2022
The rising prevalence of bladder, colorectal, and urinary tract cancer is the foremost factor stoking the growth of the global ostomy drainage bags market. The widening pool of aged population across the globe is also working in favor of the market, since aged people are more susceptible to different types of cancers. Besides this, the increasing incidence of lifestyle-related disorders is augmenting the demand for ostomy drainage bags. Moreover, the governments and market participants are organizing ostomy programs to create awareness and educate people about ostomy and ostomy procedures. Such initiatives are providing a significant boost to the global market.
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As per a report by Transparency Market Research (TMR), the global market for ostomy drainage bags is anticipated to post a 4.70% CAGR between 2014 and 2022, reaching a valuation of US$2.75 bn by 2022. The upward climb of the market is, however, marred by the medical risks pertaining to the usage of ostomy bags. Nevertheless, rapid technological advancements are likely to mitigate these risks, thereby shaping the future of the market.
Colostomy to Maintain Leading Position Due to Rising Geriatric Population
On the basis of type, the global market for ostomy drainage bags is classified into ileostomy bags, colostomy bags, and urostomy bags. Colostomy bags will continue to dominate the market until 2022. The large-scale adoption of these bags can be attributed to the rapidly growing global geriatric population and rising awareness regarding colostomy, particularly in developing economies in Latin America and Asia Pacific. Moreover, the availability of different channels of distribution of colostomy bags is fuelling the growth of the segment. Due to these factors, the segment is estimated to be the most-promising segment during the forecast period.
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Europe to Remain Frontrunner Owing to Presence of Favorable Reimbursement Framework
From the geographical standpoint, the report divides the global ostomy drainage bags market into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa, and Rest of the World (RoW). Europe will continue to be at the forefront of growth until 2022. High disposable income of the populace is resulting in the greater affordability to undergo expensive ostomy procedure. Furthermore, the presence of favorable government reimbursement policies is propelling the growth of the region.
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Asia Pacific, on the other hand, is poised to register a CAGR higher than any other region. The growth of the region can be attributed to the growing prevalence of colorectal cancer in emerging economies such as Turkey, South Korea, the Philippines, and Indonesia. The increasing investments in the medical devices sector and presence of favorable reimbursement policies in developed nations such as Japan and Australia are stimulating the growth of the ostomy drainage bags market in APAC. Some of the prominent participants in the global market are Salts Healthcare Ltd., B. Braun Melsungen AG, ALCARE Co. Ltd., Pelcin Healthcare Ltd., Flexicare Medical Limited, and Welland Medical Ltd.
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