3.8% CAGR | Ostomy Drainage Bags Market to Garner $2,409.38 million Billion by 2030

Alarming rise in prevalence of disorders such as colorectal cancer, inflammatory bowel diseases, rise in government & private funds for development of healthcare sectors, and increase in number of key players for ostomy drainage bags are expected to notably contribute toward the growth of the global ostomy drainage bags market during the forecast period.

The global ostomy drainage bags market was valued at $1,658.38 million in 2020, and is projected to reach $2,409.38 million by 2030, growing at a CAGR of 3.8% from 2021 to 2030.

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High prevalence of colorectal cancer owing to the increase in geriatric population drives the market growth. Increase in population prone to colon cancer, urinary tract cancer, bladder cancer, colorectal cancer, inflammatory bowel disease, and chronic diseases such as ulcerative colitis and Crohn's disease that require ostomy surgery, further boosts the market growth.

"Launch of new ostomy products with desirable features and technological advancements would propel adoption of these products." says Hemali Narkhede, Manager, Healthcare Research at Allied Market Research.

The factor that drives the ostomy drainage bags market growth include rise in applicability of ostomy drainage bags in the medical sector such as hospitals, clinics, and consumers, in terms of both patients and investing firms. Moreover, rise in demand for ostomy drainage bags in geriatric population & people with sedentary lifestyle and stringent government regulations for reducing the complications & risks related with ostomy surgery drive the market. Furthermore, production of ostomy drainage bags on large scale and presence of untapped market in emerging economies provide lucrative growth opportunities for the market.

Region wise, North America accounted for a majority of the global ostomy drainage bags market share in 2020, and is anticipated to remain dominant during the ostomy drainage bags market forecast period. This is attributed to rise in production of ostomy drainage bags, increase in number of approvals for ostomy products, rise in presence of key players, and surge in development of technology for healthcare. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in number of colorectal cancer cases, rise in demand for ostomy bags, and growth in health care expenditures.

Key findings of the study

Colostomy, ileostomy, and urostomy bags segments are expected to occupy highest market share, and are identified as lucrative targets for investment.

Colostomy bags segment dominated the ostomy drainage bags market in 2021.

Majority of the market share was dominated by North America in 2021, while Asia-Pacific is expected to grow at the highest rate.

Continent urostomy and Ileostomy bags segments are projected to grow at high CAGRs globally.

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The key market players profiled in the report are F. Hoffmann-La Roche AG, Reprogenetics, LLC, Genea Limited, Illumina, Inc., Laboratory Corporation of America Holdings, Natera, Inc., PerkinElmer, Inc., Quest Diagnostics Incorporated, Genesis Genetics Ltd., and Reproductive Genetics Innovations LLC.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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