The Subsequent Upcoming Years To See The Ostomy Drainage Bags Market Grow On A Grand Note

As per Persistence Market Research's latest industry analysis, the global ostomy drainage bags market was valued at US$ 1.57 Bn in 2020, and is expected to exhibit a CAGR of around 3.5% over the forecast period (2021-2031).

Ostomy drainage bags are useful for patients who suffer from chronic diseases such as irritable bowel syndrome, colorectal cancer, ulcerative colitis, Crohn's disease, diverticulitis, and others. Since the prevalence of these diseases has been increasing in the past few years, demand for ostomy drainage bags has also increased in parallel.

The market has witnessed advancements of technology in terms of innovative ostomy drainage bags. Strategic mergers & acquisitions and introduction of new products are some of the key strategies adopted by the major players of this industry.

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Opportunistic growth awaits the key players since the cost of ostomy procedures has reduced in the past few years, and there is increased adoption of these products amongst healthcare providers and patients. Manufacturers are investing in research & development activities to develop unique and technologically-advanced devices, such as implantable drainage bags for remote monitoring.

For instance, in October 2019, Hollister Inc., a leading medical device manufacturer, announced the construction of a new manufacturing plant in Kaunas Free Economic Zone in Lithuania. This new manufacturing plant was started to produce ostomy-care products at first, and later start manufacturing continence-care products as well.
Company Profiles:

Hollister Incorporated
Alcare Co. Ltd.
Coloplast Group
ConvaTec, Inc
B.Braun Melsungen AG
Torbot Group Inc.
Flexicare Medical Ltd
Marlen Manufacturing & Development
Pelcin Healthcare Ltd
Salts Healthcare Ltd
Welland Medical Ltd
Prowess Care
Oakmed Healthcare
Goodhealth Inc.

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Key Takeaways from Market Study

By product, colostomy bags are expected to hold over 60% market value share by the end of 2031.
Based on modality, single-use ostomy drainage bags are leading with 62.8% market share.
Hospitals dominate the end-user segment with a share of around 42.7%, due to increasing favorable reimbursement scenario and decreasing cost of ostomy procedures.

By region, North America is slated to be the largest market with a value share of around 33% by 2031.
"Advancements in technology and increasing demand for ostomy drainage bags for chronic diseases management will positively impact market growth over the coming years," says an analyst of Persistence Market Research.

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