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Ostomy Drainage Bags Market 2024 Opportunity Assessment, Production Analysis, Segmentation And Forecast To 2033
Ostomy Drainage Bags Market Share
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According to The Business Research Company's, The ostomy drainage bags market size has grown steadily in recent years. It will grow from $2.17 billion in 2023 to $2.26 billion in 2024 at a compound annual growth rate (CAGR) of 3.8%. The growth in the historic period can be attributed to rising incidence of ostomy procedures, improvements in material technologies, healthcare expenditure, healthcare reimbursement policies.
The ostomy drainage bags market size is expected to see steady growth in the next few years. It will grow to $2.67 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to increasing prevalence of chronic diseases, patient education and awareness programs, investment on healthcare research. Major trends in the forecast period include rising preference for eco-friendly ostomy products, expanding range of pediatric ostomy products, increased focus on patient education and support, integration of smart technologies.
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Market Drivers and Trends:
A rise in healthcare expenditure is expected to propel the growth of the ostomy drainage bags market going forward. Healthcare expenditure refers to the total amount of money spent on healthcare goods and services within a specific time period, typically measured annually or per capita. Ostomy drainage bags play a pivotal role in healthcare expenditure by addressing the needs of individuals who have undergone ostomy procedures. As a critical component of post-surgical care, these bags provide a cost-effective solution to manage conditions such as colorectal cancer, inflammatory bowel diseases, and urinary tract disorders. The use of ostomy drainage bags contributes to improved patient outcomes, reducing the likelihood of complications and readmissions. By enhancing the quality of life for ostomates and minimizing healthcare resource utilization, these bags become a valuable investment in overall healthcare expenditure. For instance, in September 2023, according to an article published by the CMS, a US-based federal agency that provides health coverage, in the US over 2022-2031 period, average growth in the national health expenditure which is valued to be 5.4% is projected to outpace that of average GDP growth which is valued to be 4.6% resulting in an increase in the health spending share of GDP from 18.3% in 2021 to 19.6% in 2031. Therefore, a rise in healthcare expenditure is driving the ostomy drainage bags market.
Product innovations are a key trend gaining popularity in the ostomy drainage bags market. Major companies operating in the ostomy drainage bags market are focused on developing innovative solutions to sustain their position in the market. For instance, in June 2021, Pelican Healthcare Ltd., a UK-based manufacturer of disposable medical products launched ModaVi, a new innovative ostomy pouch range. The new ModaVi line is created with lifestyle in mind in addition to clinical performance. It offers crucial components that provide ostomates with more independence and influence over their daily lives. The ModaVi launch aims to combat stigma, improve people's lives, and prevent stomas from defining who someone is. This device gives people with a stoma the support, freedom, and quality of life.
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Major Key Players of the Market:
Alcare Co. Ltd., B. Braun Melsungen AG, Coloplast A/S, Hollister Inc., Pelcin Healthcare Ltd., Salts Healthcare Ltd., Welland Medical Ltd., Marlen Manufacturing and Development Co., Torbot Group Inc., Cymed Ostomy Co., Prowess Care, Goodhealth Inc., Genairex Inc., EuroMed Inc., Safe n' Simple LLC, 3M Company, Smith & Nephew plc, BSN Medical GmbH, Flexicare Medical Ltd., C.R. Bard Inc., Medline Industries Inc., Nu-Hope Laboratories Inc., Peak Medical Products Inc., Rusch Inc., Securi-T USA, Delta A Healthcare, Hubei Hendry Medical Appliance Co. Ltd., ConvaTec Inc., Command Medical Products Inc., Fortis Medical Products, Genesis Plastics Welding Inc., Moore Medical LLC, North American Latex Corp., Perma-Type Company Inc., Schena Ostomy Technologies Inc.
Ostomy Drainage Bags Market 2024 Key Insights:
• The ostomy drainage bags market size is expected to see steady growth in the next few years. It will grow to $2.67 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%.
• Ostomy Drainage Bags Market Surges With Demand Amidst Rising Incidence Of Bladder Cancer
• Pelican Healthcare's Modavi Launch Pioneers Ostomy Drainage Bags Market With Lifestyle-Centric Solutions
• North America was the largest region in the ostomy drainage bags market share in 2023
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