Ostomy Drainage Bags Market Expected to Reach 4.7% CAGR During 2014 - 2022

A recently released report from Transparency Market Research (TMR) forecasts that the global ostomy drainage bags market will expand at a CAGR of 4.70% from 2014 to 2022. TMR, a market intelligence firm, states that by 2022, the global ostomy drainage bags market will reach US$2759.5 mn from US$1829.6 mn in 2013. The report, titled ‘Ostomy Drainage Bags Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022’, is available for sale on the company website.

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According to this market research report, factors that drive the global ostomy drainage bags market are rapidly growing geriatric population and the rising incidence of ulcerative colitis, IBD, Crohn’s disease, bladder cancer, and colorectal cancer. Ostomy draining bags refer to prosthetic medical devices that are used for collecting bodily wastes that get excreted after an Ostomy procedure. In this procedure, wastes are diverted from biological systems such as the bladder, ileum, and the colon into an abdominal stoma that is created manually.

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Heightened awareness about the Ostomy procedure is another key factor that fuels the demand for ostomy drainage bags. Greater number of cases of IBD (inflammatory bowel disease) and Crohn’s disease is also a prominent factor propelling the global demand for ostomy drainage bags. This TMR report segments the global ostomy drainage bags market on the basis of types, use, and geography. On the basis of types, this market is categorized into Urostomy bags, ileostomy bags, colostomy bags, and others. Owing to factors such as heightened awareness about colostomy, high incidence of colorectal cancer, and a vast range of purchase options for colostomy bags, the colostomy bags segment dominates the global ostomy drainage bags market. The demand for colostomy bags is particularly high in Latin America and Asia Pacific.

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Based on uses, the global ostomy drainage bags market is segmented into multi-use Ostomy drainage bags and single-use Ostomy drainage bags. In 2013, the market for multi-use Ostomy drainage bags held the largest share of the overall market. The high incidence of ulcerative colitis and IBD Geographically, this report segments the global ostomy drainage bags market into Asia Pacific, Latin America, Europe, North America, the Middle East, North Africa, and Rest of the World. In 2013, Europe was the regional leader in the global ostomy drainage bags market because of economic stability and favorable reimbursement policies of the government. However, it is anticipated that the Asia Pacific ostomy drainage bags market will witness robust growth during the forecast period owing to the rising incidence of colorectal cancer in the region.

The report identifies the following companies in the global ostomy drainage bags market: Welland Medical Ltd., Salts Healthcare Ltd., Pelcin Healthcare Ltd., Hollister Incorporated, ConvaTec Inc., Coloplast A/S, B. Braun Melsungen AG, and Alcare Co Ltd. amongst others.

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About TMR
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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This release was published on openPR.