Ostomy Drainage Bags Market is anticipated to post a 4.70% CAGR by 2022

The different types of ostomy drainage bags purveyed in the market are ileostomy bags, urostomy bags, and colostomy bags. Of them, the colostomy bags account for maximum sales and going forward too, will likely continue seeing swift uptake. Their surging sales are primarily on account of a large pool of elderly and increasing awareness about colostomy, especially in developing countries of Latin America and Asia Pacific. In addition, various distribution channels for colostomy bags is also stoking sales.

A report by Transparency Market Research (TMR) projects the global market for ostomy drainage bags to rise at a CAGR of 4.70% from 2014 to 2022. At this rate, it is slated to become worth US$2.75 bn by 2022.

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Why are multi-use ostomy drainage bags seeing swift uptake?

Depending upon use, the global ostomy drainage bags market can be split into single-use ostomy drainage bags and multi-use ostomy drainage bags. Of the two, the multi-use ostomy drainage bags segment are predicted to hold a substantial share in the market in the years to come. This is because they can be used repeatedly and hence are cost effective. They are particularly popular in cost-sensitive markets of Asia Pacific and Africa.

What factors are proving beneficial to the market?

Serving to boost growth in the global market for ostomy drainage bags are a growing pool of geriatrics and increasing prevalence of Crohn’s disease, ulcerative colitis, inflammatory bowel disease (IBD), bladder cancer, and colorectal cancer. Apart from that, increased knowledge about ostomy procedure is also creating demand for ostomy drainage bags.

Medical risks related to the use of ostomy bags, on the flipside, is acting as a major bottleneck for the market. However, swift technological progress will likely help overcome the challenge in the near future. 

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Regionally, which segments are catalyzing maximum growth in market and why?

Geographically, the key segments of the global market for ostomy drainage bags are North America, Latin America, Asia Pacific, Europe, the Middle East and Africa, and the Rest of the World. Among them, Europe is a dominant market, which is likely retain its leading share in the years to come on the back of increasing spending capacity of its people which allows them to undergo expensive ostomy procedure. In addition, supportive government reimbursement policies is also proving beneficial to the market in the region.

Asia Pacific is another key region in the global market for ostomy drainage bags that is predicted to register maximum growth rate in the years to come. The growth in the market will primarily be brought about by the rising instances of colorectal cancer in nations of South Korea, Turkey, the Philippines, and Indonesia. Further, growing investments in the medical devices sector and helpful reimbursement policies in developed nations of Australia and Japan are also serving to bolster growth in the region.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.