Ostomy Drainage Bags Market is Anticipated to Register an Exponential CAGR of 4.70% from 2014 to 2022
The global ostomy drainage bags market is a highly competitive market with a large number of local and international players operating across the globe, states a new market research study by Transparency Market Research. The key players in the market are focusing on the research and development activities in order to enhance their product portfolio and maintain their leading position throughout the forecast period. In addition to this, the rising number of strategic collaborations and mergers and acquisitions is projected to offer potential growth opportunities for the market players in the next few years.
Some of the leading players operating in the ostomy drainage bags market across the globe are Pelcin Healthcare Ltd., B. Braun Melsungen AG, Flexicare Medical Limited, Salts Healthcare Ltd., ALCARE Co. Ltd., and Welland Medical Ltd. As per the study, the competition among the players is estimated to get stiff over the years.
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According to the market research study by Transparency Market Research, the global market for ostomy drainage bags is expected to reach a value of US$2.75 bn by the end of 2022. The market is predicted to register a healthy 4.70% CAGR between 2014 and 2022.
Europe to Register Strong Growth Rate in Coming Few Years
The global ostomy drainage bags market has been classified on the basis of geography into Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa. Among these, Europe is expected to hold for a large share of the market and maintain its leading position throughout the forecast period. The strong growth of this region can be attributed to the rising disposable income of consumers and the willingness of patients to spend on healthcare requirements.
Moreover, the favorable reimbursement policies by governments is expected to support the growth of the Europe market in the near future. On the other hand, Asia Pacific is expected to witness a strong growth rate in the next few years. The rising prevalence of colorectal cancer, especially in developing economies is estimated to encourage the growth of this segment throughout the forecast period.
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In terms of product type, the global ostomy drainage bags market has been classified into urostomy bags, colostomy bags, and ileostomy bags. Among these, the colostomy bags segment is predicted to lead with a large share of the global market in the next few years.
The high demand for colostomy bags, thanks to the rising awareness among consumers regarding colostomy and the increasing geriatric population are some of the key factors that are projected to accelerate the growth of this segment in the next few years. In addition to this, the rising contribution from the developing economies in Asia Pacific and Latin America is another factor that is likely to boost the growth in the coming years.
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Increasing Patient Awareness to Encourage Market Growth in Coming Years
The rising cases of several diseases, including urinary tract cancer, colorectal cancer, and bladder cancer is one of the key factors that is estimated to enhance the growth of the global ostomy drainage bags market throughout the forecast period. The rising number of health disorders owing to the unhealthy lifestyle and the rising geriatric population are projected to accelerate the growth of the market in the near future.
On the flip side, the medical risks by using ostomy bags is a major factor that is likely to restrict the growth of the market in the near future. Nonetheless, the favorable government reimbursement policies and the rising awareness among people are likely to offer potential growth opportunities for the market players in the near future.
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