Transparency Market Research Report Added "Ileostomy Market" to its database.
Albany, NY -- (SBWIRE) -- 05/22/2017 -- The most prominent companies in the global ileostomy market are Coloplast, Convatec, and Hollister. Among these, Coloplast held the dominant share of 36% in the market in 2016, which is indicative of a high degree of consolidation defining the market's vendor landscape. Coloplast boasts a diverse product portfolio and recently it has successfully closed various mergers and acquisitions, which enabled it emerge dominant in the global ileostomy market, finds Transparency Market Research (TMR) in a new study. Considering that a majority of market players are focusing on diversifying their offerings, significant innovations are on the card for the global ileostomy market. Besides this, mergers and acquisition strategies are given due weightage as they help market players expand their regional footprint.
The global ileostomy market, which stood at US$765.2 mn in 2015, is forecast to reach US$1.65 bn by the end of 2024. If these figures hold true, the global ileostomy market will exhibit a CAGR of 8.9% between 2016 and 2024. By end user, hospitals will exhibit the highest demand for ileostomy, thus emerging dominant in the market. The hospital segments constituted nearly 55.2% of the overall market in 2015.
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Europe Emerges Dominant owing to Sophisticated Healthcare Infrastructure
Regionally, Europe held the majority share of 43.2% in the global ileostomy market in 2015. North America emerged as the second-leading market for ileostomy in the same year. Europe boasts a sophisticated healthcare infrastructure and government policies supporting growth in the healthcare sector. Besides these, several of the leading players are domiciled in Europe, which has catapulted it at the fore of the global ileostomy market. However, during the forecast period, emerging economies in Asia Pacific are likely to outperform the developed Western markets.
Rising Geriatric Population to Create Growth Opportunities
People aged 85 years or above are most vulnerable to various chronic ailments. Hence growth in this demography will correspondingly fuel scope for the market's expansion. As per recent reports, in the coming years, this demography will constitute a significant share in the global geriatric population. With increasing longevity, the demand for ileostomy procedures is expected to increase in the coming years, thus providing the market with lucrative opportunities.
Until a few years back, carrying ostomy pouch was a stigma in the society and not many patients were comfortable with carrying the bag in public. However, awareness programs such as the "World Ostomy Day" celebrated every year on 6th October, have helped spread awareness among people and help them better understand the condition. Japan has undertaken a unique and innovative initiative of designing toilets that will cater to people carrying ostomy bags. Similar efforts adopted worldwide, are expected to help the global ileostomy market register strong growth in the coming years.
Moreover, ostomy drainage bags are categorized as class 1 medical device by the FDA. This means they fall under the category of low risk devices, which makes it easy for the manufacturers to foray in the market. Less stringent approval norms by FDA also act in favor of the growth of the global ileostomy market.
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Unfavorable Reimbursement Policies to Restrain Market
On the downside, the recent advancements in medical science have made treatment and surgical procedures simpler. For instance, an ileonal reservoir is an advanced alternative to ileostomy and it does not involve the presence of an external pouch or ostomy bag. Despite being more expensive, these alternative procedures provide patients with a plethora of choices, which might inhibit the market's trajectory in the coming years.
In addition, unfavorable reimbursement policies have continued being major bottlenecks for enterprises operating in the glob al ileostomy market. Treatment of colorectal cancer and inflammatory bowel disease requires large amount of money for follow-ups and monitoring the treatment. Restrictions in reimbursement could therefore hamper the market's growth to an extent. Nevertheless, the market is expected to witness lucrative opportunities in emerging nations as they increasingly invest in their healthcare sector. Besides this, the global ileostomy market will also benefit from the recent product launches.
This review is based on a TMR report, titled "Ileostomy Market (Procedure Type - End Ileostomy and Loop Ileostomy; Equipment - Stoma Bags, Belt & Girdles, Adhesive Sprays, and Stoma Guards; Disease Condition - Cancer, Diverticulitis, Ulcerative Colitis, and Crohn's Disease; End Users - Hospitals, Ambulatory Centers, and Research Centers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024,"
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