Albany, NY -- (SBWIRE) -- 09/22/2017 -- According to the research report, the global market for ileostomy stood at US$765.2 mn in 2015. Proliferating at a CAGR of 8.90% over the period from 2016 to 2024, the market is anticipated to attain a value of US$1.65 bn by the end of the forecast period. The demand for stoma bags is much higher than other equipment and the trend is anticipated to remain so over the period of the forecast, states the report.
Demand for End Ileostomy to Remain High
Based on procedure, the report bifurcate the global ileostomy market into end ileostomy and loop ileostomy. Among the two, the end ileostomy led the overall market in 2015 and is anticipated to remain at the leading position during the forecast period, thanks to its increasing application for the treatment of inflammatory bowel diseases, which is highly prevalent among global population.
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Regionally, the report has classified the worldwide ileostomy market into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. With a share of 43.2%, Europe led the global market in 2015. With the presence of a well-developed healthcare infrastructure, supporting the expansion of this market in this regions, the Europe ileostomy market is likely to remain on the top over the next few years. Apart from this, the presence of leading companies here is also expected to aid this regional market in the near future, notes the study.
Rise in Geriatric Population to Boost Demand
As per a TMR analyst, "the growth in the geriatric population will fuel the demand for ileostomy substantially in the near future, as people above 80 years are extremely vulnerable to a number of chronic diseases." "The increase in longevity, globally, is likely to boost the demand for these procedures in the coming years, thus creating lucrative growth opportunities for the market," he added further.
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On the other hand, the augmenting demand for alternative procedures, although expensive but highly efficient, may inhibit the market's growth trajectory over the forthcoming years. In addition to this, the lack of favorable reimbursement policies will remain the bottleneck for this market in the near future, states the report.
The global ileostomy market demonstrates a high degree of consolidation, finds a new research study by Transparency Market Research (TMR). Coloplast, Hollister, and Convatec are the leading players in this market, among which Coloplast held the dominant position in 2016 with a share of 36%. With a diverse product portfolio and a number of mergers, acquisitions, and strategic partnerships that took place recently, Coloplast is likely to continue leading the market over the next few years.
Other prominent players in this market are focusing aggressively on diversifying their product offerings, for which they are expected to increase research and development activities in the years to come, notes the research study.
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