Market Research Reports, Inc. has announced the addition of “Ostomy Drainage Bags Market to 2019 - Technical Advances Increase Patient Convenience but Unfavorable Reimbursement Scenarios Limit Growth Potential” research report to their offering.
Lewes, DE -- (SBWIRE) -- 10/08/2013 -- The global ostomy drainage bags market is forecast to increase from $2.2 billion in 2012 to $3.1 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 5%, finds new report.
According to the company’s latest " Ostomy Drainage Bags Market to 2019 - Technical Advances Increase Patient Convenience but Unfavorable Reimbursement Scenarios Limit Growth Potential " report, the increasing prevalence of conditions such as colorectal cancer, inflammatory bowel disease and prostate cancer, which require surgery and the creation of a fecal or urinary stoma, is the major driver for the forecast growth.
In 2012, three top companies accounted for more than 80% of the global market, with Coloplast, Convatec and Hollister having shares of 37%, 28% and 17%, respectively.
Technical advances in ostomy bags will also be a major driver for growth during the forecast period.
Report’s lead Analyst covering Medical Devices, says: “In addition to progress in urinary and fecal diversions, complications such as morbidity associated with radical pelvic surgery and major surgical procedures have massively reduced. Other significant advances include the improved ability to identify autonomic nerves, while increased use of laparoscopy reduces the risk of post-operative morbidity and recovery time.”
However, the unfavorable reimbursement scenario for ostomy drainage bags in developed countries is expected to limit future growth. In the US, inadequate reimbursement encourages ostomates to prolong the usage of ostomy drainage bags beyond their average lifetime, which limits demand for new ones. In Europe, many countries, with the exception of Germany and France, do not have fixed reimbursement fees for the procedure.
“In 2012, Eucomed, an association of various stakeholders in the medical device industry, announced proposals to address the challenges in the reimbursement provided for ostomy. These non-profit associations, combined with companies pushing for better reimbursement scenarios, are vital for the future growth of the ostomy drainage bags market,” says analyst.
In countries such as India and China, there is currently no reimbursement for ostomy surgeries, and a lack of awareness of this issue could be a major restraint to companies expanding into these under-penetrated markets. Find all Medical Devices market research reports under a single page .
This report looks at the market, key market players, and market dynamics for the global ostomy drainage bags market. It provides a synopsis of the various factors influencing this market. This report also gives company descriptions and lists the key marketed products for major market players.
Spanning over 48 pages, 33 tables and 30 figures, “Ostomy Drainage Bags Market to 2019 - Technical Advances Increase Patient Convenience but Unfavorable Reimbursement Scenarios Limit Growth Potential” report provides information on market overview, drivers and challenge, competition and key trends.
In addition to covering the Global Ostomy Drainage Bags Market: Device Overview, Global Ostomy Drainage Bags Market: Market Characterization, Global Ostomy Drainage Bags Market: Country-Wise Revenue (2005–2019), Global Ostomy Drainage Bags Market: Company Profiles. The report covers 5 companies - Coloplast A/S, ConvaTec Inc., Hollister Incorporated, Dansac A/S, B. Braun Melsungen AG.
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