Ostomy Drainage Bags Market size was estimated to be $2,742 million in 2015 and is expected to reach $3,524 million, growing at a CAGR of 3.6% from 2016 to 2022.
Portland, OR -- (SBWIRE) -- 01/04/2017 -- According to a new report published by Allied Market Research, titled, "Ostomy Drainage Bags Market: Global Opportunity Analysis and Industry Forecast, 2014–2022," the ostomy drainage bags market was valued at $2,742 million in 2015, and is expected to reach $3,524 million by 2022, growing at a CAGR of 3.6% from 2016 to 2022.
High prevalence of colorectal cancer owing to the increase in geriatric population drives the market growth.
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Increase in population prone to colon cancer, urinary tract cancer, bladder cancer, colorectal cancer, inflammatory bowel disease, and chronic diseases such as ulcerative colitis and Crohn's disease that require ostomy surgery, further boosts the market growth.
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"Launch of new ostomy products with desirable features and technological advancements would propel adoption of these products." says Hemali Narkhede, Manager, Healthcare Research at Allied Market Research.
North America was the largest regional market, followed by Europe due to moderate reimbursement scenario in these regions. Asia-Pacific is estimated to grow at the highest CAGR of 6.7% during the forecast period.
Key findings of the study
- Colostomy, ileostomy, and urostomy bags segments are expected to occupy highest market share, and are identified as lucrative targets for investment.
- Colostomy bags segment dominated the ostomy drainage bags market in 2015.
- Majority of the market share was dominated by North America in 2015, while Asia-Pacific is expected to grow at the highest rate.
- Continent urostomy and Ileostomy bags segments are projected to grow at high CAGRs globally.
The key market players profiled in the report are F. Hoffmann-La Roche AG, Reprogenetics, LLC, Genea Limited, Illumina, Inc., Laboratory Corporation of America Holdings, Natera, Inc., PerkinElmer, Inc., Quest Diagnostics Incorporated, Genesis Genetics Ltd., and Reproductive Genetics Innovations LLC.