Albany, NY -- (SBWIRE) -- 02/14/2017 -- A new Transparency Market Research report states that the global ostomy drainage bags market stood at US$1.8 bn in 2013 and is predicted to reach US$2.7 bn by 2022. It is predicted to expand at a CAGR of 4.70% from 2014 to 2022. The title of the report is "Ostomy Drainage Bags Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022."
PDF Containing the Upcoming Market Analysis of Ostomy Drainage Bags is available at: http://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=325
According to the report, factors such as the increasing awareness about ostomy procedures, the rising global geriatric population, the increasing count of ostomy procedures owing to the growing occurrence of bladder cancer, colorectal cancer, inflammatory bowel disease (IBD), and Crohn's disease are amongst the prime factors fuelling the market for ostomy drainage bags. In addition, the enhancement of healthcare conditions in developing nations and the technological advancements within the stoma care field have emerged as key growth opportunities in the market. On the other hand, the presence of substitute medical procedures is predicted to restrain the growth of the market in forthcoming years.
In terms of type, the report segments the market into ileostomy bags, colostomy bags, and urostomy bags. Amongst these, the segment of colostomy bags led the market in 2013 owing to the increasing prevalence of colorectal cancer, increasing number of purchasing options, and rising awareness about colostomy, particularly within Latin America and Asia Pacific. This segment is expected to grow at the fastest growth rate in the forecast horizon.
On the basis of use, the ostomy drainage bags market is segmented into multi-use and single-use ostomy drainage bags. Amongst these, in 2013, the segment of multi-use ostomy drainage bags led the market on the basis of market size. This is owing to the increasing occurrence of ulcerative colitis and IBD and the use of multi-use ostomy drainage bags for urostomy and ileostomy patients
In terms of geography, the report segments the market into Europe, North America, Latin America, Asia Pacific, the Middle East and North Africa (MENA), and Rest of the World (RoW). Amongst these, in 2013, Europe led the market for ostomy drainage bags owing to supportive government reimbursement policies as well as economic stability, resulting in people undergoing expensive ostomy procedures within this region. On the other hand, as per the report, Asia Pacific is poised to be the most lucrative market for ostomy drainage bags in the forecast horizon. This is owing to the rising occurrence of colorectal cancer within the emerging economies of Indonesia, South Korea, the Philippines, and Turkey. In addition, the supportive reimbursement policies in Japan and Australia and the increasing proliferation of major market players within the developing economies of Asia Pacific will also boost the market for ostomy drainage bags in this region.
Read the Current Market Status of Ostomy Drainage Bags at: http://www.transparencymarketresearch.com/ostomy-drainage-bags-market.html
As per the report, the chief players operating in the market are ConvaTec, Inc., Coloplast A/S, Alcare Co., Ltd., Flexicare Medical Limited, B. Braun Melsungen AG, Pelican Healthcare Ltd., Welland Medical Ltd., Hollister Incorporated, and Salts Healthcare Ltd.
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