Transparency Market Research Report Added "Ostomy Drainage Bags Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022"
Albany, NY -- (SBWIRE) -- 12/08/2016 -- Characterized by the intense rivalry between Coloplast A/S, ConvaTec Inc., and Hollister Inc., the global ostomy drainage bags market demonstrates a highly competitive and consolidated structure. These three players accounted for nearly 85% of the overall market in 2013.
Hitherto, product innovation was the key strategy applied by these players to sustain in this market. However, a shift in their focus towards partnerships, mergers, and acquisitions, in a bid to expand their product portfolio, distribution network, and geographical presence, can be observed in the forthcoming years, reports the study.
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According to this report, the opportunity in the global market for ostomy drainage bags is likely to increase from a value of US$1.8 bn in 2013 to US$2.7 bn by 2022, expanding at a CAGR of 4.70% during the period from 2014 to 2022. Colostomy bags have been the most valued product in this market and is anticipated to remain so over the period of forecast. Researchers expect the shipment volume of colostomy bags to cross 549.6 million units by the end of 2024.
Europe to Remain Leading Consumer of Ostomy Drainage Bags
A geographical analysis of the global market for ostomy drainage bags is also provided in this research report, according to which, North America, Europe, Asia Pacific, Latin America, the Middle East and North Africa, and the Rest of the World are key regional ostomy drainage bags markets across the world. With the high prevalence of bladder and colorectal cancer, Europe has emerged as the leading consumer of ostomy drainage bags. Holding a near majority share, this regional market will remain dominant throughout the period of forecast.
The presence of a favorable reimbursement scenario, high disposable income of consumers, and the increased awareness among them regarding the available treatment options are likely to fuel the demand for ostomy drainage bags significantly in this region over the next few years. Asia Pacific is also expected to witness a strong rise in the demand for these bags at a CAGR of 5.30% during the forecast period, states the report.
Increasing Geriatric Population Base to Reflect Positively on Sales of Ostomy Drainage Bags
With elderly people being the key consumers of ostomy drainage bags, the ever-increasing geriatric population base has become the main factor behind the growth of the global ostomy drainage bags. "Aging exposes people to a number of health risks, such as colon cancer, bowel cancer, bowel dysfunctions, and incontinence disorders, which necessitate ostomy procedures and the usage of ostomy drainage bags," says an analyst at TMR.
In addition to this, the increasing incidence of bladder cancer, colorectal cancer, ulcerative colitis, Crohn's disease, and IBD across the world is anticipated to boost this market considerably over the forecast period. However, the easy availability of alternative ostomy procedures may limit the demand for ostomy drainage bags to some extent in the coming years, notes the market study.
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