Alarming rise in prevalence of disorders such as colorectal cancer, inflammatory bowel diseases, rise in government & private funds for development of healthcare sectors, and increase in number of key players for ostomy drainage bags are expected to notably contribute toward the growth of the global ostomy drainage bags market during the forecast period.
The global Ostomy Drainage Bags Market generated $1.65 billion in 2020, and is expected to reach $2.40 billion by 2030, witnessing a CAGR of 3.8% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
Surge in prevalence of inflammatory bowel diseases & colorectal cancer cases and development of new ostomy products by a large number of key players drive the growth of the global ostomy drainage bags market. Moreover, the launch of innovative products that cater to needs and comfort of patients and rise in number of approvals by regulatory bodies create new opportunities in the coming years.
High prevalence of colorectal cancer owing to the increase in geriatric population drives the market growth. 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.
“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.
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Surge in prevalence of inflammatory bowel diseases & colorectal cancer cases and development of new ostomy products by a large number of key players drive the growth of the global ostomy drainage bags market. Moreover, the launch of innovative products that cater to needs and comfort of patients and rise in number of approvals by regulatory bodies create new opportunities in the coming years.
Covid-19 Scenario:
- The demand for ostomy drainage bags reduced considerably due to postponement or cancellation of many ostomy surgeries. This is due to shift in hospital resources to take care of increase in number of Covid-19 infected patients.
- Only acute ostomy surgeries were carried out during the initial stages of the pandemic. However, the demand is expected to rise post-pandemic as the number of surgeries increase steadily.
The report offers detailed segmentation of the global ostomy drainage bags market based on type and region.
Based on type, the colostomy bags segment contributed to the highest share in 2020, accounting for around one-third of the total market share, and is estimated to maintain its dominant share by 2030. Moreover, this segment is projected to manifest the highest CAGR of 4.1% from 2021 to 2030. The report also analyzes the segments such as ileostomy bags, urostomy bags, continent ileostomy bags, and continent urostomy bags.
Leading players of the global ostomy drainage bags market analyzed in the research include ALCARE Co. Ltd., Coloplast A/s, B. Braun Melsungen AG, Flexicare Ltd., ConvaTec Inc., Oakmed Healthcare, Hollister Incorporated, Salts Healthcare Ltd., Pelcin Healthcare Ltd., and Welland Medical Ltd.
