Albany, NY, June 8, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Ostomy Drainage Bags Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022" the global ostomy drainage bags market was valued at USD 1,829.6 million in 2013 and is projected to expand at a CAGR of 4.7% from 2014 to 2022 to reach USD 2,759.5 million in 2022.
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The global ostomy drainage bags market is growing at a steady pace due to the rising prevalence of colorectal cancer, increasing awareness about ostomy procedures, and rapid aging population. According to the Administration on Aging (AoA), the U.S., individuals aged 65 years and above represented around 12.9% of the total population of the U.S. in 2014 and the percentage is expected to increase to 19% by 2030. Moreover, the Office for National Statistics stated that over the 25-year period between 1985 and 2010, the median age of the population of the U.K. increased from 35.4 years to 39.7 years. With increase in the geriatric population, the number of ostomy procedures conducted and usage of ostomy bags would increase significantly during the forecast period. Acceptance of ostomy drainage bags under insurance reimbursement programs by governments, especially in Europe, is further encouraging patients to undergo ostomy surgical procedures, thereby boosting the market for ostomy drainage bags.
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The colostomy bags segment dominated the ostomy drainage bags market in 2013, with a share of around 48%. High prevalence of colorectal cancer coupled with greater awareness about colostomy as against other types of ostomy procedures are the major factors contributing to the growth of the segment. Presence of large number of private organizations, continuously engaged in spreading awareness about colostomy and associated parameters, is also driving the colostomy bags segment. The Cancer Treatment Centers of America in the U.S. and the Colostomy Association in the U.K. are organizations that help people in understanding colostomy and the products required for colostomy management. Public welfare organizations educate patients about advanced available options of colostomy bags, thereby boosting demand in the market.
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Geographically, Europe held the largest share of around 50% of the ostomy drainage bags market in 2013. Favorable reimbursement policies and awareness about the availability of ostomy procedures are the major factors that drive the ostomy drainage bags market in Europe. However, Asia Pacific is anticipated to be the fastest-growing market for ostomy drainage bags during the forecast period. High incidence rate of colorectal cancer in few countries such as South Korea, the Philippines, and Turkey and favorable reimbursement policies in Japan and Australia are the primary factors likely to propel the growth of the ostomy drainage bags market during the forecast period in the region.
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Major players operating in the global ostomy drainage bags market include ALCARE Co., Ltd., B. Braun Melsungen AG, Flexicare Medical Limited, Pelcin Healthcare Ltd, Salts Healthcare Ltd., Welland Medical Ltd, Coloplast A/S, ConvaTec, Inc. and Hollister Incorporated. Large numbers of generic and local manufacturers are also operating in the market. These manufacturers offer products at lower prices and are targeting the cost-sensitive markets in Asia Pacific and Africa.
The Global Ostomy Drainage Bags Market has been segmented into the following categories:
Global Ostomy Drainage Bags Market, by Types
- Colostomy Bags
- Ileostomy Bags
- Urostomy Bags
Global Ostomy Drainage Bags Market, by Use
- Single-use Ostomy Drainage Bags
- Multi-use Ostomy Drainage Bags
Global Ostomy Drainage Bags Market, by Geography
- United States
- United Kingdom
- Rest of the Europe
- Rest of the Asia Pacific
Latin America (LATAM)
- Rest of the LATAM
Middle East and North Africa (MENA)
- Saudi Arabia
- United Arab Emirates (UAE)
- Rest of the MENA
Rest of the World (RoW)
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research