The global ostomy drainage bags market is expected to witness a CAGR of 3.6% during the forecast period. Certain factors that are driving the market's growth include increasing incidence of inflammatory bowel disease and Crohn's disease, rapidly growing aging population, and rising colorectal and bladder cancer cases.
According to statistics, in countries, like Singapore, Malaysia, Sweden, and Germany, the number of older adults has gone up substantially. This expanding pool of geriatric population across the world is fueling the market, as the elderly population is considered to be more vulnerable to different types of cancers. However, in most of the Asia-Pacific region, these products are not covered under insurance. Hence, the reimbursement issues act as a restraining factor to the market.
Key Market Trends
Colostomy Bags are Expected to a Hold Significant Market Share in the Ostomy Type Segment
A colostomy bag is a small pouch, used for closed colostomy procedures. It is used for the collection of waste from a surgically diverted biological system. There are mainly two types of colostomy bags, the disposable types, and the re-useable bags. Disposable bags are the more preferred ones, due to certain advantages, like removing and disposing of them is quite easy and they are easy to carry everywhere.
Moreover, the use of the demand for these bags has increased over the years due to the increasing incidence of Inflammatory Bowel Diseases (IBD). As per a 2019 study published in Lancet Gastroenterology & Hepatology, between 1990 and 2017, the number of individuals with IBD increased from 3·7 million to more than 6·8 million, an increase of 85·1% in global prevalent cases of IBD. This has increased demand for colostomy bags in the market, which has helped the market growth.
Europe Dominates the Market and is also Expected to do so During the Forecast Period
Europe is expected to retain its regional supremacy, to be at the forefront of the market growth. The regional market's growth is encouraged by the high disposable incomes of the common people, leading to greater affordability to undergo the expensive procedure of ostomy. In addition, the existence of favorable reimbursement policies by the government is also steering the growth of the market in this region.
On the other hand, the Asia-Pacific region is poised to expand at a very high rate. The progress of the region has been linked to the rising prevalence of colorectal cancer in various emerging countries, like Indonesia, Turkey, the Philippines, and South Korea. The increased investments in the medical devices sector and the existence of various favorable policies of reimbursements, in many of the developed nations, like Australia and Japan, are further stimulating the progress of the market for ostomy drainage bags, in the APAC region.
The global ostomy drainage bags market is highly competitive and consists of a number of major players. Companies, like Alcare Co. Ltd, B Braun Melsungen AG, Coloplast AS, ConvaTec Inc., Flexicare Medical Ltd, Marlen Manufacturing & Development, Pelcin Healthcare Ltd, Salts Healthcare Ltd, Torbot Group Inc., and Welland Medical Ltd, among others, hold substantial shares in the ostomy drainage bags market.
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