The Latin America ostomy care bags market size is expected to reach USD 377.98 million by 2025, according to a new report by Grand View Research, Inc., registering a 6.6% CAGR during the forecast period. Increase in prevalence of chronic diseases, such as inflammatory bowel disease, colorectal cancer, bladder cancer, and fecal and urinary continence, is one of the major factors driving the Latin America ostomy care bags market. Furthermore, rise in geriatric population in most Latin American countries is anticipated to propel market growth.
Increase in new product launches and growing investment by key market players to develop advanced products are among factors that are likely to positively influence the market. For instance, Coloplast Group launched SenSura Mio Concave in April 2018, a new range of ostomy products. These products have an elastic adhesive and star-shaped base plate, allowing them to comfortably fit curved body profiles.
Growing demand for one piece ostomy pouches is expected to boost the market. These products are known for being low profile, which means they are nearly invisible under the clothes. Furthermore, these pouches are more cost effective as compared to others and the flanges attached with them are more secure.
Further key findings from the report suggest:
- By application, colostomy held the largest market share in 2017; ileostomy is expected to witness the fastest growth over the forecast period
- On the basis of product, the one piece segment held the dominant share in 2017 and is expected to retain its lead throughout the forecast period. It is also the fastest growing segment
- Home care settings held the largest revenue share on the basis of end use in 2017. The others segment, which comprises ambulatory surgical centers and specialty clinics, is expected to witness the fastest growth through 2025
- Brazil held the dominant share in the regional market in 2017; Argentina is expected to witness the highest CAGR of 9.8% over the forecast period
- Key players in this market include Coloplast Group, Hollister Incorporated, ConvaTec Incorporated, Salts Healthcare Ltd., and B. Braun Melsungen AG.