Ostomy is a surgically created opening, called a stoma, in the body. It is a surgical opening for the collection of waste products, such as urine, stool, and mucus, from urinary bladder and intestine externally. Global ostomy drainage bags market is anticipated to grow at a modest rate during the forecast period (2018-2023). The major factors that are contributing into the growth of the market include growing product innovations and increasing prevalence of colorectal cancer. Further, the increasing geriatric population in Europe and the US with urinary incontinence issues are estimated to fuel the growth of the market during the forecast period. However, there are certain challenges that are affecting the growth of the ostomy drainage bags market across the globe. The presence of alternative surgical procedures is the major factor limiting the growth of the market. Increasing awareness and adoption in the emerging economies of Asia-Pacific region are creating numerous expansion opportunities for the growth of the ostomy drainage bags market.
Global ostomy drainage bags market is analysed on the basis of the geographical regions that are contributing significantly towards the growth of the market. Geographically, the market is segmented into North America, Europe, Asia Pacific and Rest of the World. North America is estimated to account for major share in the global ostomy drainage bags market owing to increasing incidence of urinary incontinence and better healthcare infrastructure. Asia-Pacific market is estimated to be the fastest growing region during the forecast period owing to growing awareness for ostomy drainage bags and increasing healthcare facilities in emerging economies. The rising prevalence of colorectal cancer in various emerging economies such as Indonesia, Turkey, Philippines, and South Korea, increased investments, various favourable policies of reimbursement in many of the developed nations, like Australia, and Japan are further motivating the growth of the market for ostomy drainage bags market in the region of APAC.
Global ostomy drainage bags market players such as ConvaTec, Flexicare Medical, Vogt Medical, Welland Medical and so forth are contributing into the growth of the market. In order to sustain in the market, these players adopt different strategies such as merger, acquisition, product launch and so on. New and innovative product launch is one of the crucial strategy. For instance, ConvaTec in May 2017 launched Flexi-Seal PROTECT faecal management systems after receiving US FDA 510(k) Clearance in the US. The product is intended for the use by hospitals for faecal management of patients that is a temporary containment device indicated for incontinent patients with liquid or semi-liquid stool. The new system enables a more efficient alternative to traditional methods such as pads, diapers, faecal pouches and rectal tubes for managing faecal incontinence.
The market study of global ostomy drainage bags market is incorporated by extensive primary and secondary research conducted by research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report country level analysis is provided by analysing various regional players, regional tax laws and policies, consumer behaviour and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders and industry experts. Primary research brings the authenticity in our reports.
Secondary sources include
- Financial reports of companies involved in the market
- Whitepapers such as research-papers and news blogs
- Company websites and their product catalogue.
The report is intended for researchers in healthcare segment, medical sensor companies, potential investors, government organizations for overall market analysis and competitive analysis. The report provides in-depth analysis on market size, growth opportunity in market, product types. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.
THE REPORT COVERS
- Comprehensive research methodology of global ostomy drainage bags market
- In-depth analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting the global ostomy drainage bags market
- Insights about market determinants which are stimulating the global ostomy drainage bags market
- Detailed and extensive market segments with regional distribution of forecasted revenues
- Extensive profiles and recent developments of market players