Albany, NY, Feb. 06, 2018 (GLOBE NEWSWIRE) -- The increasing prevalence of various diseases such as urinary tract cancer, colorectal, and bladder is the foremost growth promoting factor that is fuelling the progress of the world Ostomy Drainage Bags Market. The expanding pool of geriatric population across the world is also fuelling the market as aged people are more considered to be vulnerable to different types of cancers. In addition to this, the growing incidence of various lifestyle-related disorders is further bolstering the demand for ostomy drainage bags. Furthermore, the market participants and governments are also coming up with ostomy programs so as to educate people and generate awareness about ostomy procedures and ostomy. Such moves are giving the said market a substantial boost.
In accordance with a market research report by Transparency Market Research (TMR), the world market for ostomy drainage bags is foreseen to expand at a growth rate of 4.70% CAGR in between the time period that extends from the year 2014 to 2022, attaining a market valuation of around US$ 2.75 bn by the year 2022. However, the upward growth of the said market is restrained by the medical risks that pertain to the utilization of ostomy bags. Despite all of the above-mentioned factors, fast technological advancements are quite likely to lessen these medical risks, thereby determining the future of the market.
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Europe to Lead with Regional Supremacy throughout the Forecast Period
From the point of view of geography, the market research report segregates the world market for ostomy drainage bags into the major geographies of North America, Latin America, Europe, the Middle East and Africa, Asia Pacific, and Rest of the World (RoW). Europe is expected to retain its regional supremacy so as to be at the forefront of market growth until the year 2022. The regional market growth is encouraged by high disposable income of the common people leading to the greater affordability so as to undergo pricey procedure of ostomy. In addition to that, the existence of favorable reimbursements policies by the government reimbursement is also steering the growth of this regional market.
On the other hand, the region of Asia Pacific is poised to expand at a very high rate of CAGR. The progress of the said region can be linked with the rising prevalence of colorectal cancer in various emerging countries like Indonesia, Turkey, the Philippines, and South Korea. The increased investments in the sector of medical devices and existence of various favorable policies of reimbursement in many of the developed nations like Australia and Japan are further stimulating the progress of the market for ostomy drainage bags market in the region of APAC.
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Stringent Government Measures to Impact Market Positively
In accordance with this market intelligence report, various growth promoting elements drive the international market for ostomy drainage bags. Factors such as rapidly expanding geriatric population coupled with the rising prevalence of colorectal cancer, Crohn’s disease, bladder cancer, IBD, and ulcerative colitis are spurring the growth of the said market.
Those prosthetic medical devices that are utilized for the purpose of gathering of various bodily wastes which get excreted following an ostomy procedure are known as ostomy draining bags. In ostomy procedure, these bodily wastes are made to divert from various biological systems like the colon, ileum, and bladder to a manually made abdominal stoma.
In addition to that, augmented consciousness about the procedure of ostomy is another major factor that is estimated to fuel the requirement for ostomy drainage bags. Great many of various medical cases such as Crohn’s disease and IBD (inflammatory bowel disease) are steering the world market for ostomy drainage bags towards growth.
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A few of the prominent market players that are operating in this world market are Pelcin Healthcare Ltd., Welland Medical Ltd., B. Braun Melsungen AG¸ Flexicare Medical Limited, ALCARE Co. Ltd., and Salts Healthcare Ltd.
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