High prevalence of colorectal cancer owing to the increase in geriatric population drives the market growth. Increase in population prone to colon cancer, urinary tract cancer, bladder cancer, colorectal cancer, inflammatory bowel disease, and chronic diseases such as ulcerative colitis and Crohn's disease that require ostomy surgery, further boosts the market growth.
Ostomy drainage bag is a plastic/rubber bag or pouches utilized to collect waste generated by the patient affected by inflammatory bowel disease (IBD), Crohn’s disease, and different types of cancer. Ostomy surgery is one of the life-saving processes that permits bodily waste, including urine and stool to pass through a surgically performed stoma on the abdomen.
The global ostomy drainage bags market was valued at $1,658.38 million in 2020, and is projected to reach $2,409.38 million by 2030, growing at a CAGR of 3.8% from 2021 to 2030.
Growth in patient population suffering from colorectal cancer, bladder cancer, and Crohn’s disease and technological advancements leading to production of efficient, skin-friendly, durable, reusable, waterproof, and economical bags drive the market growth. For instance, in August 2019, according to World Ageing 2019 report, there were around 703 million people aged 65 years or more in the world. Therefore, surge in number of geriatric population increases the usage of ostomy drainage bags because of various life-threatening diseases. In August 2019, United Ostomy Associations of America, Inc., held the 7th National Conference at Pennsylvania on ‘discover the world of ostomy product’. Ostomy producers, accessories producers, retailers, and associated assistance organizations visited this conference. Thus, development of new strategies by key players propels the ostomy drainage bags market growth.
The key market players profiled in the report are F. Hoffmann-La Roche AG, Reprogenetics, LLC, Genea Limited, Illumina, Inc., Laboratory Corporation of America Holdings, Natera, Inc., PerkinElmer, Inc., Quest Diagnostics Incorporated, Genesis Genetics Ltd., and Reproductive Genetics Innovations LLC.
Alarming rise in prevalence of disorders such as colorectal cancer, inflammatory bowel diseases, rise in government & private funds for development of healthcare sectors, and increase in number of key players for ostomy drainage bags are expected to notably contribute toward the growth of the global ostomy drainage bags market during the forecast period.
Onkar Sumant - Manager
Life Sciences at Allied Market Research
0 Comments