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.
The ostomy drainage bags market was valued at $1,658.38 million in 2020, and is estimated to reach $2.4 Billion by 2030, growing at a CAGR of 3.8% from 2021 to 2030.
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.
"Launch of new ostomy products with desirable features and technological advancements would propel adoption of these products." says Hemali Narkhede, Manager, Healthcare Research at Allied Market Research.
North America was the largest regional market, followed by Europe due to moderate reimbursement scenario in these regions. Asia-Pacific is estimated to grow at the highest CAGR of 6.7% during the forecast period.
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
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