Global Ostomy Drainage Bags Market is Expected to Reach USD 2.6 Billion in 2018: Transparency Market Research
Albany NY (PRWEB) December 05, 2012
The North American region held majority of the market share at 42.1% in 2011. In Asia Pacific region, India and China holds the fastest growth rate owing to their large population base and economic development that is expected to grow at a CAGR of 8.9% and 6.7% from 2012 to 2018 respectively. Brazil and Mexico identified as emerging nations also hold lucrative future opportunities for the market.
The growth of the market is ensured by driving factors such as global aging population and rising prevalence of chronic diseases such as Crohn’s disease and Ulcerative Colitis. The rising occurrences of customer awareness programs (World Ostomy Day) coupled with rising healthcare related consumer expenditures and relatively less stringent FDA approval norms as they are 510k exempted class I devices, also act as growth drivers. Economic growth in the Asia Pacific and the Latin American regions serve as future growth opportunities for the market.
Colostomy bags market held majority of the market share in 2011, followed by Ileostomy and urostomy bags market. The colostomy bags market was valued at USD 741.5 million in 2011 and is expected to reach an estimated value of USD 889.8 million, growing at a CAGR of 2.6% from 2012 to 2018. The continent ileostomy and continent urostomy bags markets hold lucrative future growth opportunities, owing to the fact that none of them involve the use of an external ostomy bag.
Coloplast is the market leader in the ostomy drainage bags market. Some of the other key players dominating the ostomy drainage bags market are: ConvaTec, Hollister, B. Braun and Salts Healthcare.
This research is specially designed to estimate and analyze the demand and performance of the ostomy drainage bags market in a global scenario. The research provides in-depth analysis of ostomy drainage bag manufacturers, product sales, trend analysis by segments and demand by geography.