Portland, OR, July 03, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global Ostomy Drainage Bags Market generated $1.65 billion in 2020, and is expected to reach $2.40 billion by 2030, witnessing a CAGR of 3.8% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Surge in prevalence of inflammatory bowel diseases & colorectal cancer cases and development of new ostomy products by a large number of key players drive the growth of the global ostomy drainage bags market. Moreover, the launch of innovative products that cater to needs and comfort of patients and rise in number of approvals by regulatory bodies create new opportunities in the coming years.
Covid-19 Scenario:
- The demand for ostomy drainage bags reduced considerably due to postponement or cancellation of many ostomy surgeries. This is due to shift in hospital resources to take care of increase in number of Covid-19 infected patients.
- Only acute ostomy surgeries were carried out during the initial stages of the pandemic. However, the demand is expected to rise post-pandemic as the number of surgeries increase steadily.
The report offers detailed segmentation of the global ostomy drainage bags market based on type and region.
Based on type, the colostomy bags segment contributed to the highest share in 2020, accounting for around one-third of the total market share, and is estimated to maintain its dominant share by 2030. Moreover, this segment is projected to manifest the highest CAGR of 4.1% from 2021 to 2030. The report also analyzes the segments such as ileostomy bags, urostomy bags, continent ileostomy bags, and continent urostomy bags.
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Based on region, North America accounted for the highest share in 2020, contributing to around two-fifths of the total market share, and is projected to continue its leadership status by 2030. However, Asia-Pacific is projected to portray the fastest CAGR of 4.1% during the forecast period.
Leading players of the global ostomy drainage bags market analyzed in the research include ALCARE Co. Ltd., Coloplast A/s, B. Braun Melsungen AG, Flexicare Ltd., ConvaTec Inc., Oakmed Healthcare, Hollister Incorporated, Salts Healthcare Ltd., Pelcin Healthcare Ltd., and Welland Medical Ltd.
| Report Attribute | Details |
| Revenue forecast in 2030 | USD 2.4 billion |
| Growth rate | CAGR of 3.8% from 2021 to 2030 |
| Forecast period | 2020 - 2030 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Regional scope | North America, Europe, Asia Pacific, Latin America, MEA |
| Country scope | U.S., Canada, Germany, U.K., France, Italy, Spain, Japan, China, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia |
| Key companies profiled | ALCARE Co. Ltd., B. Braun Melsungen AG, Coloplast A/s, ConvaTec Inc., Flexicare Ltd, Hollister Incorporated, Oakmed Healthcare, Pelcin Healthcare Ltd., Salts Healthcare Ltd., Welland Medical Ltd. |
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
