Colostomy bags: Key market research findings
- The presence of many untapped emerging countries is driving the market
- The colostomy drainage bags segment currently dominates the market
- Key vendors—B. Braun, Coloplast, ConvaTec, Hollister, Marlen, Oakmed, TG Eakin, and Welland Medical
Technavio’s market research analysts estimate the global colostomy bags market to grow at a CAGR of almost 6% between 2016 and 2020. The large number of under-served individuals in emerging countries is the fundamental driver for the market. The awareness about colostomy is on a rise in untapped emerging countries such as India, China, Brazil, Argentina, Colombia, and Mexico, thereby triggering an increase in demand for related products and accessories. The paradigm shift towards home-based healthcare is also fueling the demand for more colostomy care accessories as people are increasingly preferring managing their stoma at home after ostomy procedures rather than visiting healthcare facilities. Currently, the Americas dominate the market by occupying more than 47% of the overall market share. The rapid and early approval of colostomy products, increase in the number of awareness programs initiatives by various organizations, and the increasing incidences of chronic diseases are factors that are likely to influence the growth of the colostomy bags market in this region during the forecast period.
The new market research report from Technavio presents a breakdown and analysis of the colostomy bags segments by product.
“The use of closed one-piece colostomy bags is the latest trend in the market. The closed one-piece system is gaining popularity owing to its use in the management of diseases such as cancer, multiple sclerosis, and irritable bowel syndrome. They are easy to dispose and hence, minimizes the duration and effort required for routine ostomy care. For instance, ActiveLife One-piece Closed-End Pouch by ConvaTec is lightweight, flexible, and easy to manage with the presence of a pre-cut stoma opening and a charcoal filter,” says Barath Palada, Lead Analyst, Healthcare & Lifesciences, Technavio Research.
In 2015, the colostomy drainage bags segment dominated the global colostomy bags market by accounting for almost 87% of the market share. The rising number of chronic diseases worldwide, particularly among people aged 60 and above is the driving force behind the growth of this segment. The global colostomy drainage bags market is expected to grow at a CAGR of almost 6% by 2020.
The key vendors in the global colostomy bags market are B. Braun, Coloplast, ConvaTec, Hollister, Marlen, Oakmed, TG Eakin, and Welland Medical. Providers in the market offer a broad range of colostomy bags and accessories and are increasingly adopting marketing strategies such as online marketing and development and use of advanced technologies to manufacture innovative products. Vendors are shifting towards developing regions such as Brazil, Mexico, China, India, and Russia owing to the significant growth opportunities in these regions.
A more detailed analysis is available in the Technavio report, Global Colostomy Bags Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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