The rising prevalence of chronic diseases such as malignancy or tumor, Crohn’s disease and inflammatory bowel syndrome (IBS) to boost the Colostomy Bags Market growth

 

Colostomy Bags Market

Colostomy Bags Market- by Product Type (Colostomy Bags, Ileostomy Bags, and Urostomy Bags), by Usability (Single-use Ostomy Drainage Bags and Multiple-use Ostomy Drainage Bags), by System Type (One-piece System and Two-piece System), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Size, Share, Trends, and Forecast 2018 – 2026

The global Colostomy Bags Market is estimated to be valued at US$ XX million in XXX and is expected to exhibit a CAGR of XX% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Colostomy is a clinical method in which an entrance is made by designing the hearty closing of the large bowel by an abrasion in the frontal abdominal wall and later stitching and fitting it into place. This aids the sufferer in good stool motions through the ostomy and gathered in specific one time ostomy bag, which sets over the ostomy and attaches to the dermis. Ostomy can be enduring or impermanent, as ostomy can be cured by connecting two ends at a time.

Competitive Landscape:

Key Players involved in the colostomy bags market are TG Eakin Hollister, Coloplast, B. ConvaTec, Welland Medical Marlen, and Braun Oakmed.

Market Key Drivers:

The rising prevalence of chronic diseases such as malignancy or tumor, Crohn’s disease and inflammatory bowel syndrome (IBS) is expected to propel the growth of global colostomy bags market. For instance, as per EFCCA, around 10 million people suffer from IBS across the globe.

The rising geriatric population is projected to fuel the growth of global colostomy bags market. For instance, as per the World Ageing 2019 report, in 2019, there were approximately 703 million people aged 65 years or above globally. The number of geriatric population is forecast to increase to 1.5 billion in 2050.

Covid-19 Impact Analysis:

The Covid-19 outbreak had adversely affected the growth of the global colostomy bags market. COVID-19 pandemic is deteriorating infirmity in colostomy patients. Only good synergy amidst correct stoma care practices and suitable government rules can aid overcome this challenging condition.

Key Takeaways:

The global colostomy bags market is anticipated to exhibit a CAGR of XX % during the forecast period owing to rising innovations by the key players and the product expansion. For instance, in March 2021, ConvaTec Inc., aimed on therapies for controlling the chronic conditions, has been given a contract for Ostomy products with Vizient, Inc. 

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in global colostomy bags market due to rising cases of blood and colorectal cancer, increasing prevalence of IBD and Crohn’s disease, increasing geriatric population and innovation in the product. For instance, as per GLOBOCAN, around 155,008 people or 6.8% of the population suffer with new colorectal cancer in 2020 in U.S.