Market Dynamics and Consumer Preferences in Ostomy Drainage Bags Industry
According to a report by Allied Market Research, the global ostomy drainage bags sector is predicted to cite an impressive CAGR of 3.8% with a revenue of $2,409.38 million by 2030.
The global ostomy drainage bags market report presents an extensive analysis of size, share, and growth rates in diverse segments at both national and regional levels. It provides a detailed examination of industry dynamics, including emerging trends, key growth drivers, opportunities, and potential constraints, offering valuable insights into the current and future landscape. Additionally, the report highlights significant qualitative insights, featuring key findings on overall market outlook and investment potential.
Market dynamics
According to a report by Allied Market Research, the global ostomy drainage bags sector is predicted to cite an impressive CAGR of 3.8% with a revenue of $2,409.38 million by 2030. The industry is gaining momentum due to a surge in inflammatory bowel diseases and a rise in the prevalence of colorectal cancer cases.
However, the sector is facing a downturn due to the availability of alternative clinical procedures. Nevertheless, there is a growing number of product approvals and a rise in demand for ostomy bags by the geriatric population.
Advanced technology assessment
The report analyzes the latest technologies in the ostomy drainage bags market to assist manufacturers in advancing their product range. Modern ostomy bags now feature advanced odor control technologies that effectively neutralize unpleasant smells, greatly enhancing user experience and boosting confidence for individuals with ostomies. Moreover, advances in adhesive technology have resulted in skin-friendly adhesives that reduce irritation and discomfort. These adhesives are engineered to create a secure seal while remaining gentle on the skin, offering significant benefits for long-term users.
Two-piece ostomy systems have become popular for their flexibility, allowing users to change the bag without disturbing the adhesive base. This system is especially beneficial for individuals with sensitive skin, as it reduces the need for frequent adhesive changes and minimizes potential skin irritation.
Competitive analysis
The competitive landscape section delivers a comprehensive assessment of the top ten industry players, with in-depth profiles based on revenue, product/service portfolios, geographic footprint, strategic initiatives, and contributions to sector growth. This section equips stakeholders with essential knowledge to understand competitive positioning, identify potential partnerships, and make informed business decisions. The top players listed in the report are:
- ALCARE Co. Ltd.
- Convatec Group Plc.
- B. Braun Melsungen AG
- Flexicare Ltd
- Salts Healthcare Ltd.
- Pelcin Healthcare Ltd.
- Oakmed Healthcare
- Hollister Incorporated
- Coloplast A/s
- Welland Medical Ltd.
Regional analysis
Regional analysis in the report enables businesses to comprehend local consumer behaviors, preferences, and cultural nuances, allowing them to customize their products, services, and marketing strategies to address specific local demands. Insights from regional analyses assist in the optimal allocation of resources by pinpointing areas that need additional support or investment, thereby improving overall economic development strategies.
As per the regional analysis of the ostomy drainage bags industry, North America generated a major share in 2020 and is predicted to maintain its dominance throughout the forecast timeframe. However, Asia-Pacific is expected to register a notable CAGR of 4.1% by 2030.
Sectoral highlights
In June 2021, Welland Medical Limited introduced Aurum Plus, a new ostomy bag that combines innovation and versatility with both closed and drainable options. Marketed as a significant advancement in ostomy care, Aurum Plus addresses the diverse needs of patients.
In November 2020, Coloplast A/S finalized the acquisition of Nine Continents Medical, Inc., a leading company in implantable tibial nerve stimulation for treating overactive bladder. This strategic acquisition highlights Coloplast’s commitment to expanding into innovative therapies and enhancing its portfolio in urology and pelvic health.
In essence, the Allied Market Research report on the global ostomy drainage bags industry provides valuable insights into trends, technological innovations, and competitive analysis. Companies can utilize this information to identify growth opportunities, enhance their product offerings, and effectively strengthen their market positions.