Ostomy Drainage Bags Market Expected to Reach USD 2.7 Billion Globally in 2022: Transparency Market Research
According to a new market report published by Transparency Market Research “Ostomy Drainage Bags Market (Types: Colostomy Bags, Ileostomy Bags & Urostomy Bags; Use: Single-use & Multi-use Ostomy Drainage Bags) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2022”, the global ostomy drainage bags market was valued at USD 1,829.6 million in 2013 and is expected to grow at a CAGR of 4.7% from 2014 to 2022, to reach USD 2,759.5 million in 2022.
Browse the full Ostomy Drainage Bags Market Report: http://www.transparencymarketresearch.com/ostomy-drainage-bags-market.html
Global ostomy drainage bags market is highly influenced by the reimbursement policies worldwide. Reimbursements across the European nations are formulated in a way that they reimburse the major share of the expenditure of an ostomate. For example, in Italy, National Parliament of Law passed a regulation in 2012, according to which all the medical devices of all classes must be administered in the database managed by the Ministry of Health. The database includes a list of products for reimbursement with a reference price per category. This law has provided an opportunity for better reimbursement prices for ostomy drainage bags and other products. Similar laws have been formulated in other countries such as Germany, the U.K. and France. Minimal cost involvement for undergoing ostomy procedure and complete reimbursement for products is contributing towards the growth of the ostomy drainage bags market in Europe. However, on the contrary reimbursement policies of the U.S. are not supporting the reimbursement of ostomy drainage bags. The government only reimburses ostomy drainage bags and other accessories, only if the patient is covered under Medicare B plan. Moreover, Medicare has set up certain highest limits on each type of product, above which the patient is not reimbursed. This policy is diverting the patients towards substitutes of ostomy such as continence ileostomy and continence urostomy for treatment of chronic colorectal and bladder cancer, thus restraining the market.
Reimbursement policies in Japan and Australia are also playing major role towards the growth of ostomy drainage bags in Asia Pacific. In Japan, the ostomate is considered as disabled and is provided with stipend, corresponding to the ostomate’s family income. Stipend provided to low income households in clostomates/ileostomates is JPY 8,000 per month and JPY 13,000 per month to urostomates. Similarly, the Australian government has launched a scheme The Stoma Appliance Scheme for supporting stoma patients with post ostomy products without any additional charge. Favorable reimbursement policies are encouraging patients to undergo ostomy procedures in these countries without any fear of post-surgery expenses.
Browse the full Press Release of Ostomy Drainage Bags Market: http://www.transparencymarketresearch.com/pressrelease/ostomy-drainage-bags-market.htm
In terms of regional classification, the global ostomy drainage bags market has been segmented into six major regional markets: North America, Europe, Asia Pacific, Latin America (LATAM), Middle East and North Africa (MENA) and Rest of the World (RoW). Europe accounted for the largest share of the global ostomy drainage bags market in 2013. High prevalence of colorectal cancer and inflammatory bowel disease (IBD), favorable reimbursement policies and economic stability to afford expensive ostomy procedure are the major factors contributing towards the growth of the market. The European commission estimated that IBD affects around 2.5 to 3 million people in Europe every year. High prevalence of IBD is resulting in large number of ostomy procedures being conducted, alternatively leading to increased demand for ostomy drainage bags in Europe. Asia Pacific however, is estimated as the most opportunistic market for ostomy drainage bags during the forecast period owing to the rising awareness about ostomy and high prevalence of colorectal cancer in some of the Asian countries such as the South Korea, Turkey, Indonesia and Philippines.
Major players operating in the global ostomy drainage bags market include Alcare Co., Ltd., B. Braun Melsungen AG, Flexicare Medical Limited, Pelcin Healthcare Ltd, Salts Healthcare Ltd., Welland Medical Ltd, Coloplast A/S, ConvaTec, Inc. and Hollister Incorporated. Large numbers of generic product manufacturers are also operating in the market. Among these, Coloplast A/S, ConvaTec, Inc. and Hollister Incorporated are the market leaders.
The global ostomy drainage bags market has been segmented into the following categories:
Global Ostomy Drainage Bags Market, by Types
- Colostomy Bags
- Ileostomy Bags
- Urostomy Bags
Global Ostomy Drainage Bags Market, by Use
- Single-use Ostomy Drainage Bags
- Multi-use Ostomy Drainage Bags
Global Ostomy Drainage Bags Market, by Geography
o United States
o United Kingdom
o Rest of the Europe
o Rest of the Asia Pacific
§ Latin America (LATAM)
o Rest of the LATAM
Middle East and North Africa (MENA)
o Saudi Arabia
o United Arab Emirates (UAE)
o Rest of the MENA
§ Rest of the World (RoW)
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