Global Ostomy Drainage Bags Market: Overview
The growth in the prevalence of the bladder and other gastrological infections and cancer has struck the world hard. This is the major driving factor that is boosting the growth of global ostomy drainage bags market from 2014 to 2022. According to the report by Transparency Market Research, the market is anticipated to witness a substantial growth in the forecast period of 2014 to 2022. This growth of the market is attributed to the growth in the demand for ostomy bags that are used in hospitals and other health care institutes, says the report. Moreover, the growing cases of pancreas and uterus cancer in women are also a major factor that boosts the growth of global ostomy drainage bags market from 2014 to 2022. The report also states that during the forecast period, the market shall witness a robust 4.70% CAGR and shall generate US$ 2.75 bn in terms of revenue.
The report focuses on facets such as drivers, trends, opportunities, challenges, and opportunities that are prevalent in the global ostomy drainage bags market. These insights help the reader to make better decisions and have a sustainable future in the global ostomy drainage bags market between 2014 and 2022.
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Global Ostomy Drainage Bags Market: Trends and Drivers
Rising Awareness in Geriatric Population to Drive the Growth
The global geriatric population is rising at an unprecedented rate these days. According to WHO, by 2050 one third of the global population is expected to be above 60 years of age. However, the awareness regarding the health among these people is rising rapidly. This is attracting them constantly towards medical facilities and diagnostic centers. They are also getting educated in the use of the ostomy drainage bags that can help them in the times of surgery and prevent them from further infection. This growth in the awareness among the geriatric population is the major factor that is boosting the growth of global ostomy drainage bags market from 2014 to 2022. Additionally, improving healthcare infrastructure in countries like the U.S., China, and India is also a major factor that propels the growth of market during the estimated time frame, says the report by Transparency Market Research.
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Global Ostomy Drainage Bags Market: Segmentation
Colostomy Bags Segment to Dominate the Market
For better understanding of the reader, the report classifies the global ostomy drainage bags market on the basis of product type and use. Further the report classifies each category into segments that can help the readers to understand the dynamics of the market better. The product type category is segmented into colostomy bags, urostomy bags, and ileostomy bags. Among these segments, the colostomy bags segment is expected to witness the highest growth over the estimated tenure. This growth is the result of rising awareness of colostomy in developing countries like India. Moreover, the versatility of the distribution channel in for these bags also propels the dominance of the colostomy bags segment in the global ostomy drainage bags market from 2014 to 2022.
On the basis of uses, the market is segmented into single-use bags and multi-use bags. Among these segments, the multi-use bags segment is projected to dominate the global ostomy drainage bags market. This dominance is the result of demand for eco-friendly products and reduction of bio-waste that can affect the environment adversely.
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Global Ostomy Drainage Bags Market: Regional Analysis
In terms of geography, the global ostomy drainage bags market is segmented into regions such as Asia Pacific, South America, North America, Europe, and Middle East and Africa. Among these regions, Asia Pacific is projected to witness highest investments by pharmaceutical companies. This is because, the cases of pancreatic and stomach cancers are quite high in India and China. Owing to these demands, the Asia Pacific shall dominates the global ostomy drainage bags market from 2014 to 2022, says the report by Transparency Market Research.
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