Fact.MR, a global research & consulting firm, in their updated edition of the report, projected that the ostomy drainage systems market is slated to reflect a moderate growth pace in 2021 and beyond.
Fact.MR, a global research & consulting firm, in their updated edition of the report, projected that the ostomy drainage systems market is slated to reflect a moderate growth pace in 2021 and beyond. The increasing adoption of double barrel, loop, ascending, and cecostomy has augmented the usage of ostomy drainage systems for waste removal post- and pre-surgeries.
“Rising demand for ostomy, patient care centers and healthcare providers are making efforts to boost their potential in offering ostomy care to the patients. Additionally, the market players are indulging in advancement and innovation, and keeping a relentless supply of medical accessories, comprising ostomy drainage systems.” states Fact.MR.
Growing Incidences of Ostomy Surgeries Propelling Industry Growth
Growing prevalence of urinary tract cancer, Crohn’s disease, inflammatory bowel disease, colorectal cancer and bladder cancer, increasing geriatric population who necessitate ostomy drainage systems, increasing preference amid the adults and youth for ostomy drainage systems in ostomy surgeries, enhanced reimbursement landscape for ostomy as well as growing awareness in relation to ostomy procedures will be the prime aspect prompting the expansion of the ostomy drainage systems industry.
As per University of North Carolina, growing incidences in the US for ostomy surgeries could be ascribed to the rising prevalence of diverticular disease and colorectal cancer. Growing need for ostomy drainage systems in adults and youth for ostomy surgeries is further increasing by the day.
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Healthcare Facilities will Hold Significant Industry Share
Healthcare facilities viz. clinics, patient care centers and hospitals will account for majority of the market shares in contrast to the homecare industry.
The hospitals among these will expand significantly amid the analysis period. Accessibility of technologically progressed products to provide larger population together with enhanced patient comfort is likely to boost the demand for ostomy drainage systems in hospital settings. Furthermore, hospitals offer precise diagnosis in the existence of a specialized healthcare team which will ultimately augment the business extension.
How Huge is the Opportunity in the US?
The US is likely to record notable expansion, due to the rise in patient awareness, rise in the geriatric population, existence of several healthcare vendors and cutting-edge healthcare facilities.
India and China, will foresee a higher growth pace owing to surging incidences of ailments is prompting a rise in several ostomy surgeries. Additionally, enhanced healthcare expenditure as well as reimbursement policies favored by the government are anticipated to fuel the industry expansion.
Technological Advancement of Existing Products Remain Prime Focus Area: Fact.MR Survey
The ostomy drainage systems market is majorly fragmented and companies are using several strategies such as expansions, new product launches, agreements, partnerships, joint ventures, and acquisitions to boost their footprints. Fact.MR’s survey further indicated that the key companies are focusing on technologically progressed ostomy drainage systems by offering collection facilities for prolonged period of time. The updated edition of the report offers comprehensive coverage of the projected remain key strategies of the market players. Some of the major market players profiled in the report are Salts Healthcare Limited, Hollister Incorporated, ConvaTech Inc., Coloplast A/S, Welland Medical Limited, Pelcin Healthcare Limited, Attends Healthcare Products, Inc., B. Braun Melsungen AG, Alcare Co. Limited, Cymed Ostomy Co., Flexicare Medical Limited, and Peak Medical Limited. The latest edition also provides a thorough analysis of the COVID-19 impact on this market.
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Source: Fact.MR