Colostomy bags are disposable plastic bags that connect to the abdomen to collect waste matter after a colostomy procedure, where a section of the colon is surgically diverted through the abdominal wall. Colostomy bags offer hygienic waste collection and ease of use for patients undergoing ostomy surgeries.
The global Colostomy Bags Market is estimated to be valued at US$ 2.90 Billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The increasing prevalence of ostomy procedures across the globe is primarily driving the colostomy bags market. Advanced lifestyle diseases such as diabetes, obesity, and hypertension have increased the risk of colorectal cancers and inflammatory bowel diseases. According to recent estimates, over 1 million people undergo ostomy surgeries every year due to these conditions. This has fueled the demand for medical devices such as colostomy bags for hygienic waste management post-surgery. Advanced products offering discretion and comfort are also increasingly adopted.
SWOT Analysis
Strength: Colostomy bags provide convenience and discretion for patients undergoing colostal surgery or living with colostomy. They help manage bowel movements hygienically.
Weakness: Some patients experience leaks, which can cause embarrassment. Adhesives may irritate skin over time. Cost of bags and supplies can be burdensome for some.
Opportunity: Growing geriatric population and rising chronic diseases incidence rates point to increased need for colostomy care products. Untapped non-hospital markets exist in remote/rural areas.
Threats: Thin margins due to commodity-like nature of bags. Potential new ostomy alternatives could steal market share. Economic downturns may squeeze healthcare budgets and priorities.
Key Takeaways
The global colostomy bags market is expected to witness high growth over the forecast period of 2023 to 2030. The market size for 2024 is estimated to reach US$ 2.90 billion, indicating a CAGR of 5.6% during the period.
Regional analysis indicates North America currently dominates the global market due to supportive reimbursement policies and widespread awareness about ostomy care products. Asia Pacific is poised to emerge as the fastest growing regional market stoked by rising medical tourism, increasing healthcare expenditures, and a growing target patient pool in populous nations like India and China.
Key players operating in the colostomy bags market are Coloplast, ConvaTec, TG Eakin Hollister, Marlen, B. Braun Oakmed, and Welland Medical. These companies hold a majority market share and are focused on strengthening their product portfolios through continuous innovation and expansion into less developed markets through collaborations with local players.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it