NEW YORK (Sept. 19, 2013)—The global ostomy drainage bags market is forecasted to increase from $2.2 billion in 2012 to $3.1 billion by 2019, at a Compound Annual Growth Rate (CAGR) of 5 percent, says business intelligence provider GBI Research.
According to the company’s latest report, the increasing prevalence of conditions such as colorectal cancer, inflammatory bowel disease and prostate cancer--which require surgery and the creation of a fecal or urinary stoma--is the major driver for the forecasted growth. In 2012, three top companies accounted for more than 80 percent of the global market, with Coloplast, Convatec and Hollister having shares of 37 percent, 28 percent and 17 percent, respectively.
Technical advances in ostomy bags will also be a major driver for growth during the forecast period. However, the unfavorable reimbursement scenario for ostomy drainage bags is expected to limit future growth. In the U.S., inadequate reimbursement encourages ostomates to prolong the usage of ostomy drainage bags beyond their average lifetime, which limits demand for new ones. Many countries in Europe, with the exception of Germany and France, do not have fixed reimbursement fees for the procedure.
“In 2012, Eucomed, an association of various stakeholders in the medical device industry, announced proposals to address the challenges in the reimbursement provided for ostomy. These nonprofit associations, combined with companies pushing for better reimbursement scenarios, are vital for the future growth of the ostomy drainage bags market,” says Tejwani.
