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Ileostomy Market to Reach an Evaluation of US$1.65 Billion by 2024, Says TMR
ALBANY, New York, March 8, 2019 /PRNewswire/ -- Ileostomy market was evaluated at US$765.2 mn in 2015. The ileostomy market is expected to garner 8.9% CAGR during 2016-2024 to reach an evaluation of US$1.65 bn by 2024 end. Rising number of end ileostomy due increasing cases of inflammatory bowel diseases are expected to drive this growth.
Among main regions, Europe is expected to lead growth of the global ileostomy market. The global ileostomy market in Europe held a 43.2% of the total market's share in 2015. This region is expected to remain in leading position in future due to advanced healthcare infrastructure and rising awareness about the procedure.
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Growing Geriatric Population to Propel Growth
Rising geriatric population worldwide, and lifestyle changes such as increased consumption of fast food leading are major factors driving the global ileostomy market. This is mainly due to increasing cases of inflammatory bowel diseases caused from high consumption of fast foods.. Developed regions like Europe and North America present a lucrative opportunity for the growth of the global ileostomy market due to resourceful and advanced healthcare facilities. Improving favorable insurance policies in North America are expected to drive growth of the global ileostomy market.
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On the other hand, the global ileostomy market also faces uncertainties and challenges. Patients are increasingly opting for alternative surgeries such as substantial application of abdominal ileorectal anastomosis and colectomy in carefully selected patients. Medical advancements are also providing alternatives to patients at risk from rectal mucosa. This can restrain growth of the global ileostomy market in mature regions, where healthcare systems provide numerous options and reimbursement mechanisms. However, growing geriatric population in Asia Pacific, rising disposable income, and improving healthcare infrastructure is expected to open new and lucrative opportunities in the market.
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Cancer Emerges As the Leading Factor for Growth in the Global Ileostomy Market
Ostomy surgery is a necessary precaution arising as a side-effect of many cancer treatments. Growing advancements occurring in the medical field are reducing the number of patients who require this surgery. However, this surgery is a life-saving procedure for some cancer survivors. Sedentary lifestyle and growing number of cancers are expected to drive growth of the ileostomy market during the forecast period.
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The rising cases of cancers and its widespread treatment in hospitals is also expected to drive growth for the global ileostomy market. Among various operation channels such as research centers, surgical centers, and hospitals; patients continue to prefer hospitals due to widespread availability and organized set-up. Stoma bags continue to remain popular among clinicians due to their simple design and ease-of-use provided. Further advancements in stoma bag designs are expected to drive further growth in the ileostomy market.
The global ileostomy market depicts the presence of a highly consolidated vendor landscape led by few major players, reports Transparency Market Research (TMR). Main players in the market including Coloplast, Hollister, and Convatec, which held more than 36% market shares in 2016. These companies are gearing for more commitment showcased in research and development as product innovations hold high significance to gain a leading edge in the market. The global ileostomy market is also driven by collaboration and mergers, which is expected to register a notable growth during 2016-2024. It is also expected to open new opportunities for major players to make global expansions led by technological advancements. Innovation has become a key for small players, which is essential to attract new customers in the global ileostomy market.
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This information is based on the findings of a research report published by Transparency Market Research (TMR), titled "Ileostomy Market (Procedure Type - End Ileostomy and Loop Ileostomy; Equipment - Stoma Bags, Belt & Girdles, Adhesive Sprays, and Stoma Guards; Disease Condition - Cancer, Diverticulitis, Ulcerative Colitis, and Crohn's Disease; End Users - Hospitals, Ambulatory Centers, and Research Centers) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024."
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