DUBAI, U.A.E, Aug. 25, 2021 /PRNewswire/ -- As per Future Market insights (FMI), the global market for stool management systems is anticipated to surpass a valuation of US$ 242.4 Mn by 2031 in comparison to the valuation of US$ 166.5 Mn registered in 2021, expanding at a CAGR of 3.8% over the forecast period 2021-2031.
Significant rise in geriatric population coupled with the increasing incidence of diarrhoea and other disorders among older patients is contributing to the market growth. According to a report by the World Bank, the geriatric population across the globe was estimated to be around 700 million in 2019.
The market continues to showcase steady growth, especially on account of surge in availability of high-tech devices including catheter tubes, luer-lock syringes, collection bags with filters, and clinch clamps. Considering this, market players are focusing on new launches, acquisitions, and partnerships to diversify their portfolio and gain impressive footprint in the market.
For instance, in 2019, ConvaTec Group Plc, a leading medical products and technologies company, announced the acquisition of Southlake Medical Supplies, Inc. ("Southlake"), a Texas-based independent provider of catheter-related supplies, to further strengthen their presence in the U.S. market.
Owing to the increasing investment in research and development activities along with developments in the healthcare sector, the market will surge considerably over the forecast period. Among various product types, systems are projected to channel majority of revenue growing at a CAGR of 3.7%, totaling US$ 101 Mn in 2021.
Growth prospects are likely to remain positive in the U.S. market owing to the cost-effectiveness these systems coupled with the presence of some of the leading market players. As per FMI, the U.S. is estimated to account for over 92% of North America market in 2021.
"Rising incidence of fecal incontinence among patients, coupled with increasing use of advanced appliances is catering to the growth of the stool management systems market. Apart from this, market players are focusing on expanding their production capacities by undertaking business expansion strategies. This in turn will bolster future growth prospects," said a FMI analyst.
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Key Takeaways from Stool Management Systems Market Survey
- The U.K. is leading the market for stool management systems in Europe. It is forecast to account for over 15% of the Europe market over the forecast period 2021-2031.
- The U.S. is estimated to account for over 92% of the value share of the stool management systems market in North America.
- Backed by increasing healthcare spending, the Australia market for stool management systems is estimated to account for over 95% of the sales registered in Oceania for the year 2021.
- France market is projected to grow at a CAGR of 2.7%, accounting for over 17% of Europe market over the assessment period.
- Based on product type, the demand for systems is likely to grow at a CAGR of 3.7% over the forecast period.
- Rising incidence of chronic diseases related to bowel has accelerated the market growth.
- Use of high-tech medical devices to offer improved patient care is positively impacting the market.
- Increasing research and development activities are creating lucrative opportunities for growth of the stool management systems market.
- Increasing consumer preference for non-invasive solutions for bowel management is expected to restrict the market growth.
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Stool management systems manufacturers are undertaking acquisitions and partnerships to strengthen their foothold in the market.
For instance, in 2018, Hollister installed a brand new distribution center in Oud Gastel, Netherlands addressing the increasing product demand from consumers.
In 2020, Coloplast, a Danish medical device company announced the acquisition of tibial nerve stimulation developer Nine Continents. With this acquisition, Coloplast aims to commence clinical studies of the device next year.
Some of the leading players operating in the stool management systems market profiled by Fact.MR are:
- B. Braun Melsungen AG
- Becton Dickinson (C. R. Bard)
- ConvaTec, Inc.
- Hollister Incorporated
- Prosyn International Ltd.
- Consure Medical
More Valuable Insights on Stool Management System Market
FMI, in its new report, offers an unbiased analysis of the global stool management systems market, analyzing forecast statistics through 2021 and beyond. the survey reveals growth projections on in stool management systems market with detailed segmentation:
- External Management Systems
- Indwelling Collection Systems
- With Irrigation
- Without Irrigation
- Catheter Tubes
- Luer-Lock Syringe
- Collection Bag with Filter
- Clinch Clamp
- North America
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Key Questions Covered in the Stool Management Systems Market Report
- The market survey also highlights projected sales growth for stool management systems market between 2021 and 2031
- The report offers insight into stool management systems demand outlook for forecast period 2021-2031.
- Stool management systems market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
- Stool Management Systems market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
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