The global bowel management system market is expected to reach USD 2.25 billion by 2025
NEW YORK, March 6, 2019 /PRNewswire/ -- Bowel Management Systems Market Size, Share & Trends Analysis Report By Product (Colostomy Bags, Irrigation Systems, Nerve Modulation Devices), By Patient Type, By End Use, And Segment Forecasts, 2018 - 2025
Read the full report: https://www.reportlinker.com/p05741311
The global bowel management system market is expected to reach USD 2.25 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.3% during the forecast period. Rising incidence of fecal incontinence coupled with growing government initiatives to raise awareness about bowel management is likely to drive the market. Furthermore, favorable reimbursement scenario has also been favoring the growth of the market.
Bowel management systems are an important tool to manage fecal incontinence. According to the International Foundation for Gastrointestinal Disorders, fecal incontinence affects 6.9% of adult females and 7.4% of adult males. It has also been estimated that around 20.0% of people with irritable bowel syndrome have bowel incontinence.
In addition, different organizations such as United Ostomy Associations of America, Inc. and Colostomy U.K. are working towards raising awareness about ostomy. They are focused on empowering and supporting people who have had ostomy. Also, government bodies globally are introducing programs to provide support to individuals with a stoma by improving access to clinically appropriate and most suitable stoma-related products. These are some of the factors that are promoting the growth of the market.
Further key findings from the report suggest:
• Colostomy bags were the largest segment in 2017 and are likely to witness the fastest growth over the forecast period due to factors such as their high usage rate and well-structured reimbursement policies across developed regions
• The adult segment dominated the market in terms of revenue in 2017 owing to factors such as high prevalence of fecal incontinence among adults
• The home care segment was the leading segment in the market in 2017, owing to rising adoption of bowel management products in home care settings. The segment is also poised to witness the highest CAGR during the forecast period
• North America and Europe accounted for sizeable cumulative share in the market in 2017. These regions experience high usage rate of bowel management systems and are marked by presence of significant key players such as 3M and Medtronic
• Asia Pacific is expected to exhibit the fastest growth during the forecast period due to unmet clinical needs and need for better diagnosis
• Some of the prominent players operating in this space are Mederi Therapeutics Inc.; Aquaflush Medical Limited; Medtronic; Coloplast; C.R. Bard; 3M; Consure Medical; B. Braun; Cogentix Medical; ConvaTec; Axonics Modulation Technologies; Welland Medical Limited; MBH-International A/S; and Wellspect HealthCare
• Key players are adopting strategies such as expanding their geographic reach, increasing R&D activities, rising number of collaborations, growing awareness programs, technological advancements, and launching new products to increase their market share.
Read the full report: https://www.reportlinker.com/p05741311
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