Colostomy bags are medical devices that provide a means for the collection of waste material from a surgically diverted segment of the large intestine. They are used by individuals who have undergone colostomy surgery, which is a procedure that creates an artificial opening in the abdominal wall for the discharge of feces. This procedure is commonly performed to treat bowel/colorectal cancer, inflammatory bowel disease, injuries to the bowel, and other medical conditions. The rising prevalence of colorectal cancer, which is one of the leading causes of cancer-related deaths worldwide, has significantly driven the demand for colostomy bags.
According to statistics, over 1.9 million new cases of colorectal cancer are diagnosed annually. The global colostomy bags market is estimated to be valued at US$ 2.90 Bn 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.
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Market key trends:
One of the key trends in the colostomy bags market is the increasing adoption of one-piece bags. One-piece bags are more user-friendly as compared to two-piece bags as they have an integrated design with adhesive flange and bag compartment combined as a single unit. This eliminates the need to attach the bag compartment separately to the flange area. Their versatility and ease-of-use have boosted their preference over two-piece bags. According to statistics, one-piece bags currently hold over 60% share of the global colostomy bags market. Manufacturers are also focusing on developing thinner and more discreet products to address aesthetic concerns of users. This is expected to further drive the uptake of one-piece colostomy bags.
Porter’s Analysis
Threat of new entrants: Low. Entry barriers like high capital requirements, economies of scale, brand recognition are significant in this market.
Bargaining power of buyers: Moderate. Buyers have some influence due to availability of substitutes but switching costs and importance of product keeps their power in check.
Bargaining power of suppliers: Low. Suppliers have minimal influence due to availability of substitute raw materials and parts.
Threat of new substitutes: Low. Few alternatives available for ostomy bags currently.
Competitive rivalry: High. Major players compete intensely on quality, innovation, and pricing.
Key Takeaways
The global colostomy bags market is expected to witness high growth over the forecast period. Europe currently dominates the market owing to growing aged population and higher awareness levels. North America also captures significant share and is expected to grow steadily throughout the forecast period.
Regional analysis: Europe leads globally with the largest colostomy bags market share currently. Germany and United Kingdom have the highest number of colostomy procedures performed annually. Rising aging population, increasing incidence of Crohn’s disease and colorectal cancer are driving demand.
Key players: Key players operating in the colostomy bags market are Coloplast, ConvaTec, TG Eakin Hollister, Marlen, B. Braun Oakmed, and Welland Medical. Coloplast has the largest share currently, followed by ConvaTec. Other players are focusing on expanding their product portfolios and geography through mergers and acquisitions.
