PUNE, India, July 19, 2018 /PRNewswire/ --
According to a new market research report "Bowel Management Systems Market by Product (Irrigation Systems, Nerve Modulation Devices, Colostomy Bags, and Accessories), Patient Type (Adult and Pediatric), End User (Home Care and Hospitals, Ambulatory Surgery Center) - Global Forecast to 2023", published by MarketsandMarkets, the global market is projected to reach USD 2.07 billion by 2023 from USD 1.74 billion in 2018, at a CAGR of 3.5% during the forecast period.
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Growth in the Bowel Management Systems Market is mainly driven by factors such as the expanding target patient and growing geriatric population, availability of technologically advanced bowel management products, and favorable reimbursement scenario in developed countries.
The colostomy bags segment is expected to form the largest segment during the forecast period.
Based on product, the Bowel Management Systems Market is categorized into four major segments, namely, irrigation systems, nerve modulation devices, colostomy bags, and other products & accessories. The colostomy bags segment is expected to account for the largest share in the Bowel Management Systems Market in 2018. Increasing number of target patient population, and growing availability of medical reimbursements for colostomy products across developed markets are expected to drive the growth of the colostomy bags segment in the next five years.
Adult patients segment is estimated to register the highest growth rate in the Bowel Management Systems Market during the forecast period
The Bowel Management Systems Market is segmented, by patient type, into adult and pediatric patients. The adult patients segment is expected to register the highest growth rate in the Bowel Management Systems Market during the forecast period, owing to the factors such as the significant prevalence of FI among adults, increased public-private initiatives to enhance patient awareness related to effective FI management, and availability of advanced bowel management products.
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The home care segment is estimated to register the highest growth rate in the Bowel Management Systems Market during the forecast period
The Bowel Management Systems Market is segmented, by end user, into home care and hospitals & ambulatory surgery centers. The home care segment is expected to register the highest growth rate of the Bowel Management Systems Market during the forecast period, owing to the factors such as the significant usage and growing adoption of bowel management products in home care settings, and need for device replacement on a regular basis.
In 2018, Europe accounted for the largest share of the bowel management systems market
Geographically, the Bowel Management Systems Market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. Europe accounted for the largest share of the market in 2018. The large share can be attributed to the significant disease (colorectal/bladder cancer & IBD) burden, favorable reimbursement scenario, and the increase in its geriatric population.
Some of the major players operating in the Bowel Management Systems Market are Coloplast (Denmark), Medtronic (Ireland), 3M (US), B. Braun (Germany), C.R. Bard (US), Consure Medical (India), Cogentix Medical (US), Aquaflush Medical Limited (UK), Axonics Modulation Technologies (US), ConvaTec (UK), Hollister (US), MBH-International A/S (Denmark), Mederi Therapeutics Inc. (US), Welland Medical limited (UK), and Wellspect HealthCare (Sweden).
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