Methodical Digitization to Drive the Ostomy
Drainage Bags Market
The Ostomy Drainage Bags Market is all set to witness staggering growth in the upcoming
period. With technological advancements under its belt, the healthcare vertical is witnessing
hi-tech demands. In other words, the healthcare personnel is expected to be abreast with
the operations of high-tech devices like handheld computers, smart infusion pumps, and so
on. Also, utmost care needs to be taken concerning scanning right the very first time along
with vibration alert to not disturb the sleeping patients.
As per Persistence Market Research’s latest industry analysis, the global ostomy
drainage bags market was valued at US$ 1.57 Bn in 2020, and is expected to exhibit
a CAGR of around 3.5% over the forecast period (2021-2031).
Ostomy drainage bags are useful for patients who suffer from chronic diseases such as
irritable bowel syndrome, colorectal cancer, ulcerative colitis, Crohn’s disease, diverticulitis,
and others. Since the prevalence of these diseases has been increasing in the past few
years, demand for ostomy drainage bags has also increased in parallel.
The market has witnessed advancements of technology in terms of innovative ostomy
drainage bags. Strategic mergers & acquisitions and introduction of new products are some
of the key strategies adopted by the major players of this industry.
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Opportunistic growth awaits the key players since the cost of ostomy procedures has
reduced in the past few years, and there is increased adoption of these products amongst
healthcare providers and patients. Manufacturers are investing in research & development
activities to develop unique and technologically-advanced devices, such as implantable
drainage bags for remote monitoring.
For instance, in October 2019, Hollister Inc., a leading medical device manufacturer,
announced the construction of a new manufacturing plant in Kaunas Free Econ