Bowel management system is used for the management of fecal inconsistency in patients and help them keep the skin free from contaminants and infections
PUNE, MAHARASHTRA, INDIA, October 15, 2020 /EINPresswire.com/ — The surge in adoption of bowel management system for fecal inconsistence management and rise in geriatric population drive the growth of the bowel management systems market.
"Bowel Management Systems Market by Product, Patient Type, and End User: Global Opportunity Analysis and Industry Forecast, 2018–2026," the global bowel management systems market size is expected to reach $3.59 billion by 2026, registering a CAGR of 4.5% from 2019 to 2026, in terms of value.
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Increase in incidences of irritable bowel syndrome and growth in the geriatric population across the globe have boosted the growth of the global bowel management systems market. However, the dearth of trained professionals hampers the market. On the contrary, rise in growth opportunities in emerging economies would further supplement the market growth.
Bowel Management Systems Market Competitive Analysis:-
Leading market players Coloplast, Medtronic, 3M, B. Braun, CR Bard (BD), Cogentix Medical, Axonics Modulation Technologies, Hollister, Convatec, and Wellspect healthcare, others provided in this report. These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry.
Colostomy bags segment dominated the market:-
By product, the colostomy bags segment held the largest share in 2018, accounting for more than two-fifths of the market, owing to increased usage in hospitals, clinics, and even home care for the management of fecal inconsistency in adults. However, the accessories segment is projected to manifest the fastest CAGR of 5.4% during the forecast period.
Home care segment to portray the highest CAGR by 2026:-
The home care segment is estimated to register the highest CAGR of 5.6% from 2019 to 2026, due to surge in adoption of bowel management systems in home care settings, requirement for device replacement on regular intervals, and increase in prevalence of chronic disorders. However, the hospitals segment held the largest share in 2018, accounting for nearly half of the market. This is due to the fact that the majority of the hospitals provide coverage for different bowel management procedures along with other requirements.
Adult demographic holds the largest share:-
The adult segment held the largest share in 2018, contributing to nearly two-thirds of the market. Moreover, the segment is expected to register the fastest CAGR of 4.9% during the forecast period. This is attributed to the fact that elderly people are more prone to fecal inconsistency as compared to pediatrics.
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North America held the largest share:-
The market across North America held the lion's share in 2018, contributing to more than two-fifths of the total revenue, due to considerable increase in the geriatric population in the region. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 6.0% during the forecast period. This is due to increase in demand for healthcare infrastructure, rise in the number of hospitals in emerging countries, the developing R&D sector, rise in healthcare reforms, and technological advancements in the field
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Source: EIN Presswire