Rapid rise in geriatric population and increased healthcare expenditure among the population of various developed and developing regions are majorly fueling the growth of the GLOBAL BOWEL MANAGEMENT SYSTEMS MARKET.
Market Overview
Various factors are attributing to the accelerated growth noted in the global bowel management systems market. A rapid change in lifestyles of the general public has led to a surge in the intestinal issues such as constipation and fecal incontinence. Advancements in healthcare technology, along with various technological developments in medical devices, has pushed sizeable growth in the bowel management systems market. Further, the rise of the geriatric population, across the globe, has propelled the surging bowel management systems market.
Increased research and development activities for introducing highly effective treatment solutions and availability of favorable reimbursement policies are some other major factors that are propelling the growth of the global bowel management systems market.
The global bowel management systems market is expected to showcase a steady CAGR of 4.1% over the forecast period. The global bowel management systems market is estimated to reach a market valuation of USD 2.188 billion between the forecast period of 2017-2023.
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Industry Key Players
The global bowel management systems market boasts the presence of many prominent market players including Medtronic (Ireland), Coloplast (Denmark), 3M (the U.S.), Aquaflush Medical Limited (the U.K.), Hollister (the U.S.), B. Braun (Germany), Consure Medical (India), C.R. Bard (the U.S.), Cogentix Medical (the U.S.), ConvaTec (the U.K.), Axonics Modulation Technologies (the U.S.), MBH-International A/S (Denmark), Welland Medical limited (the U.K.), Mederi Therapeutics Inc. (the U.S.), and Wellspect HealthCare (Sweden).
Market Segmentation
The global bowel management systems market is studied for various segments based on products, patient types, end-user, and region.
Based on product, the global bowel management systems market is segmented into irrigation systems, nerve modulation devices, and colostomy bags. The colostomy bags segment is expected to hold the biggest share of the global bowel management systems market. On the other hand, the nerve modulation devices (NMD) segment is expected to ascend at the fastest rate during the forecast period.
Based on patient types, the global bowel management systems market is segmented into pediatric patients and adult patients. The adult patients segment is estimated to hold the major share of the global bowel management systems market over the forecast period.
Based on end-users, the global bowel management systems market is studied for the segments of hospitals and ambulatory surgery centers, and home care. The home care segment spearheads the global bowel management systems market.
Detailed Regional Analysis
The bowel management systems market is analyzed for the regional segments of the Americas, Europe, Asia Pacific, and the Middle East & Africa. The Americas are anticipated to dominate the global bowel management systems market over the forecast period. This can be due to the rapid adoption of technologically advanced healthcare solutions and a high prevalence of intestinal disorders causative of rising adoption of an unhealthy lifestyle and eating habits. Increasing prevalence of the geriatric population and ascending healthcare expenditure are other factors contributing to the heavy ascension of the regional bowel management systems market.
Mounting research activities for the development of comfortable bowel management systems has pushed the bowel management systems market prevalent in Europe. Moreover, faster adoption of advanced technology is encouraging growth in Europe’s bowel management systems market.
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Asia Pacific is projected to exhibit the fastest growth rate in the bowel management systems market over the assessment period. This can be owed to the fast-paced development of the healthcare sector in the region. Further, rising awareness of the availability of effective bowel management treatments has contributed to the heavy ascension noted in the regional market over the forecast period. An upscaling in the geriatric population residing in the region has led to a rising need for bowel management systems.
The Middle East & Africa is expected to showcase slow growth for bowel management systems market over the assessment period. This can be accredited to the lack of awareness and the presence of poor healthcare facilities in the region.
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