Bowel Management Systems Market Is Expecting Major Transformations In Near Future
Summary
- Bowel Management Systems Market: Research Design.
- Breakdown of Primary Interviews: By Company Type, Designation, & Region.
- Data Triangulation Methodology.
Recent Developments in the Global Bowel Management Systems Industry:
# In 2018, Coloplast acquired IncoCare, a provider of continence products. This acquisition helped Coloplast expand its presence in Germany.
# In 2018, Axonics received marketing approval for its Axonics Sacral Neuromodulation System in Australia.
# In 2018, Coloplast expanded its product portfolio by introducing a new product, SenSura Mio Concave, into its SenSura Mio product line.
# In 2016, ConvaTec entered into an agreement with Vizient, Inc. According to this agreement, members of Vizient get access to ConvaTec’s stoma care, bowel management, and patient skincare products.
# In 2016, A German court affirmed ConvaTec’s patent protection on Flexi-Seal Fecal Management System and ordered the competitor to cease from placing its product (infringing patent) in the market, as well as to recall its product already sent to market and to compensate ConvaTec.
What the Market Looks Like?
The global bowel management systems 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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Global Geographical Scenario:
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.
Major Leaders:
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), among others.
An analysis of market developments between 2015 and 2018 revealed that growth strategies such as product launches and approvals, agreements, expansions, and acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the bowel management systems market. Among these, product launches and approvals were the most widely adopted growth strategies
What Drives the Market?
The growth of the global Bowel Management Systems Industry is primarily influenced by the following factors:
# Expanding Target Patient Population
# Rapidly Growing Geriatric Population
# Availability of Technologically Advanced Bowel Management Products
# Favorable Reimbursement Scenario in Developed Countries
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