Ileostomy Market to Expand at a CAGR of 8.9% During 2016 – 2024

The global ileostomy market is highly consolidated in nature with a few players holding a major share of the market, states a new research report by Transparency Market Research. In 2016, the leading players in the market, namely Hollister, Coloplast, and Convatec led the global market in the last few years by holding a share of more than 36%. These players are focusing on development of new product to maintain their market position. In addition, the increasing number of mergers and acquisitions and collaborations are estimated to enhance the growth of the overall market and generate promising growth opportunities for the key players operating in it across the globe. Furthermore, technological advancements and innovations are likely to enhance the market growth in the near future. The new entrants of the market are focusing on research and development activities to attract new customers.

According to the research report by Transparency Market Research, in 2015, the global market for ileostomy was worth US$765.2 mn and is estimated to reach value of US$1.65 bn by the end of 2024. The market is likely to register a progressive 8.90% CAGR between 2016 and 2024.

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Europe to lead Global Ileostomy Market

Among the key regional segments, Europe is estimated to lead the global ileostomy market holding a large share throughout the forecast period. In 2015, this region held a share of 43.2% of the global market and is expected to remain in the leading position. The well-developed healthcare infrastructure and the rising awareness among consumers regarding ileostomy are some of the key factors that are likely to encourage the growth of the Europe market throughout the forecast period. In addition to this, the presence of several leading players in this region and the favorable government policies are estimated to accelerate the growth of the market in the near future. On the other hand, Asia Pacific is projected to witness high growth throughout the forecast period.

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