This is How Key Players are Dominating Global Bowel Management System Market


Posted May 31, 2022 by mmvaidya

Coloplast (Denmark) and ConvaTec (UK) are the Key Players in the Bowel Management Systems Market
 
Major Growth Driving Factors:

Growth in the bowel management system market is mainly driven by factors such as the expanding target patient population, the rapidly growing geriatric population, availability of technologically advanced bowel management products, and the favorable reimbursement scenario in developed countries.

Revenue Growth Expectations:

The global bowel management systems market is projected to reach USD 2.07 billion by 2023 from USD 1.74 billion in 2018 and, at a CAGR of 3.5%.

Global Key Players:

The key market players in the bowel management system market are: Coloplast (Denmark), Medtronic (Ireland), Hollister (US), and ConvaTec (UK)

Growth Strategies Adopted by Them:

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.

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As of 2017, Coloplast (Denmark) is the key player in the global bowel management system market. The company’s growth in the bowel management systems market is supported by its strong pipeline of products, sustained cost discipline, and adoption of new growth strategies to enhance its product portfolio based on new technologies available in the market. The company’s large share of the market was also supported by the launch of its SenSura Mio product portfolio in various important markets and the acquisitions of various regional players in the continence and ostomy market.

As of 2017, ConvaTec (UK) is among the key manufacturers of bowel management system. The company markets a comprehensive product portfolio of ostomy systems, accessories, and fecal incontinence products to address customer needs and preferences.

As of 2017, Hollister (US) holds a significant share in the global bowel management systems market owing to its targeted product portfolio of bowel care products, which serves as an important factor for its future growth. The company is focusing on expanding its presence across the globe through various inorganic strategies. In May 2018, the company established a new distribution center in Oud Gastel, in the Netherlands. This new center is aimed at catering to the growing customer needs and it will help the company strengthen its presence in the European region. Thus, with the growing efforts of the company to expand its critical care segment, the company is expected to witness growth in the bowel management systems market in the coming years.

Recent Developments:

# 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.

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Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags bowel management system , bowel management system market , bowel management systems , bowel management systems market
Last Updated May 31, 2022