Global Ostomy/Stoma care market is expected to reach a valuation of $4.1 billion by the end of 2024, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2024.
Ostomy, which is also known as stoma, is a surgical process involving the removal of diseased portions in the gastrointestinal or urinary system and developing an artificial opening in the abdomen or stomach to allow the removal of body wastes. There are three types of ostomy namely colostomy, urostomy, and ileostomy. In the process of colostomy, the opening is developed from the large intestine down to the abdominal wall in order to let the feces bypass via the anal canal. The process of Ileostomy involves the removal of the damaged part from the ileum and redirected towards an artificial opening within the abdominal wall. In Urostomy, the process allows the urine to pass through the urethra to a stoma bag.
Key insights about the ostomy/stoma care market contained within the report include:
- The factors driving the market growth include rapidly growing geriatric population and the increasing prevalence of ostomy surgeries for treating bowel cancer, bladder cancer, and inflammatory bowel diseases.
- The burgeoning awareness about the use of ostomy products as well as introduction of innovative products will support market growth over the forecast period.
- The market is susceptible to some obstacles such as increased cost of surgical care and difficult reimbursement backdrop which is likely to hamper growth during the forecast duration.
Speaking of the product landscape, the global ostomy care market is categorized into bags and accessories. The bags segment is further sub-divided into usability, surgery type, shape, and system type. The surgery types are ileostomy, colostomy, and urostomy. According to the study, of all the surgery types, colostomy is projected to display strong growth followed by urostomy and Ileostomy. Depending on their usability, the bags are categorized into drainable and close end bags. Furthermore, based on system type, the market is divided into one and two-piece systems, cites the report.
According to the report, accessories being a significant part of the product offering are a speedily growing market segment, which is further divided into deodorants, creams, cleansers, tapes, belts, and powders & pastes among others. Expounding the end-user spectrum, the market is divided into specialty clinics, hospitals, ambulatory surgical centers, and home care settings.
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Based on geography, the report bifurcates the global ostomy care market into five major regions - North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Europe was projected to garner the highest market share in the global market in 2017, cites the report. The region has dominance over the global market owing to increased occurrence of inflammatory bowel diseases. Moreover, enhanced patient awareness programs will promote market growth in Europe over the estimated period.
The report also offers a comprehensive analysis of the ostomy/stoma care market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of type, end-user hierarchy, and regional landscape is also briefed in the report. In addition, company profiles of market majors have been highlighted in the report under business overview, product benchmarking, financials, and recent developments.
The competitive landscape of the global ostomy care market comprises of eminent players like Coloplast, Hollister Incorporated, B. Braun Melsungen AG, ConvaTec Inc., Nu-Hope Laboratories, Inc., Alcare Co., Ltd., BAO-Health, Marlen International, Welland Medical Limited, Flexicare Medical Limited, and others. The notable growth strategies commonly practiced by these firms involve launching new products and collaborating with other market leaders to innovate and introduce new procedures to suffice the increasing patient needs and requirements, thereby boosting market size over the forecast timeframe.