Reports and Insights (R&I) has published a new report titled, “Ostomy Care Market: Opportunity Analysis and Future Assessment 2020 to 2028”
Global Ostomy Care Market, by Product Type (Ostomy Care Bags, Ostomy Care Accessories), By Surgery Type (Ileostomy, Colostomy, Urostomy), By Shape of Skin Barrier (Flat, Convex), By System Type (One-piece System, Two-piece System, Skin Barrier), By End User (Ambulatory Surgical Centers, Hospitals, Home Care, Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global ostomy care market in 2020 is estimated for more than US$ 2.8 Bn and expected to reach a value of US$ 4.0 Bn by 2028 with a significant CAGR of 4.2%.
As per the report, ostomy also known as bowel diversion is the procedure that helps to release body waste to pass by the stoma which is created with the help of surgery on the abdomen into a prosthetic called a pouch. Pouches can be fitted outside and also inside of the body for continent diversion surgeries.
Some of the major factors that are identified during the study which are expected to propel the growth of the market are increasing cases of ostomies among the old age population, increase in the rate of the incidence of gastrointestinal diseases around the globe, advancement in technology, and innovation of new products and techniques related to the procedure.
However, increasing pricing pressure and unfriendly reimbursement scenario mainly in the developed countries are expected to hamper the growth of the market during the forecast period.
Furthermore, Reports and Insights (R&I) Study identifies that, in 2018, Europe is accounted to hold the largest market share in comparison to other regions and expected to maintain its dominance throughout the forecast period, owing to the increasing prevalence of inflammatory bowel diseases and due to the increasing awareness regarding the surgeries related to ostomy and stoma.
According to stats published by the National Center for Biotechnology Information (NCBI) in 2018, the incidence of inflammatory bowel diseases such as Crohn’s diseases and ulcerative colitis is increasing rapidly mainly in the Europe region. Around 0.3% of the total population of Europe is suffering from inflammatory bowel diseases. In Europe, the largest number of incidents were accounted for in the U.K. and the lowest are accounted for in the southern and eastern regions of Europe.
On the other hand, the Asia Pacific region is expected to witness the highest growth rate in the ostomy care market during the forecast period, owing to the increasing investment in healthcare infrastructure and due to the increasing number of awareness programs and campaigns to spread knowledge and benefits of ostomy among the patients and general population.
In the product type segment, ostomy bags accounted to hold the highest market share and expected to witness the highest growth rate among other product type segment during the forecast period. In terms of application, the Ileostomy segment is expected to generate the largest market share in terms of revenue during the forecast period owing to the increasing number of cases related to inflammatory bowel diseases mainly in the developed economies in Europe and North America.
R&I Study identifies some of the key participating players in the Ostomy Care market globally are Coloplast Corporation, B. Braun Melsungen AG, Hollister Incorporated, 3M Company, Cymed Ostomy Co., Smith & Nephew Plc., EuroMed Inc., Alcare, ConvaTec, Nu-Hope, Marlen, Welland Medical, BAO-Health, Flexicare Medical, Schena Ostomy, Perma-Type, etc.
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