iCrowd Newswire – Sep 24, 2020
Growth in ostomy care market is driven mainly by factors such as rising incidence of bladder cancer, colorectal cancer, and inflammatory bowel disease; growing geriatric population; a growing number of awareness programs to educate patients regarding the use of ostomy products; technological advancements in ostomy products; and efficient reimbursement system in developed countries are some of the factors driving the growth of the ostomy market.
According to the Latest Market Research by MarketsandMarkets, “The global ostomy care market size is projected to reach USD 3.5 billion by 2025 from USD 2.8 billion in 2020, at a CAGR of 4.4% during the forecast period.”
Current Opportunities in the Market:
1. Growth opportunities offered by emerging markets
2. Growing internet usage for online sales of ostomy products
3. Growing medical tourism in Asian countries
Market Size Estimation:
The ostomy care market study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, key market dynamics, and key player strategies.
The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (segmental analysis of major segments) and top-down approach (assessment of utilization/adoption/penetration trends, by product, end user, and region).
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Ostomy Care Bags Segment to Hold the Largest Share:
Based on the product, the market is categorized into ostomy bags and ostomy accessories. The bags segment is further classified into type, surgery type, and usability. The ostomy bags segment is anticipated to hold major market share over the forecast period owing to the rise in the patient population undergoing ostomy surgeries (either ileostomy, colostomy, or urostomy), technological advancements in the segment, and efficient reimbursement system in developed countries.
1. In 2019, Coloplast A/S (Denmark) launched SenSura Mio Baby and SenSura Mio Kids products.
2. In 2019, Welland Medical (UK) launched the Aurum range of skin-friendly ostomy products in Sweden at the Swedish ET-nurse congress held in Malmö. The products include Aurum, Aurum Xtra, Aurum Convex, and Aurum Profile.
3. In 2019, Hollister (US) established a new production site in Kaunas, Lithuania. The newly established facility is engaged in manufacturing ostomy care and continence care products.
4. In 2018, Coloplast A/S (Denmark) expanded its SenSura Mio ostomy product line through the launch of SenSura Mio Concave. The product is available in Japan, the UK, Germany, Denmark, Italy, the Netherlands, and Finland.
Europe Region to Dominate The Industry:
The large share of Europe can be attributed to the growing patient population, rising geriatric population (as this population segment is more prone to developing gastrointestinal diseases which require ostomy procedures), and favorable reimbursement scenario. The population structure of European countries represents low birth rates and higher life expectancy.
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Key Market Players:
Coloplast A/S (Denmark), Hollister Incorporated (US), ConvaTec Group plc (UK), B. Braun (Germany), ALCARE Co., Ltd. (Japan), Nu-Hope (US), Marlen Manufacturing & Development Company (US), Welland Medical Limited (UK), Baohe Ostomy Care (China), Flexicare Medical Limited (UK), Cymed (US), Schena Ostomy Technologies, Inc. (US), Perma-Type Company Inc. (US), 3M (US), Smith & Nephew (US), and Salts Healthcare (UK), among others, are the key players in the ostomy care market.
Mr. Ashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441
Keywords: Ostomy Care Market, Ostomy Care Market Size, Ostomy Care Market Share, Ostomy Care, Stoma Care