Ostomy Care: Clinical Procedures for Safer Patient Care Worth $3.5 billion by 2025
Ostomy Care Market - Industry Segments, Opportunities, Growth, Size, Key Players Analysis
Market growth 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 care market.
Ostomy Care Market: Impact Analysis
1. Ostomy Care Market: Geographic Growth Opportunities
2. Growth opportunities offered by emerging markets
3. Growing internet usage for online sales of ostomy products
4. Growing medical tourism in Asian countries
The 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%.
Key Questions Addressed in The Report:
1. Who are the top 10 players operating in the global Ostomy Care market?
2. What are the drivers, restraints, opportunities, and challenges in the Ostomy Care Industry?
3. What are the opportunities for stakeholders and provide details of the competitive landscape for key players?
4. What will be growth of Ostomy Care in North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa?
5. What are the Known and Unknown Adjacencies Impacting the Stoma/Ostomy Care Market?
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Ostomy Bags: 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.
Colostomy Surgery: The market for ostomy bags, by surgery type, comprises ileostomy, colostomy, and urostomy. Colostomy accounted for the largest share of the ostomy bags market in 2019. Its large share can be attributed to the rising patient population and growing awareness about ostomy care.
Europe to Dominate The Ostomy Care 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. The rising aging population indicates future increases in the incidence of cancers of the colon and bladder, IBD, and incontinence. Besides, changes in lifestyle, industrialization, changing food habits, and the growing prevalence of smoking have increased the number of ostomy surgeries conducted in Europe. The rapid expansion of healthcare infrastructure across emerging European countries (such as Russia and Poland) will also contribute to the demand for ostomy management products in Europe.
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Key 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.