New York, Aug. 04, 2022 (GLOBE NEWSWIRE) -- The number of the geriatric population, i.e., adults of 60 years of age and older, is growing, as per the data from the World Health Organization. Globally, 1 billion people were 60 years of age or older in 2019. By 2030, this number is projected to reach 1.4 billion, and by 2050, it is estimated to reach 2.1 billion.
Kenneth Research has published a detailed market report on ‘Global Ostomy Market’ which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa have been provided in the report.
It was noted that in the year 2020, 310 million major surgeries were performed annually throughout the world. Recent medical data suggests that over 80% of the patients undergo surgery for Crohn’s disease. Ostomy is considered to improve the quality of life among patients diagnosed with Crohn’s disease. The global ostomy market is estimated to garner approximately USD 5 billion in revenue by 2031, by growing at a CAGR of nearly 5% over the forecast period, i.e., 2022 – 2031. The growth of the market can majorly be attributed to rise in geriatric population, and increasing prevalence of inflammatory bowel diseases such as ulcerative colitis or Crohn's disease of the colon. In 2019 alone the total number of Crohn's disease patients identified with symptoms of diarrhea was roughly 60%, while around 55% complained of abdominal cramps. Additionally, rise in number of cases of several cancers, such as intestinal cancer, colorectal, bladder, and urinary tract cancer are increasing the demand for ostomy care. Recent report suggests over 2% of new cancer cases diagnosed annually in the US were stomach cancers. Globally, the number of stomach cancers stood at 1,091,105 approximately in 2020. Additionally, as per the WHO reports, total number of colon and rectum cancers worldwide in 2020 were recorded at 1.93 million. Furthermore, increasing disposable income per capita, and technological advancements in ostomy care products are also predicted to boost the global ostomy market during the forecast period. For instance, in 2020, the global disposable income per capita was USD 8,784.
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Moreover, government and NGO initiatives towards awareness generation pertaining to ostomy care are creating novel opportunities. Additionally, increasing healthcare expenditure in global GDP is expected to drive the market growth. According to the data by The World Bank, in 2019, global health expenditure accounted to 9.831% of the GDP. Additionally, upsurge in the number of cases of cancer deaths among the global population is another factor to contribute significantly in the growth of the global ostomy market. According to the World Health Organization, nearly 10 million people died of cancer across the globe in 2020.
Regionally, the global ostomy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Europe region is estimated to witness significant growth over the forecast period. This growth can be accredited to the growing incidence of chronic bowel diseases. For instance, in 2020 there were more than 500,000 cases of inflammatory bowel disease in the United Kingdom. Furthermore, high adoption of technologically advanced products in the region, increasing healthcare expenditure, and growing R&D activities by companies to develop products that improve patient comfort in the European market are also driving the growth of the market in the region. Improved funding for ostomy device market players in Europe is also expected to fortify market growth in the region. In October 2021 Irish capital investor BGF allotted USD 3.06 million equity investment to Ostoform which specializes in surgical seals for ostomy patients.
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On the other hand, the North America region is expected to hold the second-largest market for ostomy care on the back of growing geriatric population, increasing investments in research operations, and rising pool of patients with intestinal disorders in the region. Additionally, out-of-pocket spending per person in the region has been rising quickly over the past few years, and it is anticipated that this trend will continue during the forecast period. An out-of-pocket expense is a payment, which is to be made with one’s own money even if he or she is reimbursed. It could be a business expense, such as paying for a flight that is reimbursed by one’s employer, or a health expense that goes toward one’s health insurance deductible. According to the data by The World Bank, in 2018, the out-of-pocket expenditure per capita was USD 1144.16 and it increased to USD 1185.77 in 2019. Hence, this is estimated to be a significant factor to fuel the market growth in the North America region.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global ostomy market is segmented on the basis of product into bags and accessories. Out of these, the bags segment is anticipated to hold the largest share in the market by the end of 2031. The growth of this segment can be majorly accredited to the high demand for ostomy bags on the back of rise in obesity and diabetes among the population, both in young and adult. The bags segment is further segmented into colostomy bags, ileostomy bags, urostomy bags, and others, out of which, the colostomy bags segment is estimated to witness the highest growth over the forecast period. The growth of the segment is attributed to the rising incidence of colon cancer, stomach cancer, and inflammatory bowel disease (IBD) in developed and developing countries, in which colostomy bags are most commonly used. For instance, lung cancer, which caused 1.80 million deaths, colon and rectum cancer caused death of 916,000 patients, 830,000 deaths from liver cancer, 769,000 deaths from stomach cancer, and 685,000 deaths from breast cancer were the most frequent causes of cancer-related mortality.
Furthermore, the global ostomy market is segmented based on end user into hospitals, specialty clinics, ambulatory surgical centers, and home care settings. Out of these, the hospitals segment is anticipated to hold a substantial market share over the forecast period on the back of increasing awareness in healthcare and increasing diagnosis rate, which result in increased hospital admissions, and improved health expenditure per capita among the global population. According to The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
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Some of the prominent players and their company profiling mentioned in the report include Coloplast Corp., Hollister Incorporated, B. Braun Melsungen AG, ConvaTec, Inc., Salts Healthcare Ltd., Welland Medical Limited, Alcare Co., Ltd., Cymed Micro Skin , Marlen Manufacturing & Development Company, Torbot Group, Inc., and others. The profiling enfolds growth opportunities, challenges, market trends, competitive analysis and positioning, along with the strategies used by them to stay ahead of their competitors.
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