Wilmington, Delaware, United States, , Feb. 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. –Rise in indications for stoma creation in several colorectal malignancies and IBD is expected to propel the ostomy care and accessories market. The global market stood at US$ 3.6 Bn in 2022 and is projected to reach US$ 7.8 Bn by 2033. An increase in the adoption of intestinal stomas in the management of gastrointestinal diseases is expected to augment ostomy care and accessories market value.
Commercialization of ostomy bags has driven ostomy care and accessories market development. Awareness about ostomy care among patients in developing economies is likely to offer attractive growth opportunities to companies. Inadequate reimbursement framework, especially poor payment system, in some developing countries, has hampered the adoption of ostomy care devices and accessories.
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Key Findings of Study
- Usage of Ostomy Care and Accessories after Ostomy Surgeries to Propel Demand: Rise in indications of ostomy surgeries after colorectal cancers, IBD, and bowel injuries has bolstered the ostomy care and accessories industry. Increase in awareness about ostomy care among patients could be ascribed to patient education offered by nurses and allied health personnel after stoma surgery. However, high cost along with low reimbursement coverage in developing countries has impeded the adoption rate, and thus hampered business opportunities in the past few years. Nevertheless, rise in burden and incidence rate of colorectal cancers in these economies present attractive opportunities for the commercialization of products in the global market.
- Rise in Adoption of Ostomy Bags to Generate Substantial Revenue: Ostomy bags have been widely utilized in ostomy care. The ostomy bag segment is projected to account for leading market share of 88% in 2033. Rise in adoption of these among patients suffering from colorectal cancer and bladder cancer is anticipated to propel the segment in the next few years.
Key Drivers
- The high burden of rectal and colon cancers globally and rise in incidence rates of these diseases in adults are expected to drive the global ostomy care and accessories industry
- Significant increase in per capita healthcare expenditure in low- and middle-income countries along with rise in awareness about ostomy care is likely to bolster the ostomy care and accessories market development.
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Regional Growth Dynamics
- Europe is expected to account for the leading share of the market in 2023. Presence of large patient population and rise in the elderly population are expected to fuel the market growth in Europe.
- The industry in Asia Pacific is anticipated to grow at a rapid pace during the forecast period. The region is expected to account for 23.8% share of the global ostomy care and accessories market in 2033. Companies based in China dominate the market in South Korea and India.
- The market in the U.K. is anticipated to exceed US$ 0.60 Bn by 2033. The market in the U.S. is expected to expand at a CAGR of 7.7% during the forecast period of 2023–2033.
Competition Landscape
Prominent companies are offering accessories with a high level of patient comfort and durability. Key players operating in the ostomy care and accessories market are
- 3M,
- Alcare Co Ltd,
- CliniMed LifeSciences,
- Cymed MicroSkin,
- Coroplast, Inc.,
- Hollister Co, and Convatec Group.
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Segmentation-
By End-use
- Home Care Settings
- Hospitals
- Other End-uses
By Type
- Seals/Barrier Rings
- Pouch Cover
- Pouch Closures
- Stoma Caps/Hat
- Other Accessories
By Application
- Colostomy
- Ileostomy
- Urostomy
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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