Rockville, MD, Jan. 14, 2025 (GLOBE NEWSWIRE) -- In 2024, the global ostomy care accessory market is poised to reach a valuation worth US$ 626.5 million. During the forecast period, the demand is anticipated to garner a CAGR of 7.5% and hence reach a sum of US$ 1,287.9 million by the end of 2034.
Continuous technological developments, such as digital health technology and smart sensors, encourage innovation in the ostomy care accessory market. The need for advanced treatments is driven by the global aging population, especially those with gastrointestinal issues, since they improve acceptability and user experience overall.
There are several prospects in the ostomy care accessory market due to the expansion of healthcare access, the raising of patient awareness, and the quest for sustainable practices. Customized assistance initiatives, breakthroughs in regulations, and the creation of affordable alternatives may all contribute to the realization of potential, guaranteeing all-encompassing treatment and fulfilling the various requirements of ostomy patients.
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Key Takeaways from the Market Study
- In 2019, the global ostomy care accessory market was estimated to be worth US$ 459.2 million.
- The ostomy care accessory market in North America is anticipated to reach a 34.1% market share by 2024.
- It is predicted that Latin America would account for 5.8% of the global market by 2024.
- In 2024, the US market is projected to be worth US$ 179 million, with a projected growth of 83.9% in market share.
- The ostomy care accessory market in Brazil is projected to be worth US$8 million by 2024.
- The belts, tapes, and adhesives category will account for 31.6% of the market in 2024.
- It is anticipated that the sealing category would attain a market share of 40.8% by 2024.
“Rising aging population is a major driving force in the ostomy care accessory market. The prevalence of gastrointestinal diseases is driving up demand innovative products that will improve their quality of life and address certain healthcare needs,” remarks a Fact.MR analyst.
Leading Players Driving Innovation in the Ostomy Care Accessory Market
key players in this market are Coloplast Corp., ConvaTec Inc., Hollister Incorporated, Marlen Manufacturing & Development Company, Perma-Type Company, Inc., Nu-Hope Laboratories, Inc., Perfect Choice Medical Technologies, Fortis Medical Products, AdvaCare Pharma, Schena Ostomy Technologies, Inc., Cymed.
Competitive Landscape
To meet the varied demands of their patients, key players in the ostomy care accessory market are strategically using advanced technologies. Important developments include the use of smart sensors and remote monitoring in conjunction with digital health technology to deliver real-time health insights. A dedication to environmental consciousness is also shown in the emphasis on sustainable procedures and eco-friendly materials.
Leading companies in the industry are always pushing the envelope and creating solutions that are both discrete and easy to use. This ensures that not only is functioning improved, but also that patients' everyday lives and the environment are positively impacted.
Key Developments
- In 2022, Coloplast celebrated the launch of its second medical device production facility in the La Lima Free Zone (LLFZ) Industrial Park in Cartago, Costa Rica. The facility is an extension of the $80 million Costa Rican investment made by the Danish ostomy care and continence care firm. By the end of 2022, the firm employed about 450 people owing to its most recent growth, which is twice as many as it did the year before.
- In 2022, Hollister Incorporated declared a new deal for Hollister ostomy care products as well as a contract renewal for the company's portfolio of continence care products. These noteworthy announcements highlight the company's steadfast commitment to providing high-quality care and innovation targeted at individuals with ostomies and intermittent catheter users, as well as bringing trusted Hollister medical products to health care organizations across the United States that are members of the American Medical Association.
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More Valuable Insights Available
Fact.MR offers an unbiased analysis of the global ostomy care accessory market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.
To understand opportunities in the ostomy care accessory market, the market is segmented on the basis of product type (belts, tapes, adhesives, convex inserts, irrigation sets & sleeves, skin protection and skin barriers, stoma caps), application (drainage, sealing, lubrication, cleansing), end user (hospitals, ambulatory surgical centres, home care settings) and region (North America, Europe, Latin America, East Asia, South Asia & Oceania, Middle East & Africa).
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