[250 pages Report] Stoma/Ostomy Care market share is expected to grow at a slow growth rate of 4% over the forecast period 2022-2032, finds Future Market Insights (FMI) in a recent market analysis.
The rising prevalence of target diseases, innovations in ostomy goods and surgery methods, growing awareness, and reimbursements contribute to the stoma care market expansion.
The most common illnesses that necessitate ostomy care procedures are colorectal cancer, bladder cancer, and inflammatory bowel disease. The surgical excision of the aggressive melanoma of the intestine is used to treat colorectal cancer and inflammatory bowel disease (IBD). In some situations, a surgical incision is established through the abdomen to offer a new waste minimization conduit, known as an ostomy.
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The adoption of stoma/ostomy care procedures performed worldwide has increased due to an increase in the occurrence of these illnesses and greater exposure to risk factors, such as altering eating habits and increasing antibiotic use in children.
Despite the recent developments in stoma care, the stoma/ostomy market faces a more significant number of restraints that limit the growth potential. The market is likely to be restrained by stoma care problems, discomfort, and other concerns linked to ostomy goods, societal stigma, and the increased acceptance of alternative therapies, particularly in developing nations.
As per the stoma/ostomy care market analysis, following the COVID-19 pandemic, there has been a steady decline in the care and prognosis of colon cancer patients in hospitals. The coronavirus treatment was prioritized amongst CRC patients who contracted the virus without requiring surgery. The considerable delay in CRC treatment during the pandemic had a detrimental effect on the market
Although stomas are a reasonably common and safe surgery, there are certain risks. Although most stoma problems are mild, some, particularly necrosis and exhaustion, can become medical catastrophes. To some degree, these issues constrain the acceptance of stoma care appliances.
The stoma care market recorded a valuation of US$ 2.6 Bn in 2021, and is growing at an estimated CAGR of 4% during 2022-2032.
Key Takeaways:
- As per the recent developments in stoma/ostomy care, the home care settings category led the market in 2020, accounting for 45.4 percent of total revenue, and is predicted to grow at the fastest pace during the forecast period. From 2021 to 2028, the accessories section is predicted to grow at the fastest rate of 6.6 percent as per stoma/ostomy care market trends.
- In 2020, the ostomy bags sector in terms of product type held the most significant share of the stoma/ostomy care market, accounting for 88.50 percent. This segment is expected to grow at a CAGR of 4.2 percent during the forecast period.
- Based on end users, hospitals, specialist clinics, and stoma care in nursing accounts for the highest share in the stoma/ostomy care market.
- Regionally, Europe accounted for 37.85% of the stoma/ostomy care market growth rate in 2020 due to the prevalence of favorable reimbursement scenarios and improved stoma care procedures appliances and nursing considerations.
“Improvement in product design will remain a key differentiator as end users have to face stigma with the drainage bags.” reports FMI analyst.
Competitive Landscape
The European stoma/ostomy care market size is the largest. However, as per the recent trends, key players are focusing on the Asia Pacific market, given the cheap labour cost to reduce their overheads and wide pool of patients.
- Coloplast is a well-known name in the stoma/ostomy care trends. The company’s industry-leading position is due to its robust pipeline of new goods, budget management, and implementation of new tactics to increase its product offering based on new technologies and services. In the 2020 fiscal year, the company’s ostomy care business reported an organic sales increase of 6%.
- Under the trade name Aurum Plus, Welland Medical Limited tapped the stoma care market opportunity and developed a new innovative ostomy bag in June 2021. It comes in both closed and drainable varieties.
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Key Segments
By Surgery Type:
- Colostomy
- Ileostomy
- Urostomy
By Product:
- Ostomy Bags
- Ostomy Accessories
By End User:
- Hospitals and Specialty clinics
- Home care settings
- Ambulatory Surgical Centers
About FMI:
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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