Ostomy Care Market: Growth Strategies Adopted by Key Players Like Coloplast A/S (Denmark) and Hollister Incorporated (US)

Illinois, United States, 2021-Jan-29 — /EPR Network/ —

This report aims to provide detailed insights into the global ostomy care market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.

Key Players in Stoma Care Market:

Prominent players in the ostomy care market include 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.

Growth Strategies Adopted:

Analysis of the market developments between 2017 and 2020 revealed that several growth strategies such as product launches and product enhancements, strategic acquisitions, agreements, contracts, and market expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the ostomy care market. Among these business strategies, product launches and product enhancements were the most widely adopted growth strategies by players to strengthen their product portfolios.

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Coloplast was the leading player in the ostomy care market in 2019. The company’s leading position in this market can be attributed to its strong pipeline of new products, sustained cost discipline, and adoption of new strategies to enhance its product portfolio based on new technologies available in the market. The Ostomy Care business of the company has witnessed organic sales growth of 7% in 2018-19, which was almost double the overall market growth rate. This growth was supported mainly by the launch of its SenSura Mio product line in various high revenue-generating markets. The company is also focusing on expanding its market presence through M&A activities. For instance, in 2018, the company acquired IncoCare Gunhild Vieler GmbH (Germany).

Hollister Incorporated accounted for the second-largest share of the ostomy care market in 2019. The company’s leading position in this market is attributed to its comprehensive portfolio of advanced ostomy pouching systems and accessories. The company faces competition from several large, diversified companies such as Coloplast and ConvaTec, as well as from numerous smaller niche companies. The company could increase its focus on developing and introducing new products with several innovative solutions for ostomates.

Key Factors Driving Market Growth:

The increasing target patient population, a growing number of awareness programs to educate patients regarding the use of ostomy products, and the favorable reimbursement system in developed countries are the major factors driving the growth of Stoma Care Market.

Expected Revenue Growth:

The Ostomy Care Market is projected to reach USD 3.5 billion by 2025 from USD 2.8 billion in 2020, growing at a CAGR of 4.4% during the forecast period.

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Regional Growth Analysis:

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.