Ostomy Care Market is anticipated to grow at a ~5% CAGR through 2029 | Alcare Co., Ltd., Coloplast Group, ConvaTec Group PLC

Posted on 2021-02-25 by Future Market Insights, Inc in Retail // 0 Comments

Estimated to witness a steady growth, the global ostomy care market is highly likely to value ~US$ 3 Bn in 2019. Fact.MR presents indispensable insights on the ostomy care market in its latest business intelligence report that envisages a moderate growth outlook for the market. Growth of ostomy care market remains highly influenced by growing incidences of inflammatory bowel diseases, and rising demand for advanced leak-proof ostomy bags.

Gains Remain concentrated in Ostomy Pouches

The Fact.MR study indicates that the sales of ostomy pouches continue to grow considerable in line with their notable demand over other accessories that are used for ostomy care. In fact, ostomy pouches accounted for ~80% of the overall sales in 2018.

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In view of the growing demand for ostomy pouches due to the considerable spike in the prevalence of ulcerative colitis and inflammatory bowel disease among aging population, market is accelerating at a rapid pace. Additionally, growing penetration of advanced technology in medical devices is further paving way for the development of use-specific and customized variants, thereby pushing the overall growth of the market. High convenience and user-friendliness are garnering limelight as the key growth strategies of the market players. Adoption of other accessories used in ostomy care market is also picking pace, however they remain considerable low as compared to ostomy pouches.

As per the Fact.MR report, growing aged population in several developed countries continue to suffer from diseases, such as inflammatory bowel disease and ulcerative colitis. This accelerating prevalence of such conditions has been creating a considerable demand for the development of different kinds of ostomy bags and accessories in the ostomy care market. This, coupled with the rise in the number of trauma cases in varying age groups continue to create a favorable scenario for the sales of ostomy bags, thereby driving the growth of the ostomy care market.

Growing advancements in the development of ostomy care bags and accessories have been pushing the launch of novel ostomy bag compatible accessories that are more convenience driven than the traditional variants. Several market frontrunners are developing and offering hydrophilic barriers with filters, owing to their ability to fix the bags on the abdominal cavity, while providing high level of comfort to the patient. Furthermore, the penetration of reusable and cost-effective variants are also solidifying the growth of the ostomy care marker.

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Adoption Potential in Asia Pacific Growing

Though the developed regions, such as Europe and North America are leading in the ostomy care market, the lucrativeness of Asia Pacific is also growing at a steady pace. Demand for ostomy care bags & accessories has growing considerably in India, China, Japan, and Australia in recent years, owing to the cost-competitiveness and user-friendly aspect of convex inserts. Additionally, the Fact.MR study mentions that the slightly less stringent regulatory approach for medical devices in Asia Pacific continues to create a stream of growth opportunities for the market players.

Rapidly developing healthcare infrastructure and a considerable spike in the number of awareness programs & educational seminars are also adding to the lucrativeness of the Asia Pacific ostomy care market. In October 2018, Asia and South Pacific Ostomy Association (ASPOA) celebrated the World Ostomy Day, with an objective to grow awareness about ostomy among the patients-in particular and public, in general. Such growing initiatives in the direction of increasing awareness among ostomy is envisaged to augument the sales of the ostomy care products Asia Pacific in the forthcoming years.

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There are wide range of companies operating in the ostomy care market, such as Alcare Co., Ltd., Coloplast Group, ConvaTec Group PLC, B. Braun Melsungen AG, Hollister Incorporated, and Torbot Group, Inc.

This Fact.MR study presents a long-term outlook of the ostomy care market for the time period 2019 to 2029. The ostomy care market is anticipated to grow at a ~5% CAGR through 2029.

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