Global Ostomy Care Market, by Product Type (Ostomy Care Bags, Ostomy Care Accessories), By Surgery Type (Ileostomy, Colostomy, Urostomy), By Shape of Skin Barrier (Flat, Convex), By System Type (One-piece System, Two-piece System, Skin Barrier), By End User (Ambulatory Surgical Centers, Hospitals, Home Care, Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2019 and 2027.
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As per the report, ostomy also known as bowel diversion is the procedure which helps to release body waste to pass by the stoma which is created with the help of surgery on the abdomen into a prosthetic called as pouch. Pouches can be fitted outside and also inside of the body for continent diversion surgeries. Some of the major factors that are identified during the study which are expected to propel the growth of market are increasing cases of ostomies among the old age population, increase in rate of the incidence of gastrointestinal diseases around the globe, advancement in technology, and innovation of new products and techniques related to the procedure. However, increasing pricing pressure and unfriendly reimbursement scenario mainly in the developed countries are expected to hamper the growth of market during the forecast period.
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Furthermore, Meridian Market Consultants (MMC) Study identifies that, in 2018, Europe is accounted to hold the largest market share in comparison to other regions and expected to maintain its dominance throughout the forecast period, owing to the increasing prevalence of inflammatory bowel diseases and due to the increasing awareness regarding the surgeries related to ostomy and stoma. According to stats published by the National Center for Biotechnology Information (NCBI) in 2018, incidence of inflammatory bowel diseases such as Crohn’s diseases and ulcerative colitis are increasing rapidly mainly in the Europe region. Around 0.3% of total population of Europe is suffering from the inflammatory bowel diseases. In Europe, largest number of incidence were accounted in the U.K. and lowest are accounted in the southern and eastern region of Europe. On the other hand, Asia Pacific region is expected to witness the highest growth rate in ostomy care market during the forecast period, owing to the increasing investment on healthcare infrastructure and due to the increasing number of awareness programs and campaigns to spread knowledge and benefits of ostomy among the patients and general population.
In product type segment, ostomy bags accounted to hold the highest market share and expected to witness the highest growth rate among other product type segment during the forecast period. In terms of application, Ileostomy segment is expected to generate largest market share in terms of revenue during the forecast period owing to the increasing number of cases related to the inflammatory bowel diseases mainly in the developed economies in Europe and North America.
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MMC Study identifies some of the key participating players in Ostomy Care market globally are Coloplast Corporation, B. Braun Melsungen AG, Hollister Incorporated, 3M Company, Cymed Ostomy Co., Smith & Nephew Plc., EuroMed Inc., Alcare, ConvaTec, Nu-Hope, Marlen, Welland Medical, BAO-Health, Flexicare Medical, Schena Ostomy, Perma-Type etc.
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