Global Ostomy Care Accessories Market to Exceed US$ 503.7 Mn by 2021, Persistence Market Research

NEW YORK, February 1, 2016 /PRNewswire/ --

According to the latest market report published by Persistence Market Research titled "Global Market Study on Ostomy Care Accessories: High Demand for Safety and Ease Of Use Accessories to Drive the Market During the Forecast Period", the ostomy care accessories market has been estimated to be valued at US$ 347.2 Mn by the end of 2015, and is expected to expand at a CAGR of 6.8% during the forecast period (2015-2021) to account for US$ 503.7 Mn by 2021.

Ostomy care accessories market is growing mainly driven by increasing number of ostomates, technological advancement, and product innovation, and increasing the incidence of gastrointestinal disease. Also, rising awareness about ostomy care accessories available in the market and growing aging population are fuelling the growth of ostomy care accessories market globally. Ostomy care accessories find various applications such as sealing, cleaning, drainage, and lubrication. Stoma sealing helps reduce the risk of leakage. The cleansing application includes accessories that protect the skin and gently clean the stoma. Drainage application includes accessories such as irrigation sets and sleeves that are used by the colostomies who do not want to wear colostomy bag by cleaning stool directly out of the colon through the stoma. Lubrication is the ostomy care application that helps ensure that the content is always at the bottom of the bag and not around your stoma. Ostomy care accessories are used by various end users such as hospitals, ambulatory surgical centers, and home care settings.

Rising number of campaigns to raise awareness about ostomy is a major factor expected to further drive overall growth of the ostomy care accessories market over the forecast period. However, lack of awareness in developing countries, increasing pricing pressure and unfavorable reimbursement scenario in certain developed countries are some of the major factors that restrict the growth of the market.

Increasing partnerships between manufacturers and distributors, growing market share of domestic players, increasing sales through alternative/non-conventional channels such as the Internet, reducing operating cost by moving production to countries with low labor costs, extensive R&D activities, and increasing adoption of alcohol-free ostomy accessories are some of the trends observed in the global ostomy care accessories market.

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By region, Europe has been estimated to dominate the ostomy care accessories market with over 42.1% share by 2015 end and is expected to remain dominant throughout the forecast period. Skin protection and skin barriers are the largest segment in global ostomy care accessories market. The global skin protection and skin barriers segment are expected to increase at a CAGR of 6.6% in terms of value during the forecast period. Belt, tapes and adhesives are the second-largest segment in the global ostomy care accessories market and is expected to expand at a CAGR of 6.8% in terms of value during the forecast period.

Asia-Pacific represents the most lucrative market, followed by North America for ostomy care accessories This is primarily due to increase awareness about ostomy care accessories available in the market, growing operational activities by key players and rising demand for better healthcare facilities in India, China, Bangladesh, Philippines and Indonesia. Asia Pacific has been estimated to account for 15.1% market share in the global ostomy care accessories market in 2015, which is expected to increase to 15.6% market share by 2021.

Key market players covered in this report are Coloplast Corp., ConvaTec Inc., Hollister Inc., EuroMed Inc., 3M, Smith & Nephew, FNC Medical, Nu-Hope Laboratories, Inc., Marlen Manufacturing & Development Torbot Group Inc and Cymed Ostomy Co. These players have been profiled on the basis of various attributes such as company overview, recent developments, growth strategies, SWOT analysis and sustainability.

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The ostomy care accessories market is segmented as follows:

By Product Type: 

• Belts, Tapes, Adhesives
• Skin Protection and Skin Barriers
• Irrigation Sets & Sleeves
• Convex Inserts
• Stoma Caps

By Application Type: 

• Sealing
• Cleansing
• Lubrication
• Drainage

By End User: 

• Hospital
• Ambulatory Surgical Centers
• Home Care Settings

By Region: 

• North America
• Latin America
• Europe
• Asia Pacific
• The Middle East & Africa

About Us: 

Persistence Market Research (PMR) is an innovative provider of market research reports and consulting services. The three PMR pillars of strength that have helped us win clients for years are: Quality Research, Quick Research, and In-depth Research.

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SOURCE Persistence Market Research Pvt. Ltd.