Global Stoma/Ostomy Care Market to Reach $4.1 Billion by 2026

SAN FRANCISCO, March 11, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Stoma/Ostomy Care - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 8; Released: February 2022
Executive Engagements: 3563
Companies: 48 - Players covered include 3M; ALCARE Co., Ltd.; Bao-Health Medical Instrument Co., Ltd.; Braun Melsungen AG; Coloplast A/S; ConvaTec Group Plc.; Cymed; Fortis Medical Products; Hollister Inc.; Marlen Manufacturing & Development Co.; Nu-Hope Laboratories; Perma-Type Company, Inc.; Prowess Care; Safe n Simple; Salts Healthcare Ltd; Torbot Group Inc; Welland Medical Ltd and Others.
Coverage: All major geographies and key segments
Segments: End-Use (Home Care, Hospitals & Ambulatory Surgical Centers); Product (Ostomy Care Bags, Ostomy Care Accessories)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.

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ABSTRACT-

Global Stoma/Ostomy Care Products Market to Reach $4.1 Billion by 2026
Ostomy care products are used for managing faecas and urine from people with stoma, following a colostomy, ileostomy or urostomy procedure. Growth in the global market is set to be fueled by proliferation of bladder-related medical conditions, technological advances and availability of desirable reimbursement across developed   nations. The market growth is set to be augmented by increasing cases of colorectal and bladder cancer and inflammatory bowel disease. The ostomy market also benefits from the increasing survival rates from colorectal and bladder cancer. The increasing life expectancy of people bodes well for growth prospects, considering the chronic nature of the conditions and the increasing need to use ostomy products. Another key factor that is expected to drive gains in the market includes the aging phenomenon of global population that is expected to further magnify the target pool. Concurrent with this is the rise in the prevalence rates of inflammatory bowel diseases, such as ulcerative colitis and Crohn's disease, which necessitates patients to undergo surgical procedure. Product and technological advancements constitute the other key market driver that is leading to user-friendly products, specifically targeted at the elderly.

Amid the COVID-19 crisis, the global market for Stoma/Ostomy Care Products estimated at US$3.3 Billion in the year 2022, is projected to reach a revised size of US$4.1 Billion by 2026, growing at a CAGR of 5.2% over the analysis period. Ostomy Care Bags, one of the segments analyzed in the report, is projected to grow at a 5.1% CAGR to reach US$3.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Ostomy Care Accessories segment is readjusted to a revised 5.7% CAGR for the next 7-year period. This segment currently accounts for a 13.6% share of the global Stoma/Ostomy Care Products market. Major factors driving growth for the Ostomy Care Bags segment include increase in prevalence of bladder cancers, UT cancers, IBD etc.; increase in obesity cases; technological advancements in products; increased preference for different ostomy surgeries among adults and youth alike; and reimbursement availability. Furthermore, increased awareness about peristomal skincare is also expected to contribute to the category's growth. Availability through e-commerce platforms and continued efforts of vendors to increase awareness about ostomy care accessories among target users ensures steady growth opportunities in the Ostomy Care Accessories segment.

The U.S. Market is Estimated at $926.9 Million in 2022, While China is Forecast to Reach $423.9 Million by 2026
The Stoma/Ostomy Care Products market in the U.S. is estimated at US$926.9 Million in the year 2022. The country currently accounts for a 28.11% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$423.9 Million in the year 2026 trailing a CAGR of 7.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5% CAGR while Rest of European market (as defined in the study) will reach US$453.4 Million by the end of the analysis period. Europe dominates market growth due to the high prevalence of Inflammatory Bowel Diseases (IBD) that includes ulcerative colitis or Crohn's diseases, resulting in increased ostomy surgery cases. Higher patient pool as well as a more favorable reimbursement structure also contributes to the market growth for ostomy care products in Europe. Increasing aging population, growing cases of intestinal disorders and rising investment in R&D are the factors driving growth in the North America region. Developing countries are emerging hotspots for ostomy care products, due to rapid economic growth, increased access to healthcare services, growing awareness levels and increasing incidence of colorectal cancer cases that serve to drive ostomy procedures. More

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SOURCE Global Industry Analysts, Inc.