The ostomy care market projected to grow at a CAGR of 4.4% over the forecast period of 2020-2025
NEW YORK, May 28, 2020 /PRNewswire/ -- The ostomy care market projected to grow at a CAGR of 4.4% over the forecast period of 2020-2025.
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The ostomy care market is projected to reach USD 3.5 billion by 2025 from USD 2.8 billion in 2020, at a CAGR of 4.4% during the forecast period. Globally, the population of individuals aged 60 years and above is expected to increase from 962 million in 2017 to 2.1 billion by 2050 (Source: UN Population Division). The rising geriatric population is considered as one of the major factors driving the growth of the ostomy care industry, as the incidence of bladder cancer and colorectal cancer is high among geriatric individuals. Thus, the rising geriatric population, coupled with the growing number of awareness programs to educate patients regarding the use of ostomy products, are the major factors driving the growth of this market. However, discomfort and other issues associated with the use of ostomy bags and the growing adoption of alternative treatments are the key factors limiting the growth of this market.
The ostomy accessories segment is expected to be the fastest-growing segment during the forecast period.
The ostomy accessories market is expected to grow at the highest CAGR during the forecast period owing to the growing skin problems due to frequent removal and re-application of skin barrier of ostomy bags and rising awareness about the care of peristomal skin.
The two-piece bags segment expected to be the largest segment in 2019.
By ostomy bag type, the ostomy care market is segmented into one-piece, two-piece, and skin barrier.Two-piece bags are expected to hold the largest share of the market in terms of volume in 2019.
The major share of the segment is attributed to the advantages of these bags over one-piece bags and a rising number of ileostomy procedures.
Asia Pacific expected to register the highest growth rate in the ostomy care market.
The ostomy care industry is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.Awareness initiatives by public and private organizations, a large patient population base for target diseases, and the rising geriatric population are the key factors driving the market growth.
In addition, several market players are focusing on strengthening their distribution networks in APAC markets to capitalize on the growth opportunities in this region, are expected to boost the growth of this region.
A breakdown of the primary participants referred to for this report is provided below:
• By Company Type: Tier 1–45%, Tier 2–34%, and Tier 3– 21%
• By Designation: C-level–47%, Director-level–33%, and Others–20%
• By Region: North America–35%, Europe–32%, Asia Pacific–25%, Latin America–6%, and the Middle East & Africa–2%
The major 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.
Research Coverage
This report studies the stoma/ostomy care market based on the product, end user, and region.The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth.
It analyzes the opportunities and challenges in the market and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five main regions (and the respective countries in these regions).
Reasons to Buy the Report
The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies for strengthening their market presence.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the ostomy care market
• Product Development/Innovation: Detailed insights on research and development activities and new product launches in the ostomy care industry
• Market Development: Comprehensive information about lucrative emerging markets, by product, end user, and region
• Market Diversification: Exhaustive information about new products, growing geographies, recent developments in the ostomy care market
• Competitive Assessment: In-depth assessment of growth strategies, products, and manufacturing capabilities of leading players in the ostomy care market
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