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.
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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. 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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Ostomy Care Market – Segmentation
Fact.MR’s study evaluates the ostomy care market based on product, ostomy type, indication, end user and region. The report also mentions detailed information about the incisive market dynamics and various trends related to different segments, and how they are shaping the growth dynamics of the ostomy care market.
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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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