(PharmaNewsWire.Com, June 02, 2020 ) Market growth is driven mainly by factors such as rising incidence of bladder cancer, colorectal cancer, and inflammatory bowel disease; growing geriatric population; a growing number of awareness programs to educate patients regarding the use of ostomy products; technological advancements in ostomy products; and efficient reimbursement system in developed countries are some of the factors driving the growth of the ostomy market .
The global ostomy care market size is projected to reach USD 3.5 billion by 2025 from USD 2.8 billion in 2020, at a CAGR of 4.4%.
Based on product type, the ostomy care market is segmented into ostomy care bags and ostomy care accessories. In 2019, the ostomy care bags segment accounted for the largest share of the ostomy care industry. The increasing number of patients suffering from IBD, colorectal cancer, and bladder cancer— among other diseases requiring ostomies—is expected to drive this market.
Surgery Type:
Based on surgery type, the ostomy care market is segmented into ileostomy, colostomy, and urostomy. The ileostomy segment is expected to grow at the highest CAGR during the forecast period due to the growing aging population and rising patient awareness regarding health.
Europe to Dominate The Global Ostomy Care Market:
Geographically, the market is segmented into five regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe had the largest share of the market in 2019 since European countries have a higher prevalence of IBD, which is a result of a higher number of ostomy surgeries.
European countries, especially Germany, France, and the UK, have favorable reimbursements for ostomy care products. In Germany, 100% reimbursement is available to ostomates, thus eliminating out-of-pocket expenses. This factor is expected to boost the growth of this region further.
The major players operating in the global ostomy care market are 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.
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