Global stoma/ostomy care market size to witness 4.4% CAGR over 2020-2027
According to the research report titled ‘Global Stoma/Ostomy Care Market Size study with COVID-19 Impact, by Product (Bags and Accessories), By End User (Home Care Settings and Hospitals & Speciality Clinics) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global stoma/ostomy care market was valued at USD 2.7 billion in 2019 and is expected to witness a CAGR of 4.4% during 2020-2027.
Escalating patient pool, increasing geriatric population, and surging initiatives to create awareness among patients regarding the use of ostomy products are major factors likely to drive global stoma/ostomy care market growth during the forecast period. According to Statista, geriatric population in U.S. accounted for 16% of national population in 2018 and is predicted to reach 22% by 2050.
Further, favorable reimbursement policies in developed nations is also contributing to the industry growth. However, discomfort caused by usage of ostomy bags and preference for alternative treatments are expected to restrain global stoma/ostomy care industry size over the forthcoming years.
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For those unfamiliar, ostomy surgery helps in rerouting the movement of intestinal content in the body with the help of a small opening that is made on the abdominal wall called as stoma or ostomy. Ostomy care involves products such as accessories and disposable bags which are attached to patient’s skin using adhesives and work as receptacle for urine or fecal collection after surgery, thereby influencing global stoma/ostomy care market outlook.
On the downside, increasing prevalence of COVID-19 has caused nationwide lockdowns and temporary shutdowns of manufacturing and distribution channels, which will negatively impact global stoma/ostomy care industry forecasts for near future.
Based on product type, global stoma/ostomy care market is fragmented into accessories, and bags. With regards to end-user spectrum, the industry is bifurcated into hospitals & specialty clinics, and home care settings.
From regional perspective, worldwide stoma/ostomy care market is classified into Europe, Asia Pacific, North America, Latin America, and rest of the world. Europe was the major contributor in terms of industry share in the past year, mainly due to increasing patient pool, rising elderly population, and favorable reimbursement policies in the region. Meanwhile, Asia Pacific stoma/ostomy industry is anticipated to grow rapidly over 2020-2027, cites the report.
Major players influencing global stoma/ostomy care market trends include B. Braun Medical Inc., 3M Company, Coloplast A/S, ALCARE Co. Ltd., Baohe Ostomy Care, ConvaTec Group Plc., Marlen Manufacturing & Development Company, Flexicare Medical Limited, CyMed Inc., Hollister Incorporated.
To access a sample pages of this report titled “Global Stoma/Ostomy Care Market Size study with COVID-19 Impact, by Product (Bags and Accessories), By End User (Home Care Settings and Hospitals & Speciality Clinics) and Regional Forecasts 2020-2027” in detail along with the table of contents, please click the link below:
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