The prevalence of colorectal and bladder cancer is relatively high among the geriatric population, and it has been estimated that around 90% cases of colorectal cancer are diagnosed in individuals aged above 65 years. Rapid advancements in the clinical management of ostomy with the launch of innovative products have boosted the demand for ostomy care accessories. Improved patient compliance with enhanced quality of life, coupled with significant economic savings are playing a vital role in the ostomy care accessories market. Moreover, increase in awareness regarding ostomy care through several initiatives taken by various private and non-profit organizations is expected to be another important factor surging market growth.
Increasing Incidence of Inflammatory Bowel Diseases (IBD) Boosting Ostomy Care Accessories Market
Prevalence of inflammatory bowel diseases (IBD) such as Crohn’s disease and ulcerative colitis is continuously rising. IBD affects more than 1.6 million Americans, and is generally diagnosed before the age of 35 years. Inflammatory bowel diseases can significantly affect a patient’s quality of life as well as increase financial burden. IBDs are believed to be a Western thing, as they are most prevalent in Europe, North America, and Oceania. The prevalence of inflammatory bowel diseases in the Western world is around 50-200 per 100,000 persons for Crohn’s diseases and 120-200 per 100,000 persons for ulcerative colitis. However, incidence and prevalence rates of inflammatory bowel diseases have shown an increasing trend in Asia and Africa.
Rising Campaigns and Conferences for Awareness about Ostomy to Offer Lucrative Growth Opportunities
Various private, non-profit, and government organizations, worldwide, are launching campaigns and conferences to raise awareness about gastrointestinal diseases and their treatment options such as ostomy. In 2019, the United Ostomy Associations of America, Inc. (UOAA), a non-profit organization, conducted a conference where more than 40 ostomy accessory manufacturers and distributors came under the same roof to discover latest innovations in the ostomy care accessories market. Colostomy Association, a U.K.-based charity, works with stoma patients, runs campaigns for awareness about ostomy, and provides support for the same in terms of practical information and counselling. Colostomy Association has over 100 trained volunteers who provide emotional support and regular home visits for stoma patients. Rising awareness through campaigns and conferences leads to increase in demand for ostomy care accessories.
Europe to Dominate Ostomy Care Accessories Market
Europe holds a noteworthy market share in the ostomy care accessories market with 42% of total revenue, and is expected to exhibit a CAGR of 6.5% during the forecast period. Growing risk of ulcerative colitis and colorectal cancer in the elderly population and increasing awareness for stoma surgeries are factors expected to contribute to the dominance of Europe in the global ostomy care accessories market. Increase in research & development activities and new product launches have helped North America to be the second-most lucrative region in the ostomy care accessories market. Continuous rise in the number of awareness programmes and educational seminars, and developing healthcare infrastructure, are boosting the demand for ostomy care accessories in Asia Pacific.
Competitive Landscape of Ostomy care accessories Market
The market is characterized as a fragmented market, with key players across the globe including Coloplast Corp., Convatec, Inc., 3M, Hollister Incorporated, and others. Investments in R&D to launch new product lines is the key strategy adopted by manufacturers in the ostomy care accessories market. For instance, in 2017, ConvaTech launched Natura Convex Cut-to-Fit in two-piece ostomy systems, which allows easier switching to different types of pouches.
Increment in number of patients suffering from inflammatory bowel diseases and rising demand for ostomy care accessories are responsible for the growth of the market at an impressive rate, with North America and Europe holding substantial share of the global ostomy care accessories market. Solid monetary position and new collaborations for the effective management of ostomy patients are expected to drive the growth of the ostomy care accessories market over the coming years.
Ostomy Care Accessories Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the global ostomy care accessories market. The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities restraints, and detailed information about the ostomy care accessories market structure. The market study presents exclusive information about how the ostomy care accessories market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market and compounded annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. Other information includes key developments in the ostomy care accessories, parent market analysis, which helps in deep understanding of market in detail by researchers, suppliers, manufactures, and distributors. This information can help readers understand the quantitative growth prospects of the ostomy care accessories market during the forecast period.
The study is relevant for manufacturers, urologist, gastroenterologist, surgeon, physicians, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Business researcher, shareholders, industry experts can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to macroeconomics factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the ostomy care accessories market. Furthermore, small businesses and new entrants in the ostomy care accessories market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of Ostomy Care Accessories Market
PMR’s study on the ostomy care accessories market offers information divided into four important segments - product type, application, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in PMR’s Ostomy Care Accessories Market Report
Ostomy Care Accessories Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the ostomy care accessories market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analyst ensure accuracy and reliability of conclusions.
Secondary resources referred to analyst during the production of the ostomy care accessories market study include statistics from government healthcare organizations, medicines journals, research journals, press release, annual reports, white papers, directories, and databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the ostomy care accessories, and makes PMR’s projection on the growth prospects of the ostomy care accessories market more accurate and reliable.