The stoma care/ostomy care and accessories market size is estimated to reach $4.43 billion by 2026 and is poised to grow at a CAGR of 4.8% over the forecast period of 2021-2026. Ostomy refers to the surgical procedure performed which results in a change in the way in which urine or stool exits one’s body. It is done owing to various diseases such as colorectal cancer and others that ultimately force the bodily waste to get rerouted. Additionally, a stoma is the opening created through the procedures after the ostomy surgery. It is generally located on the abdomen and is usually dark pink in color. Most of the surgeries exhibit people wearing the pouch just over the stoma, however a continent diversion can be created, and a person can avoid wearing the pouch. The most opted ostomies are colostomy, in which a surgery allows the opening within the large intestine, and the portion of the colon is removed, and the left-over colon is bought into the abdominal wall. The other specifics of ostomies are urostomy and ileostomy. The former allows to surgically divert the urine, while the latter focuses on creating an opening within the ileum. The higher cases of colorectal cancers along with a technological upgradation in the accessories are some of the factors driving the stoma care/ostomy care and accessories industry forward in the projected period of 2021-2026.
Stoma Care/Ostomy Care and Accessories Market Segmentation Analysis- By Products
The stoma care/ostomy care and accessories market based on products can be further segmented into bags and accessories. The bag segment held a dominant market share in the year 2020. It is owing to their usage post operation, and the variety in which they come. As per doctor’s analysis and patient’s need, the bag can be one-piece or two-piece. Moreover, the bags are used in cases of colostomy, ileostomy, and urostomy. The increase in the total cases of colorectal cancer globally has supplanted the need for bags. For example, as per Australian Journal, there were around 16,000 cases being reported in the region, and with the rise in total cases, colorectal cancer now ranks third which wasn’t in the top five a decade back.
However, the accessories segment is estimated to be the fastest growing, with a CAGR of 5.3% over the forecast period of 2021-2026. It is owing to their characteristics that suffices various social and personal needs. For example, accessories have seal bangs, rings, pouch covers, stoma caps, and various others. As per US CDC, the hospitalization cost for treatment of Crohn’s disease is close to $11,000. More product innovations will further help the growth of market.
Stoma Care/Ostomy Care and Accessories Market Segmentation Analysis- By End Users
The stoma care/ostomy care and accessories market based on end users can be further segmented into Home Care Settings, Hospitals, and Ambulatory Surgical Centers. It is owing to the benefits it offers over the hospitals and clinics. For example, as per various analysis, the outpatient service centers are 45-60% cheaper than traditional centers. Moreover, US saves around $15 billion by directing patients to ambulatory surgical centers. The chances of catching infections are significantly lower in ASCs as compared to hospitals.
However, home care settings is estimated to be the fastest growing, with a CAGR of 5.5% over the forecast period of 2021-2026. It is owing to the advent of various products and technologies which allow the patient to receive treatments at home, thereby, saving cost and time. Moreover, healthcare companies are using IoT and big data to ease the overall services. The following will result in the growth of the segment.
Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=16807
Report Price: $ 4500 (Single User License)
Stoma Care/Ostomy Care and Accessories Market Segmentation Analysis- By Geography
The stoma care/ostomy care and accessories market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. Europe’s stoma care/ostomy care and accessories market held a dominant market share of 35% as compared to the other regions. It is owing to the overall high prevalence of IBD and other ailments in the following region. Moreover, around 0.2% of the population currently have IBD. Additionally, the direct health costs are extremely high in Europe, which now somehow are de-motivating people to adopt for surgeries, and rather gain biological therapy.
However, Asia-Pacific is set to offer lucrative growth opportunities to marketers in the projected period of 2021-2026. It is owing to the rising awareness amongst the afflicted patients. Moreover, marketers are observing an increasing trend of colorectal cancer and other digestive tract issues which in the future is projected to increase, which would allow them to gain lucrative returns.
Stoma Care/Ostomy Care and Accessories Market Drivers
The increase in the geriatric population will supplement the growth of stoma care/ostomy care and accessories marketAs per the analysis, colorectal cancer is highly prevalent in the geriatric population. As per various researchers, 70% of all the cases diagnosed with colorectal cancer were above the age of 65, more so, 40% were above the age of 75+. As per various analysis being done, it is nigh that the geriatric population ratio is on a rise owing to developed healthcare facilities and infrastructure along. As per CDC projections, adults over 65 years will break even with the children under 18. More so, for the entire US population, 24% will be adults by 2050. The trends are not limited to the USA and is highly prevalent in other regions as well. For example, in Asia-Pacific, it is expected that the share of 65+ year old will observe a rising trend of 2.5x in the coming decades.
The increasing prevalence of colorectal cancer, IBD, and other allied diseases have supplanted the growth in market
Various research has governed an increase in the cases of colorectal cancer across the globe For example, in India, a relative change of 20.6% has been recorded when it comes to the incidence of colorectal cancer, more so the incidence is close to 4.4 per 100,000. Similarly, in Australia bowel or colorectal cancer is most prevalent in people above 60 years and is the third most common cancer. Additionally, around 0.2% of the people living in Europe suffer from IBD. Additionally, around 200,000 cases of diverticulitis are diagnosed each year in the US. Moreover, the reasons attributed to the rising numbers are obesity, sedentary behavior, and poor diet. The rise in urbanization will promote obesity and sedentary lifestyle which will in turn benefits the market.
Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=16807
Stoma Care/Ostomy Care and Accessories Market Challenges
The ostomy related complication dawn a social stigma and fatalities have been a major market growth dampener
The complications post-operation is highly prevalent in the global population. The incidences can vary between 21-70% in all the surgeries performed, however, it is particularly high in the first five years. Peristomal skin complication, which arises when there is a leakage from the stoma effluent. The following cases are prevalent by up to 43% in the global population. Additionally, the cost implication of such complications can really notch the total cost, thereby causing fear amongst the masses to stop from adopting to such surgeries. Retraction, stomal necrosis, stomal stenosis, prolapse, bleeding, and hernia are some of the other complications which can be seen in patients.
Stoma Care/Ostomy Care and Accessories Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the stoma care/ostomy care and accessories market. The top 10 stoma care/ostomy care and accessories market companies are-Coloplast A/S, Hollister Incorporated, ConvaTec Group, B. Braun, ALCARE Co., Ltd, Nu-Hope, Marlen Manufacturing & Development Company, Welland Medical Limited, Baohe Ostomy Care, Flexicare Medical Limited.
In July 2021, Ostomy specialist- Trio Healthcare received a funding from a leading pioneer SWK holding corporation. The total amount for which the funding has been made is declared equivalent to $10 million. The following will allow the development in R&D for the firm and will support Trio healthcare’s plant to expand outer markets.
In November 2020, Trio Healthcare launched indigenous Genii stoma bag with silicone flange. Moreover, the company specifically revised and developed their Sil 2 Breathable silicone technology to develop their product Genii. The product is a unique silicone blend that gels great with one’s skin and hence, avoids any skin complication. It sticks brilliantly, allows the skin to breathe, and maintains the moisture content.
North America dominated the Colorectal Cancer market owing to the growing cases in the region. Excess consumption of unhealthy food and carbonated soft drinks in the region is set to add to growth of colorectal cancer cases in the market. The Colorectal Cancer market scope for different regions will be provided in the final report.
The increasing prevalence of colorectal cancer among individuals and the growing health awareness among masses is likely to aid in the market growth of Colorectal Cancer.
Detailed analysis on the Strength, Weakness and opportunities of the prominent players operating in the market will be provided in the Colorectal Cancer market report.
High cost of Colorectal Cancer surgeries and drugs is set to create hurdles for the Colorectal Cancer market.
Incontinence Product Market- Forecast (2021-2026)
For more Lifesciences and Healthcare Market reports, please click here
About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to email@example.com to discuss more about our consulting services.