DUBLIN--(BUSINESS WIRE)--The "Stoma/Ostomy Care - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Focus on Stoma Quality of Life Paves Way for Increased Spending on Stoma/Ostomy Care Products. Market to Reach $3.8 Billion
The global market for Stoma/Ostomy Care is projected to reach US$3.8 billion by the year 2027, trailing a post COVID-19 CAGR of 4.2% over the analysis period 2020 through 2027.
The growth will be driven by rapidly aging population increase in the number of operative procedures involving creation of intestinal stoma and the resulting focus shed on stoma quality of life. World's population is rapidly aging supported by the increase in longevity as modern medicine becomes increasingly effective in preventing chronic disease, and reducing mortality. Also, easy access to age-friendly primary healthcare and growing sophistication of healthcare infrastructure play key roles in longevity.
For the first time in human history the percentage of older people in the total population is continuing to increase. In addition to the aforementioned increase in life expectancy, falling fertility rates are accelerating the trend. The aging population creates massive challenges for the healthcare system since it means larger chronic disease burden.
Among the many diseases of the elderly such as dementia; arthritis; blindness; chronic bronchitis; motor neurone diseases; osteoporosis; Parkinson's disease; stroke; CKD; and Alzheimer's, incontinence and bowel obstruction caused by colorectal cancer and other diseases that require surgical removal parts of the rectum, anus and colon requires the highest nurse care and self-care management needs. Colorectal cancer is the leading cause for creation of stomas/ostomy accounting for 45.6% of the prevalence rate. Juxtaposed with this fact, the high prevalence of colorectal cancer, over 60% of the incidence rate, among the elderly aged over 70+ makes aging population a powerful demographic growth driver for stoma/ostomy care products.
Colostomy is the most popular type of procedure performed on 45.2% of ostomy patients in the 60+ age group, while Ileostomy is the second most common procedure performed on people aged over 60 with over 38.7% of ostomy patients in the 60+ age group having Ileostomy. Urostomy is performed on 16.1% of ostomy patients in the 60+ age group. The ostomy market also benefits from the increasing survival rates from colorectal and bladder cancer. Mortality rate from these cancers has improved considerably during the past decades, both for women and for men. Resultantly, the increasing life expectancy of people bodes well for the ostomy care products market, considering the chronic nature of the conditions and the increasing need to use ostomy products. The annual ostomy product costs per patient are estimated in the range of US$1,000 to US$1,200 on an on average globally.
Prices of ostomy products remain stable due to fixed reimbursement levels. Caring for stoma is extremely important given the high risk and financial burden of complications following ostomy surgery. Lack of proper ostomy care is the leading cause for hospital readmission rates and ER visits in the United States second to kidney transplants. Over the years, rising awareness and improving standards of ostomy care have helped drive the market for stoma/ostomy care products.
The field of stoma care is also evolving and improving with stoma care emerging into a unique field in nursing. Popularity and easy availability of specially qualified stoma care nurses; development of best practice guidelines; easy access to new clinical insights and tools are all helping to deliver the best possible care for stoma patients.
Among the noteworthy trends in the global market for ostomy bags has been the increasing tender based and bulk purchases of the bags by large hospitals and healthcare facilities with huge number of inpatients on whom ostomies have been performed and also patients with fresh stomas. In order to maintain uninterrupted supply of these bags for better ostomy care for inpatients, healthcare facilities have been following the tender-based procurement of the bags.
Key Topics Covered:
I. INTRODUCTION, METHODOLOGY & REPORT SCOPE
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Impact of Covid-19 and a Looming Global Recession
- A Prelude to Ostomy Care Products
- Ostomy Care Products Market Set to Witness Rapid Growth Post COVID-19
- Ostomy Care Bags Constitute the Largest Segment
- Key Market Drivers & Restraints for Ostomy Bags
- Ostomy Care Accessories Market on Growth Trajectory; Exhibit Fastest Growth Rate
- Ostomy Flat Vs. Convex Appliances
- Europe, the Most Dominant Regional Market with Largest Share
- Home Care Dominates the Market
- Consistent Focus on Product Innovation Augments Market Growth
- COMPETITION
- Coloplast Leads the Ostomy Care Products Market
- Launch of Sensura Mio Convex Provides a Competitive Edge to Coloplast
- Coloplast Expands SenSura Mio Range with New Ostomy Care Products
- Brava Protective Seal
- Select World Brands
2. FOCUS ON SELECT PLAYERS
- 3M Company
- Alcare Co., Ltd.
- B. Braun Melsungen AG
- BAO-Health Medical Instrument Co., Ltd.
- Coloplast A/S
- ConvaTec, Inc.
- Cymed
- Flexicare Medical Ltd.
- Hollister, Inc.
- Marlen Manufacturing & Development Company
- Nu-Hope Laboratories, Inc.
- Perma-Type Co., Inc.
- Schena Ostomy Technologies, Inc.
- Smith & Nephew PLC
- Welland Medical Ltd.
3. MARKET TRENDS & DRIVERS
- Growing Aging Population - A Key Growth Driver
- EXHIBIT 8: Global Aging Population Statistics for the 65+ Age Group in Million by Geographic Region for the Years 2019, 2025, 2035 and 2050
- Rising Incidence of Colorectal Cancer, Bladder Cancer, and IBD and Drives the Need for Ostomy Care Products
- Inflammatory Bowel Diseases: Incidence Statistics
- Product Innovations and Advancements to Spur Market Expansion
- Select Ostomy Care Innovations
- Alfred SmartBag
- Ostoform Seal
- SphinX
- StomaLife
- Transcutaneous Implant Evacuation System (TIES)
- Increasing Access to Healthcare in Emerging Regions
- Rising Middle Class Population Aids Growth
- Increasing Obesity Levels Propels Market Growth
- Patient Retention Programs by Major Ostomy Players to Increase Products' Sales
- Favorable Reimbursements in Developed Markets
- Rising Online Sales of Ostomy Products
- Market Restraints
- Skin Irritation and Other Issues Related with Ostomy
- Global Drive for Earlier Diagnosis and Treatment
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
- GEOGRAPHIC MARKET ANALYSIS
IV. COMPETITION
- Total Companies Profiled: 40
For more information about this report visit https://www.researchandmarkets.com/r/4d7qea
