by Ostomy care accessories include pouches, skin barriers, irrigation sets and adhesives that are used along with ostomy pouches to ensure optimal functioning. They aid in safely collecting and disposing of urine and feces through a surgically created stoma. The growing prevalence of inflammatory bowel disease, colorectal cancer and accidents necessitating ostomy surgery has increased the demand for products that offer protection against leakage and facilitate discreet output collection.
The global Ostomy Care Accessories Market is estimated to be valued at US$ 3.69 Bn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising geriatric population worldwide is one of the key trends supplementing the growth of the ostomy care accessories market. People aged 65 years and above are more likely to suffer from chronic diseases like cancer, IBD, and other gastrointestinal disorders requiring ostomy surgery. According to the UN’s World Population Ageing data, the number of elderly people is projected to grow from 703 million in 2019 to 1.5 billion in 2050. The increasing risk of chronic conditions coupled with the ballooning senior population base is expected to drive the demand for ostomy accessories over the forecast period.
SWOT Analysis
Strength: Ostomy care accessories offer relief to ostomates from post-surgical complications. They ensure secure collection and disposal of waste from the surgically diverted bowel/bladder openings.
Weakness: Substandard ostomy accessories are available at lower prices which can compromise on product quality and lead to skin irritation in some users. High prices of premium global brands make these unaffordable for some.
Opportunity: Rising incidence of IBD, colorectal cancer and other diseases warranting ostomy surgeries is driving the demand for ostomy care accessories. Growing awareness is encouraging more people to adopt the use of accessory products.
Threats: Presence of local unlabeled players producing low-cost substitutes is a challenge for established brands. Fluctuations in raw material costs can impact the prices of ostomy accessories.
Key Takeaways
The global Ostomy Care Accessories Market Demand is expected to witness high growth.
Regional analysis reveals North America currently dominates fueled by supportive reimbursement policies and growing chronic disease burden in the region. Europe is another major market supported by raising awareness levels regarding ostomy care products.
The Ostomy Care Accessories market in Asia Pacific is poised to grow at a rapid pace during the forecast period. This is attributable to improving access to healthcare in emerging economies like India and China coupled with increasing incidences of GI disorders necessitating ostomy procedures in the region. Rising medical tourism is also contributing to market growth.
Key players operating in the Ostomy Care Accessories market are Coloplast Corp, ConvaTec Inc., Hollister Incorporated, Marlen Manufacturing & Development Company, Perma-Type Company, Inc., Nu-Hope Laboratories, Inc., Perfect Choice Medical Technologies, Fortis Medical Products, Safe n’ Simple, AdvaCare Pharma, Schena Ostomy Technologies, Inc., Cymed, TG Eakin Limited, and Alcare Diagnostic Research Center Pvt. Ltd.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
