Europe to account for the largest share of the global Stoma Care Market in 2019
Northbrook, IL -- (SBWIRE) -- 06/04/2021 -- The research report aims to provide detailed insights into the global ostomy care market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.
Key Factors Driving Market Growth:
The increasing target patient population, a growing number of awareness programs to educate patients regarding the use of ostomy products, and the favorable reimbursement system in developed countries are the major factors driving the growth of Stoma Care Market.
Expected Revenue Growth:
The Ostomy Care Market is projected to reach USD 3.5 billion by 2025 from USD 2.8 billion in 2020, growing at a CAGR of 4.4% during the forecast period.
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Ostomy Care Products Segment:
Based on product type, the Stoma Care Market is segmented into ostomy care bags and ostomy care accessories. In 2019, the ostomy care bags segment accounted for the largest share of the ostomy care industry. The increasing number of patients suffering from IBD, colorectal cancer, and bladder cancer— among other diseases requiring ostomies—is expected to drive this market.
Based on surgery type, the ostomy care market is segmented into ileostomy, colostomy, and urostomy. The ileostomy segment is expected to grow at the highest CAGR during the forecast period due to the growing aging population and rising patient awareness regarding health.
Geographically, stoma care market is segmented into five regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe had the largest share of the market in 2019 since European countries have a higher prevalence of IBD, which is a result of a higher number of ostomy surgeries.
European countries, especially Germany, France, and the UK, have favorable reimbursements for ostomy care products. In Germany, 100% reimbursement is available to ostomates, thus eliminating out-of-pocket expenses. This factor is expected to boost the growth of this region further in ostomy care market.
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Key Players in Ostomy Care Market:
The major players operating in the global ostomy care market are Coloplast A/S (Denmark), Hollister Incorporated (US), ConvaTec Group plc (UK), B. Braun (Germany), ALCARE Co., Ltd. (Japan), Nu-Hope (US), Marlen Manufacturing & Development Company (US), Welland Medical Limited (UK), Baohe Ostomy Care (China), Flexicare Medical Limited (UK), Cymed (US), Schena Ostomy Technologies, Inc. (US), Perma-Type Company Inc. (US), 3M (US), Smith & Nephew (US), and Salts Healthcare (UK), among others.
Coloplast was the leading player in the ostomy care market in 2019. The company's leading position in this market can be attributed to its strong pipeline of new products, sustained cost discipline, and adoption of new strategies to enhance its product portfolio based on new technologies available in the market. The Ostomy Care business of the company has witnessed organic sales growth of 7% in 2018-19, which was almost double the overall stoma care market growth rate.
Hollister Incorporated accounted for the second-largest share of the ostomy care market in 2019. The company's leading position in stoma care market is attributed to its comprehensive portfolio of advanced ostomy pouching systems and accessories. The company faces competition from several large, diversified companies such as Coloplast and ConvaTec, as well as from numerous smaller niche companies.