NEW YORK, July 7, 2021 /PRNewswire/ -- Globally, market value of ostomy care accessories size was US$ 486.2 Mn in 2020, and is expected to portray a CAGR of more than 7% during the forecast period (2021 - 2031).
Prevalence of bladder and colorectal cancer is relatively high among the geriatric population, and it has been estimated that around 90% of 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 demand for ostomy care accessories.
Improved patient compliance with enhanced quality of life coupled with significant economic savings are playing a vital role in shaping the market for ostomy care accessories. 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.
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Key Takeaways from Market Study
- Owing to wide utilization of products such as skin protection and skin barrier, among others, as a prevention and remedy for peristomal skin complications, demand for these types of products is expected to grow over the coming years.
- Demand for skin-friendly and long-wear-time seals is constantly increasing, due to which, the sealing segment is expected to contribute 3/4 market share.
- Home care settings are expected to increase significantly, owing to rising adoption of homecare services and increasing availability of trained nurses and reduced emergency visits to hospitals.
- Rise in prevalence of inflammatory bowel diseases, increasing number of ostomy procedures, and growing usage of ostomy care accessories contributed to the dominance of Europe in the global market for ostomy care accessories.
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"Development of advanced ostomy care accessories is one of the key focus of prominent manufactures in the market," says an analyst of Persistence Market Research.
New Product Launches - Strategy by Key Players
Some of the major players in the market are Coloplast Corp., Convatec, Inc., 3M, and Hollister Incorporated. Launch of advanced products is a key strategy being followed by these market players.
- For instance, in May 2018, Spaca Healthcare introduced new hydrocolloid offerings for ostomy application as Scapa Soft-Pro Hydrocolloid technology.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the ostomy care accessories market in its latest study, presenting historical demand assessment of 2016 - 2020 and projections for 2021 - 2031.
The research study is based on product (belts, tapes, adhesives; convex inserts; irrigation sets & sleeves; skin protection and skin barriers; stoma caps), application (drainage, sealing, lubrication, cleansing), and end user (hospitals, ambulatory surgical centres, home care settings), across seven key regions of the world.
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