By Infinium Global Research Aug, 2020
The Global
Ostomy Care Market is expected to grow at a CAGR of 4.39% between 2019
and 2025 in terms of value. In the U.S., approximately 725,000 to 1million
people have an ostomy and about 100,000 new ostomy procedures are performed
each year. Furthermore, research suggests that typically ostomy patients are
above 50 years. Therefore, increasing geriatric population coupled with
increased prevalence of colorectal cancer, bladder cancer, and Crohn’s disease
are the key market driving factors responsible for the growth of the ostomy
care market. According to CCFA, approximately 1.6 million Americans have
inflammatory bowel diseases and the number is anticipated to grow rapidly in
the near future. In addition, favorable reimbursement policies in countries
with well-established healthcare infrastructure are expected to contribute to
the growth of the ostomy care market in the near future. On the other hand,
discomfort and issues associated with using the ostomy bags are likely to
hamper the growth of the ostomy care market. Moreover, emerging economies such
as India, China, and Brazil have experienced a significant rise in the
development of healthcare infrastructure in the recent past and this trend is
projected to continue over the forecast period.
Among the regions, Europe dominates the ostomy care market
and is anticipated to remain dominant over the forecast period. The highest
reported prevalence of ulcerative colitis values and Crohn's disease were in
Norway and Germany. In addition, the high prevalence of colorectal cancer and
inflammatory bowel disease also propels the growth of the ostomy care market in
Europe. In addition, the presence of several established players such as
Coloplast and ConvaTec Inc. in Europe contribute to a significant share in the
Europe ostomy care market. North America holds the second-largest share in the
ostomy care market. Moreover, a significant market share is attributable to the
U.S. owing to the well-established healthcare facilities, favorable
reimbursement policies, as well as high spending capacity of the people in the
U.S. Approximately 7, 00,000 people are living with a stoma, and in the U.S,
more than 1 million people have had a stoma. However, Asia Pacific is
anticipated to grow at the fastest rate owing to the developing healthcare
infrastructure in this region.