Ostomy Care and Accessories Market to Gain Value of USD 7.8 Billion by 2033, Note Analysts at TMR

March 29, 2024

Author: Mansi Rajmane

In 2022, the global Ostomy Care and Accessories Market witnessed sales totaling US$ 3.6 Billion. Projected with a Compound Annual Growth Rate (CAGR) of 7.4% from 2023 to 2033, the market is anticipated to achieve a valuation of US$ 7.8 Billion by 2033.

Throughout the historical period, bags emerged as the predominant revenue-generating segment within the global Ostomy Care and Accessories Market. It is forecasted that revenue from this category will continue to expand at a CAGR exceeding 7.5% from 2023 to 2033.

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Revenue of Ostomy Care and Accessories Industry from 2018 to 2022 Compared to Demand Outlook for 2023 to 2033

According to research by Transparency Market Research, the Ostomy Care and Accessories Market witnessed a steady growth rate of approximately 5.7% CAGR from 2018 to 2022. In the United States, ostomy surgery is most commonly required for colorectal cancer, bladder cancer, and inflammatory bowel disease. These conditions often necessitate surgical intervention, resulting in the creation of an ostomy—a surgical hole in the abdomen to facilitate waste removal.

The prevalence of these disorders, coupled with risk factors such as dietary changes and increased antibiotic usage, has led to a rise in ostomy surgeries worldwide. Colon and rectal cancers rank among the most common malignancies globally, as reported by GLOBOCAN 2020, while urinary bladder cancer saw approximately 550,000 new diagnoses worldwide in 2020, according to World Cancer Research Fund International.

Competitive Analysis:

3M Company, Alcare Co., Ltd., Clinimed Group, Cymed Micro Skin, Smith and Nephew Plc., Torbot Group Inc., Coloplast, B. Braun Melsungen A.G., Hollister Incorporated, ConvaTec Inc, and Salts Healthcare Ltd.

Market Segments:

By End Use

Home Care Settings
Hospitals
Other End-uses

By Type

Seals/Barrier Rings
Pouch Cover
Pouch Closures
Stoma Caps/Hat
Other Accessories

By Application

Colostomy
Ileostomy
Urostomy

Regions Covered:

North America(USA, Canada and Mexico)

Europe(UK, Germany, France and the Rest of Europe)

Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)

South America(Brazil, Argentina and the Rest of South America)

Middle East and Africa(GCC and Rest of the Middle East and Africa)

What are the challenges and restraints in Ostomy Care and Accessories Market?

Developing and low-income countries are increasingly under pressure to alleviate the financial strain on their healthcare systems, a trend expected to persist. In India, individuals who undergo ostomy surgery do not receive any compensation, while certain regions in China may offer reimbursement coverage for ostomy products, albeit limited to 15% of the total cost in some cases.

Most countries struggle with inadequate payment systems, significantly impacting healthcare expenditures, insurance coverage, reimbursement processes, and patient care programs. In developing markets like the BRIC nations, reimbursement systems are challenging to navigate, requiring extensive paperwork and documentation. Additionally, regulatory processes and public-private insurance systems are still in nascent stages.

To effectively penetrate and expand into these markets, companies must develop tailored strategies rather than relying on a one-size-fits-all approach.

Future Outlook:

The ostomy care and accessories market is poised for significant growth in the coming years, fueled by ongoing research and development activities, increasing patient awareness, and the introduction of novel products catering to diverse patient needs. The market is expected to witness mergers, acquisitions, and strategic collaborations among key players to strengthen their market presence and expand their product portfolios.

Key Market Study Points:

Understanding the evolving needs of ostomates and catering to their requirements through innovative product development.
Establishing strong distribution networks to ensure product accessibility and availability across diverse regions.
Collaborating with healthcare professionals and patient advocacy groups to enhance patient education and support services.

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