In a recent published report, Kenneth Research has updated the market report for Ostomy and Stoma Care Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Ostomy and Stoma Care Market products.
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Kenneth Research has recently added a report titled Ostomy and Stoma Care Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2030. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth.
According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
According to a new study published by Polaris Market Research, the global ostomy care market is anticipated to reach USD 4.1 billion by 2024. Ostomy, also known as stoma is a surgical procedure that involves the removal of diseased portions of the urinary or gastrointestinal system and formation of an artificial opening in the stomach or abdomen to allow the elimination of body wastes. Colostomy, Ileostomy, and Urostomy are the three types of ostomy. In the colostomy, the opening is made from the large intestine to the abdominal wall so the feces can bypass through the anal canal. In Urostomy, the urine passes straight into a stoma bag and thus bypasses through urethra. In Ileostomy, the damaged part is removed from the ileum and diverted to an artificial opening in the abdominal wall.
The global ostomy care market is driven by the rising geriatric population and increased number of ostomy surgeries in bladder cancer, bowel cancer, and inflammatory bowel diseases. Moreover, rising number of patient awareness programs on the use of ostomy products, and new product innovation are some of the key factors responsible for the growth of the market over the forecast period. However, difficult reimbursement climate and increased cost of surgical care are factors expected to stifle the growth of the global ostomy care market through the foreseeable future.
The overall market is segmented on the basis of product type, end user, and region. Based on the product, the global ostomy care market is further categorized into bags and accessories. The bags segment is further sub segmented into surgery type, usability, shape and system type. The surgery type is further broken down into colostomy, ileostomy, and urostomy. Among the surgery types, colostomy surgery is expected to exhibit strong growth followed by Ileostomy and urostomy. By usability, the bags are segmented into close end and drainable bags. On the basis of system type, the market is segmented into one-piece systems, and two-piece systems.
Accessories remain a very important part of the product offering and are a rapidly growing segment within ostomy care market. The accessories segment of global ostomy care market is further segmented into creams, deodorants, powders & pastes, cleansers, belt, tapes, and others.On the basis of end user, the global ostomy care market is further segmented into hospitals, specialty clinics, home care settings, and ambulatory surgical centers. In 2017, the home care settings segment is estimated to dominate the global ostomy care market.
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By geography, the global ostomy care market is segmented into five major regions such as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe is estimated to have the largest market share for ostomy care market in 2017. This region is dominated in ostomy care market due to increased prevalence of inflammatory bowel diseases. In addition, increased patient awareness programs continue to drive penetration and market growth in this region.
Some of the key players in global ostomy care market include Coloplast, ConvaTec Inc., Hollister Incorporated, Alcare Co., Ltd., B. Braun Melsungen AG, BAO-Health, Welland Medical Limited, Marlen International, Nu-Hope Laboratories, Inc., and Flexicare Medical Limited among others
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