Press release
Stoma Care and Accessories Market Estimated to Reach $3.55billion by 2025
Stoma Care and Accessories Market
Full Report Link @ https://www.industryarc.com/Report/16807/stoma-care-ostomy-care-accessories-market.html
By Product Type- Segment Analysis
The global Stoma Care/Ostomy Care and Accessories market based on the Product type has Bags and Accessories. Accessories are set to be the fastest growing segment over the forecast period (2020-2025). They can help prevent odors, leaks and skin rashes. The accessories segment also includes customized solutions for individual needs or body shape. The ostomy bag segment is projected to have a significant market share during the forecast period owing to the increase in the number of patients who have undergone ostomy surgeries, technological advances in the segment and an efficient reimbursement system in developed countries.
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By End-Use – Segment Analysis
Based on End-Use, the market is classified into Homecare settings, Hospitals and others. Home care accounted for the largest share of the stoma care and accessories market in 2019 and is set to grow forecast period. An increase in the demand for home health care is set to lead this segment. Home care settings Continue ostomy care by trained nurses. Growing preference for home care settings and availability of trained nurses in the developed and emerging countries are set to drive the market over forecast period (2020-2025).
By Geography - Segment Analysis
Europe has dominated the market in the year 2019, and is set to continue significant growth in the forecast period (2020-2025). This is owing to the increasing incidence of intestinal diseases and knowledge of stoma treatment or stoma surgeries. Increasing incidence of Bowel diseases is one of the major factor driving the market in Europe. North America is set to be the second largest market for stoma care accessories over the forecast period (2020-2025), owing to a growing geriatric population, increasing investment in R&D activities and an increasing number of patients with intestinal disorders in the region.
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Drivers – Stoma Care/Ostomy Care and Accessories Market
Rising Geriatric Population
The growing geriatric population is considered a major factor in the growth of the global Stoma Care/Ostomy Care and Accessories market owing to the high incidence of bladder and colon cancer among geriatric individuals. However, rising health care expenditures and increasing development of new products in the field of ostomy care are set to boost the global Stoma Care/Ostomy Care and Accessories market over the forecast period.
Challenges – Stoma Care/Ostomy Care and Accessories Market
Lack of Reimbursement
The main challenge of this market is the cost of acquiring the Stoma Care/Ostomy Care and Accessories. The lack of refunds for stoma care bags and weak economies in developing regions are set to negatively affect the global market for stoma care and accessories over the forecast period. At the same time, the inconvenience associated with the use of stoma bags and other issues, as well as the increasing introduction of alternative treatments, are the main factors limiting the market growth.
Stoma Care/Ostomy Care and Accessories Market Industry outlook:
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Stoma Care/Ostomy Care and Accessories Market. Key companies of this market include Coloplast A/S, Hollister Incorporated, ConvaTec Group plc, B. Braun, ALCARE Co., Ltd., Nu-Hope, Marlen Manufacturing & Development Company, Welland Medical Limited, Baohe Ostomy Care, Flexicare Medical Limited, Cymed, Schena Ostomy Technologies, Inc.
Acquisitions/Product Launches:
In July 2019, Coloplast A / S launched SenSura Mio Baby and SenSura Mio Kids Products.
In May 2019, Welland Medical has launched Aurum’s skin-friendly ostomy product line in Sweden at the Swedish ET Nursing Congress in Malmo.
Key Takeaways
Geographically, Europe dominates the global Stoma Care/Ostomy Care and Accessories market during the forecast period owing to the factors such as chronic intestinal diseases, increased adoption of technologically advanced products in the region.
The growing prevalence of inflammatory bowel disease and the rising cost of health care in ostomy are the factors that are driving the global Stoma Care/Ostomy Care and Accessories market over the forecast period (2020-2025).
The lack of reimbursement of stoma care bags and the weak economies of developing regions are projected to have a negative impact on the global stoma care market over the forecast period.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Stoma Care/Ostomy Care and Accessories Market report.
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Venkat Reddy
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Email: venkat@industryarc.com
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