Pune, March 13, 2020 (GLOBE NEWSWIRE) -- The global ostomy/stoma care and accessories market size is anticipated to reach USD 4.23 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period. Increasing initiation of awareness campaigns by various organizations will majorly boost the prospects of this market, states Fortune Business Insights™ in its recent report, titled “Ostomy/Stoma Care and Accessories Market Size, Share & Industry Analysis, By Product [Ostomy Bags (One-piece and Two-piece) and Accessories], By Procedure (Colostomy, Ileostomy, and Urostomy), By End User (Hospitals, Home Care, and Specialty Clinics) and Regional Forecast, 2019-2026”.
Stoma refers to an opening in the abdomen to provide an outlet for waste to exit the body, instead of it leaving through the digestive tract. These openings are created when the bladder or the bowel or both need to be operated upon or removed. Unfortunately, awareness regarding stomas and ostomies is shockingly low around the world, which has prompted many organizations to initiate awareness drives to instill knowledge about these procedures among common people.
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For instance, the International Ostomy Association created the World Ostomy Day in 2010, celebrated on the first Saturday of October every year. Besides this, one of the other leading ostomy/stoma care and accessories market trends is the donations given by different bodies and associations. For example, Friends of Ostomates Worldwide Canada is renowned for supplying 50,000 kg of stoma supplies to nearly 52 countries.
The stoma care market report finds that the value of this market stood at USD 2.81 billion in 2018. The report additionally provides the following:
- Careful segmentation of the market;
- Detailed study of all individual segments;
- In-depth assessment of all factors positively and negatively impacting the market; and
- Exhaustive research into the regional dynamics and competitive milieu shaping the market.
Market Restraint
Improper Reimbursement for Unique Health Conditions to Impede Market Growth
The ostomy care market growth is likely to be hampered by the disorganized nature of reimbursement, especially for complicated procedures. Studies have found the UK’s famed National Health Service (NHS) has overbilled or wrongly billed patients, causing unnecessary stress to patients and their families. Furthermore, research conducted by the Medicare Learning Network found that clumsy and careless billing led to an overpayment by patients worth $92.4 million in the US in 2018. As a result, ambiguous and unclear reimbursement and billing processes are emerging as major disincentives for patients who need to undergo complicated procedures such as ostomies. Another factor hindering the growth of this market is the risks associated with these procedures. For instance, a colostomy can cause damage to other organs, lead to internal bleeding, give rise to a hernia, or even cause an infection.
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Regional Analysis
Strong Presence of Major Players to Drive the Market in Europe
Having generated USD 1.38 billion in revenue in 2018, Europe is slated to dominate the ostomy/stoma care and accessories market share in the coming years. One of the main reasons for the region’s leading position is the well-established presence of industry pioneers such as Welland Medical and B. Braun Melsungen. In addition to this, governments in European countries are taking definitive steps to improve stoma care, including upskilling of nurses in these procedures.
Increasing number of stoma surgeries and rising awareness about ostomies will be the two key factors propelling the market in North America, according to the ostomy/stoma care and accessories market report. On the other hand, the market in Asia-Pacific is expected to grow substantially as the geriatric population in Japan, India, and China is projected to increase considerably in the next few decades.
Competitive Landscape
Participation of Key Companies in Spreading Stoma Awareness to Create New Dimensions in the Market
Key players in this market are shifting their focus toward creating awareness about stoma and ostomy care, the ostomy care and accessories market analysis says. To that end, companies are partnering with various organizations and bringing in new perspectives in the market competition.
Industry Developments:
- October 2019: US-based Hollister Incorporated participated in the Ostomy Awareness Day by extending its support to the United Ostomy Associations of America (UOAA). The company announced that it would be the exclusive Diamond Sponsor for the UOAA’s yearly Run for Resilience Ostomy 5K event.
- July 2019: The Danish multinational Coloplast expanded its SenSura® Mio product line through the addition of SenSura® Mio Kids and SenSura® Mio Baby. The new offerings have been specially designed and developed for babies born prematurely and kids.
List of Companies Profiled in the Ostomy/Stoma Care and Accessories Market Report:
- Welland Medical Limited
- ALCARE Co., Ltd.
- PAUL HARTMANN AG
- ConvaTec Inc.
- Salts Healthcare
- B. Braun Melsungen AG
- Hollister Incorporated
- Coloplast Corp
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Number of Ostomy Surgery – For Key Countries
- Incidence of Colon Cancer - For Key Countries/Regions
- Incidence of Bladder Cancer - For Key Countries/Regions
- New Product Launches
- Key Industry Developments - Mergers, Acquisitions, and Partnerships
- Global Ostomy/ Stoma Care and Accessories Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product
- Ostomy Bags
- One-piece
- Two-piece
- Accessories
- Ostomy Bags
- Market Analysis, Insights and Forecast – By Procedure
- Colostomy
- Ileostomy
- Urostomy
- Market Analysis, Insights and Forecast – By End User
- Hospitals
- Home Care
- Specialty Clinics
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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