Ostomy Products Market by Product, End-user, and Geography - Forecast and Analysis 2020-2024

The ostomy products market share is expected to increase by USD 1.05 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 5%.

This market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (colostomy bags, urostomy bags, ileostomy bags, and ostomy care accessories), end-user (healthcare settings, retail stores, and homecare settings), and geography (APAC, Europe, MEA, North America, and South America). The market report also offers information on several market vendors, including 3M Co., ALCARE Co. Ltd., B. Braun Melsungen AG, Coloplast AS, ConvaTec Group Plc, Hollister Inc., Marlen Manufacturing & Development Co., Nu-Hope Laboratories Inc., Peak Medical Ltd., and Smith & Nephew Plc among others.

What will the Ostomy Products Market Size be During the Forecast Period?

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Ostomy Products Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The rising number of chronic diseases is notably driving the market growth, although factors such as may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the ostomy products industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Market Driver

One of the key factors driving growth in the market is the rising number of chronic diseases. Chronic diseases such as cancer in the small and large intestine (commonly known as colorectal cancer), rectal cancer, bladder cancer, infection in the colon, and inflammatory bowel diseases (ulcerative colitis and Crohn's disease) are on the rise globally. The incidence of cancer is proliferating in both developed and developing countries, especially in the older population. However, owing to the presence of advanced healthcare facilities in developed countries, the survival rate of cancer patients is increasing in developed countries (the US and the UK).

Key Market Trend

The growing adoption of closed one-piece ostomy bags is another factor supporting the market share growth. In closed one-piece ostomy bags, the container and the flange together form an inseparable unit and are fixed around the stoma. They can be easily disposed of as a single unit, thereby minimizing the amount of time and effort required for routine ostomy care. They also help to ease the management of waste in social environments and physical activities. For example, ActiveLife One-piece Closed-End Pouch offered by ConvaTec is lightweight, flexible, and easy to manage with the presence of a pre-cut stoma opening and a charcoal filter. These bags are usually used by individuals who have a descending or sigmoid colostomy with a harder stool output.

Key Market Challenge

Based on the need, ostomy procedures are performed to connect the abdominal wall with the intestine or bladder. The surgical intervention can help an individual to lead a normal life; however, the high cost of ostomy procedures can reduce its adoption of it, which, in turn, can decrease the demand for ostomy products. The average cost of an ostomy procedure is around $25,000-$35,000. The cost of the procedure depends on the healthcare infrastructure and medical condition of the individual. An ostomy procedure can serve the purpose of either temporary or permanent need. An individual who has undergone a permanent ostomy procedure requires at least 2-4 ostomy bags in a week. In addition to ostomy bags, individuals require various ostomy accessories such as skin gel, lubricating deodorant, convex barrier rings, and ostomy bags with and without filters, which adds to the overall cost of ostomy care.

This market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the ostomy products market as a part of the global healthcare supplies market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the market during the forecast period.

Who are the Major Ostomy Products Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• 3M Co.
• ALCARE Co. Ltd.
• B. Braun Melsungen AG
• Coloplast AS
• ConvaTec Group Plc
• Hollister Inc.
• Marlen Manufacturing & Development Co.
• Nu-Hope Laboratories Inc.
• Peak Medical Ltd.
• Smith & Nephew Plc

This statistical study of the market encompasses successful business strategies deployed by the key vendors. The market is concentrated and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• B. Braun Melsungen AG - It is a skin barrier that can be used to improve the adhesiveness of dressings and fixation tapes.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Ostomy Products Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the healthcare supplies market includes the following core components:

• Inputs
• Operations
• Marketing and sales
• Service
• Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Ostomy Products Market?

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39% of the market's growth will originate from North America during the forecast period. The US are the key market for ostomy products in North America. Market growth in this region will be slower than the growth of the market in the European and Asian regions.

The growing number of people with colorectal cancer and Crohn's disease will facilitate the market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Ostomy Products Market?

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The market share growth by the colostomy bags segment will be significant during the forecast period. The demand for colostomy bags is expected to increase during the forecast period, owing to the increasing number of people with colorectal cancer and inflammatory bowel syndrome.

This report provides an accurate prediction of the contribution of all the segments to the growth of the market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Ostomy Products Market Report?

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will drive market growth during the next five years
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behaviour
• The growth of the ostomy products industry across APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of market vendors

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