Ostomy Care And Accessories Market Size Is Anticipated To Reach USD 4.4 Billion By 2026
The global ostomy care and accessories market size is anticipated to reach USD 4.4 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a 4.7% CAGR during the forecast period. Increasing incidence of colorectal cancer and urological diseases, such as Inflammatory Bowel Disease (IBD), is anticipated to boost the stoma care and accessories market growth.
Several initiatives are being undertaken by various nonprofit organizations and private players to raise awareness regarding ostomy care globally. For instance, European Ostomy Association organizes World Ostomy Day (WOD) each year. The organization aims at improving the rehabilitation of ostomates across the globe by bringing them together. Many associations organize activities such as educational programs and support meetings as well as use electronic information network to raise awareness.
Technological advancement is one of the major drivers of the market. Development of suitable & efficient pouching systems and associated accessories that help in improving the quality of life of ostomy patients is also expected to drive the market. Coloplast Group; ConvaTec, Inc.; and Hollister are some of the key ostomy care and accessories market players investing significantly on R&D to launch new products. In January 2017, ConvTec, Inc. announced the launch of Esteem+ Flex Convex 1-piece system for patients who have undergone colostomy, ileostomy, or urostomy procedures.
Access Research Report of Ostomy Care And Accessories Market @ www.grandviewresearch.com/industry-analysis/stoma-care-ostomy-care-accessories-market
Further key findings from the study suggest:
- By product, the bags segment dominated the market in 2018. This can be attributed to the increasing number of cases of urological diseases, such as IBD, chronic kidney disease, and bladder control problems
- Colostomy dominated the market with the highest revenue share in 2018 due to increasing geriatric population and high prevalence of colorectal cancer
- The home care settings segment held major share of the market owing to increase in demand for home care and patient-centric healthcare services
- Europe dominated the ostomy care and accessories market with the highest revenue share in 2018, owing to increase in incidence of Crohn’s disease and ulcerative colitis
- The key players are launching technologically enhanced products to gain a competitive edge in the industry. For instance, in 2017, ConvaTec, Inc. launched Natura Convex Cut-to-Fit Accordion Flange for easy application of two-piece ostomy pouch.
Access Press Release of Ostomy Care And Accessories Market @ www.grandviewresearch.com/press-release/global-ostomy-care-accessories-market