According to a new market research "Ostomy Care Market by Product (Bags (Surgery Type (Ileostomy, Colostomy, Urostomy), System (One, Two-Piece), Usability (Drainable, Closed), Shape (Flat, Convex)), and Accessories (Powder, Paste)), End User (Home, Hospital) - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to reach USD 2.99 Billion by 2022, at a CAGR of 4.5% during the forecast period.
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The high incidence of bladder/colorectal cancer/inflammatory bowel disease; rising geriatric population; growing number of awareness programs to educate patients regarding the use of ostomy products; technological advancements in ostomy products; and efficient reimbursement system in developed countries are factors driving the growth of the ostomy market.
Based on product, the ostomy care bags segment is estimated to be the largest segment of the market in 2017.
On the basis of product type, the ostomy care market is segmented into ostomy care bags and ostomy care accessories. In 2017, the ostomy care bags segment is estimated to account for the largest share of the ostomy care market. The increasing number of patients suffering from IBD, colorectal cancer, and bladder cancer— among other diseases requiring ostomies is expected to drive this market.
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Based on surgery type, the ileostomy segment expected to register the fastest growth rate in the forecast period
On the basis of surgery type, the ostomy care market is segmented into – ileostomy, colostomy, and urostomy. The ileostomy segment is expected to grow at the highest CAGR during the forecast period.
Europe to account for the largest share of the ostomy care market in 2017
Geographically, the ostomy care market is segmented into North America, Europe, Asia, and the Rest of the World. Europe is estimated to account for the largest share of the market in 2017, owing to the fact that European countries have a higher prevalence of IBD which is results in a higher number of ostomy surgeries.
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The major players in the ostomy care market are ConvaTec (UK), Coloplast (Denmark), Hollister Incorporated (US), B. Braun (Germany), Alcare (Japan), Nu-Hope (US), Marlen (US), Welland Medical (UK), BAO-Health (China), Flexicare Medical (UK), Cymed (US), Schena Ostomy (US), Perma-Type (US), 3M (US), and Smith & Nephew (UK).