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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
The global ostomy/stoma care and accessories market Size was valued at USD 2.81 billion in 2018 and is projected to reach USD 4.23 billion by 2026, exhibiting a CAGR of 5.2% during the forecast period.
According to The Fortune Business InsightsOstomy/Stoma Care and Accessories Market, discusses various factors driving or restraining the market, which will help the future market to grow with promising CAGR. The Ostomy/Stoma Care and Accessories Market Research Reports offers an extensive collection of reports on different markets covering crucial details. The report studies the competitive environment of the Ostomy/Stoma Care and Accessories Market is based on company profiles and their efforts on increasing product value and production.
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Ostomy or stoma care is a critical aspect of postoperative care for patients who have undergone ostomy surgery. It involves taking care of the stoma and keeping the surrounding skin healthy and clean to prevent complications. Accessory products such as pouches, adhesives, and belts are also important in maintaining a comfortable and functional ostomy.
Major Key Players in Ostomy/Stoma Care and Accessories Market Report are:
Report Drivers and Trend Analysis:
Inadequate compensation for unique medical conditions hindering market growth
The growth of the stoma care market is likely to be hampered by the disorganized nature of compensation, particularly for complex procedures. Studies have shown that the UK's renowned National Health Service (NHS) overbills or incorrectly bills patients, causing unnecessary stress to patients and their families. Additionally, a study by the Medicare Learning Network found that in 2018, U.S. patients overpaid $92.4 million due to clumsy and shoddy billing. It goes through complicated procedures such as qigong.
Another factor hindering the growth of this market is the risks associated with these procedures. For example, a colostomy can cause damage to other organs, internal bleeding, hernias, or even infections.
The Scope of the Report:
The report segments the global Ostomy/Stoma Care and Accessories Market based on application, type, service, technology, and region. Each chapter under this segmentation allows readers to grasp the nitty-gritty of the market. A magnified look at the segment-based analysis is aimed at giving the readers a closer look at the opportunities and threats in the market. It also addresses political scenarios that are expected to impact the market in both small and big ways. The report on the global Ostomy/Stoma Care and Accessories Market examines changing regulatory scenarios to make accurate projections about potential investments. It also evaluates the risk for new entrants and the intensity of the competitive rivalry.
Ostomy/Stoma Care and Accessories Market Segmentation:
By Product
By Procedure
By End User
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Regional Perspectives:
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.
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