Global Ostomy Care Market is expected to grow from USD 2.9 billion in 2017 to USD 4.1 billion by 2024, at a CAGR of 4.4% during the forecast period
BROOKLYN, NY, UNITED STATES, February 20, 2018 /EINPresswire.com/ — According to a study published by Polaris Market Research, global ostomy care market indicates that the market generated USD 2.9 billion in 2017and is anticipated to grow at a CAGR of 4.4% during the forecast period.
An ostomy, also known as stoma is a surgical procedure that involves the removal of diseased portions of the urinary or gastrointestinal system and formation of an artificial opening in the stomach or abdomen to allow the elimination of body wastes. Moreover, the indication necessitating ostomy care includes colorectal cancer, Crohn’s disease, Bladder cancer, birth defects, ulcerative colitis, and other intestinal or urinary medical conditions. Around 140,000 people in the United States undergo operations that result in a colostomy or ileostomy every year. Additionally, according to industry sources, colorectal cancer accounts for 45% of surgeries and bladder cancer for 10%. Diverticultis and inflammatory bowel disease (IBD) account for 15% and 10%, respectively.
The global ostomy care market is driving due to the rising geriatric population and increase in the number of patients requiring ostomy surgeries with the high incidence rate of bladder/bowel cancer, Crohn’s disease, and ulcerative colitis. Moreover, technological advancements and rising number of awareness programs to educate patients for the use of ostomy products are the key factors responsible for the growth of the market over forecast period.
Polaris Market Research provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the global ostomy care market, 2017-2024. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. In 2017, Europe dominates the ostomy care market and accounted for 55% of the market.
As per the analysts of Polaris Market Research, the market segmentation is as below:
Segment – 1. By Product
1.1.1 Surgery Type
18.104.22.168 One- Piece System
22.214.171.124 Two-Piece System
1.2.3 Powders & Pastes
1.2.4 Cleansers, Belt, Tapes
Segment – 2. By End User
2.2 Specialty Clinics
2.3 Home Care Settings
2.4 Ambulatory Surgical Centers
Segment – 3. Region
3.1 North America
3.2.5 Rest of Europe
3.3.4 Rest of Asia-Pacific
3.4 Latin America
3.4.2 Rest of Latin America
3.5 Middle East and Africa
Competitive Landscape and Key Vendors
The Global Ostomy Care Market is characterized by the presence of well-diversified global and local vendors. These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies and the product inventions, companies are innovating and introducing new customized products to cater the growing needs of the customers.
Leading Companies investigated in the Report are
• ConvaTec Inc.
• Hollister Incorporated
• Alcare Co., Ltd.
• B. Braun Melsungen AG
• Welland Medical Limited
• Marlen International
• Nu-Hope Laboratories, Inc.
• Flexicare Medical Limited
Key players such as Coloplast, ConvaTec Inc., and Hollister Incorporated are the highest market sharing companies with a combined share of 90%. Coloplast’s SensuraMio and its SpeediCathrange intermittent catheters and Hollister incorporated manufactured New Image ostomy bag and VaproPlus intermittent catheter are highly featured products which are enhancing the company’s global portfolio. Hollister is at pole position in the U.S. with about a 50% market share and is also active in the Asia Pacific. Convatec, a former subsidiary of Bristol-Myers till 2008 is now held by the private equity firms Nordic Capital and Avista Capital with approximately 30% global share. Convatec is more globally present than Hollister, with a robust position in Europe, leading position in Latin America, and a smaller position in Asia.
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Source: EIN Presswire