The latest market research report by Technavio on the global ostomy products market predicts a CAGR of close to 5% during the period 2018-2022.
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Technavio has published a new market research report on the global ostomy products market 2018-2022 under their healthcare and life sciences library. (Photo: Business Wire)
The report segments the global ostomy products market by product (colostomy bags, urostomy bags, ileostomy bags, and ostomy care accessories), by end-users (healthcare settings, home-care settings, and retail stores), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global ostomy products market, according to Technavio healthcare and life sciences researchers:
- Rising number of chronic diseases: a major market driver
- In 2017, the colostomy bags segment dominated the market by occupying almost 32% share
- The Americas dominated the global ostomy products market with around 45% share in 2017
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Rising number of chronic diseases: a major market driver
Rising number of chronic diseases is one of the major factors driving the global ostomy products market. Chronic diseases such as cancer in the small and large intestine, which is generally known as colorectal cancer, rectal cancer, and bladder cancer, infection in the colon, and inflammatory bowel diseases are increasing across the globe. The incidence of cancer is proliferating in both the developed and developing countries, particularly in the older population. But, due to the presence of advanced healthcare facilities in developed countries, the survival rate of cancer patients is on the rise in developed countries such as the US and the UK.
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Americas: largest ostomy products market
The ostomy products market in the Americas will witness a steady growth rate during the forecast period. The increase in the number of colorectal cancer and Crohn’s disease cases led to an increase in the demand for ostomy procedures. This, in turn, has increased the demand for ostomy products such as colostomy and ileostomy bags and accessories. High disposable income in developed countries in the Americas such as the US and Canada increased the adoption of ostomy products.
According to a lead analyst at Technavio for research onorthopedics and medical devices, “Regulatory approval in the US is strict when compared with European countries. But, ostomy fall under Class I medical devices category in the US. As these products come under Class I medical device, it is not necessary for the manufacturers to receive pre-market approval, which accelerates the US FDA approval process. This has allowed manufacturers to gain profit margins and invest in the R&D of innovative ostomy products.”
Some of the leading players in the market are:
- 3M
- ALCARE
- B. Braun Melsungen
- Coloplast
- Colo-Majic
- ConvaTec
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