Global Ostomy Devices Market is expected to grow at a decent rate of 4-5% to reach $3.2 billion by 2026

·3 min read
Medi-Tech Insights
Medi-Tech Insights

Medi-Tech Insights: Growing awareness regarding ostomy care products, increasing geriatric population, rising prevalence of colorectal, bowel, and bladder cancer, favorable reimbursement scenarios for ostomy devices in developed countries, rising demand for technologically advanced ostomy products, and growing prevalence of inflammatory bowel diseases are some of the key factors driving the global ostomy devices market.

BRUSSELS, BELGIUM, July 05, 2022 (GLOBE NEWSWIRE) --

Description:

An ostomy device is prosthetic medical equipment that gives a means for the collection of waste from a surgically diverted biological system (colon, ileum, and bladder) and the formation of a stoma. An ostomy may be necessary due to birth defects, bladder cancer, inflammatory bowel disease, diverticulitis, obesity, and many other medical conditions. It can be categorized into three types colostomy, urostomy, and ileostomy.

Increase in Usage of Ostomy Drainage Bags Drives the Ostomy Devices Market

An ostomy bag is primarily used to collect urine or stool post-surgery, depending on the type of surgery a patient undergoes. Nearly 1 in 500 Americans lives with an ostomy drainage bag. About 30% of people with UC will need ostomy bags at some point in time either temporarily or permanently. In some situations, such as the removal of the colon due to colon cancer, the usage of ostomy drainage bags may be permanent. Nowadays, bags and pouches are also very discreet and can be worn under almost any kind of clothing.

New product launches and innovations in ostomy devices technologies and designs like one-piece ostomy bags, and two-piece ostomy bags, among others will open up a new frontier for the market to grow in the future. Technology has a key role to play.” -President, Product & Innovation Department, Ostomy Device Company, United States

Increasing Cases of Colorectal Cancer Drives the Ostomy Devices Market

Worldwide, colorectal cancer is the third most common type of cancer in men and the second in women with the highest incidence rates in North America, Australia, New Zealand, Europe, and Japan. It is expected that the number of new patients with colorectal cancer will increase in the future. Surgery which is the most common treatment for colorectal cancer results in 10% of the cases in a permanent ostomy which in turn is expected to boost the market in the coming years.

Key Challenges/ Constraints: Ostomy Devices Market

Although stomas are a relatively common and safe surgery, there are possible complications and risks involved. Complications can develop during the procedure or throughout the recovery. Some of the common complications include skin irritation, bowel obstruction, dehydration, leakage, parastomal hernia (PH), retraction, and ischemia/necrosis.

Asian Ostomy Devices Market Set To Soar in the Upcoming Years

APAC is expected to witness strong growth in the coming years, due to the growing geriatric population, and the rising demand for colostomy in countries such as India, and China as a large number of people suffer from bladder issues in this region.

Competitive Landscape Analysis: Ostomy Devices Market

Some of the key players operating in the ostomy devices market are Alcare Co. Ltd., Coloplast A/s, ConvaTec Inc., Flexicare Ltd., Welland Medical Limited, 3M, and Hollister Incorporated, among others.

Companies Adopting both Organic & Inorganic Growth Strategies to Increase their Market Share

Players operating in the global ostomy devices market are adopting both organic and inorganic growth strategies such as collaborations, acquisitions, funding, and new product launches to garner market share. For instance,

  • In July 2021, Trio Healthcare secured $10 million, the second round of funding from US specialist finance company, SWK Holdings Corporation. The funding will support Trio’s R&D and manufacturing as it scales up operations to support a large-scale global roll-out of Trio’s stoma bag, Genii.

  • In June 2021, Welland announced the launch of its brand new ostomy pouch range Aurum® Plus. The new pouch range is available in closed, drainable, and urostomy in various sizes.

Explore Detailed Market Research Insights on Global Ostomy Devices Market @ https://meditechinsights.com/ostomy-devices-market/

About Medi-Tech Insights:

Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip investors & hyper-growth start-ups. We have completed 100+ projects in Digital Health, Healthcare IT, Medical Technology, Medical Devices & Pharma Services.

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