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Global Ostomy Devices Market is poised to grow at decent CAGR of 4-5% to reach $3.2 billion by 2026
Awareness on ostomy care products, rising prevalence of colorectal, bowel, and bladder cancer, rising demand for technologically advanced ostomy products, and growing prevalence of inflammatory bowel diseases are driving the ostomy devices market.
Increase in Utilization 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 scenarios, such as the removal of the colon due to colon cancer, the usage of ostomy drainage bags may be permanent.
"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
Rising Cases of Colorectal Cancer is Driving the Ostomy Devices Market
Globally, 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 estimated that the number of new patients with colorectal cancer will increase in future.
Market Challenges: 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 are skin irritation, bowel obstruction, dehydration, leakage, parastomal hernia (PH), retraction, and ischemia/necrosis.
Asian Ostomy Devices Market Set To Soar in the Upcoming Years
Asia-Pacific region is expected to witness a strong growth in the upcoming years, due to the rising geriatric population, and an increasing 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 established and emerging players operating in the global ostomy devices market are Alcare Co. Ltd., Coloplast A/s, ConvaTec Inc., Flexicare Ltd., Welland Medical Limited, 3M, and Hollister Incorporated, among others.
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