Ostomy Care Accessories is Estimated to Witness High Growth Owing to Rising Prevalence of IBD and Colorectal Cancer
Ostomy care accessories include bags, belts, tapes, skin barriers, cleansers and other products used post ostomy surgery. Ostomy refers to a surgery created by bringing one end of the gastrointestinal tract or urinary tract out through the abdominal wall. This surgery is mostly performed due to conditions like inflammatory bowel disease, colorectal cancer or other diseases that affect bowel functioning. Rising prevalence of such conditions is driving more people to opt for ostomy care and accessories. The global ostomy care accessories market is estimated to be valued at US$ 4.26 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
High growth of the market can be attributed to rising prevalence of inflammatory bowel disease (IBD) and colorectal cancer. As per credible sources, around 3 million people in the US and 2.5-3 million people in Europe suffer from IBD. Growing geriatric population is another factor fueling the number of colorectal cancer cases globally. Elderly population is at higher risk of such medical conditions. Additionally, availability of specialized ostomy accessories that help improve ostomates' comfort levels and discretion is creating robust demand in the market. Further, increased acceptance and awareness about ostomy surgeries and care have encouraged more people to adopt ostomy lifestyle. Manufacturers are also focused on offering accessories developed with new materials that minimize skin irritation and leakage. All these factors together are propelling exponential growth of the ostomy care accessories market.
SWOT Analysis
Strength: Ostomy care accessories help ostomates manage their stoma and support overall health. They provide protection, leak prevention and convenience. The accessories are designed to be discreet and enable normal daily activities. Manufacturers offer various products to suit individual needs.
Weakness: Some ostomates may find it challenging to use the accessories properly. A learning curve is involved to understand which product works best. Cultural stigma remains around ostomy surgery in certain regions and the accessories. High prices can be prohibitive for some patients.
Opportunity: Growing elderly population and rising incidence of IBD and colorectal cancer are leading to more ostomy procedures. This expands the addressable market for accessories. Online support groups and awareness programs help normalize ostomies. Remote areas can be tapped through telemedicine and doorstep delivery.
Threats: Alternative medicines and therapies claim to cure conditions requiring ostomies. This might discourage some from surgery. Discount brands with unknown quality pose risks. Economic slowdowns could impact discretionary spending on accessories.
Key Takeaways
The global Ostomy Care Accessories Market is expected to witness high growth over the forecast period. It was valued at US$ 4.26 Bn in 2024 and is anticipated to reach US$ 9.64 Bn by 2031, expanding at a CAGR of 10%.
Regional analysis: North America dominates the market currently due to advanced healthcare facilities and favorable reimbursement for ostomy products. However, Asia Pacific is likely to see the fastest growth during the forecast period on account of rapidly improving medical infrastructure and rising medical tourism in the region.
Key players: Key players operating in the Ostomy Care Accessories market are PPG Industries (US), Sherwin-Williams Company (US), Kukdo Chemical Co., Ltd. (South Korea), Nukote Coatings Systems (US), and VIP GmbH (Germany). These companies manufacture a wide variety of ostomy bags, tapes, belts and other accessories. They also focus on innovative solutions and customized products.
For more insights, read- https://www.pressreleasebulletin.com/ostomy-care-accessories-market-trends-size-and-share-analysis/
For more details on the report, Read- https://dailynewsmotion.weebly.com/report-blog/plant-based-meat-market-is-estimated-to-witness-high-growth-owing-to-opportunity
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