New York City, New York, February 29, 2016: A leading market analysis firm, Persistence Market Research, has published a new market report. The research report, titled ‘Global Market Study on Ostomy Care Accessories: High Demand for Safety and Ease Of Use Accessories to Drive the Market During the Forecast Period,’ gives a detailed account of the current condition of the ostomy care accessories market and the expected trajectory of the market in the near future. According to the report, the global ostomy care accessories market was valued at US$328 mn in 2014 and is projected to reach US$503.7 mn by the end of 2021, expanding at a CAGR of 6.8% from 2015 to 2021.
The global ostomy care accessories market is segmented on the basis of product, application, end use, and region. The types of products available in the global ostomy care accessories market are belts, tapes and adhesives, skin protection and skin barriers, irrigation sets and sleeves, convex inserts, and stoma caps. These products are used for sealing, cleansing, lubrication, and drainage. The end users of ostomy care accessories are hospitals, ambulatory surgical centers, and home care settings. Regionally, this market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
The demand for ostomy care accessories is expected to show remarkable progress due to a rise in the geriatric population, speedy technological innovations, and a high incidence of gastrointestinal diseases across the globe. This market will also be propelled by the growing number of campaigns to create awareness about ostomy, especially in developing countries around the world. However, the poor reimbursement schemes in several developing and developed countries are the only restraints on the global ostomy care accessories market.
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The research report indicates that the rising share of domestic players, strategic partnerships between distributors and manufacturers, intensive research and development activities, improving sales graphs due to e-commerce, reduction in the costs of accessories as manufacturers are moving production bases to developing countries, and increasing usage of alcohol-free ostomy accessories are some of the important trends in the global ostomy care accessories. The demand for better healthcare facilities in the post-operative surgeries phase and the increasing number of cases of gastrointestinal diseases are likely to fuel the growth of the global ostomy care accessories market.
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In terms of regions, Europe will maintain a dominant share in the overall ostomy care accessories market due to favorable reimbursement schemes, innovations in the products, and a high presence of key players in the region. However, analysts predict that Asia Pacific is expected to exhibit a significant growth rate in the coming years due to increasing production by ostomy care accessories manufacturers in the developing countries of Indonesia, India, China, and the Philippines.
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Some of the important players in the global ostomy care accessories market are Coloplast Corp., Hollister Inc., ConvaTec Inc., EuroMed Inc., Smith & Nephew, 3M, Nu-Hope Laboratories, Inc., FNC Medical, Cymed Ostomy Co., and Marlen Manufacturing & Development Torbot Group Inc. The research report offers an insight into the competitive landscape of the global ostomy care accessories market, along with detailing the financial overview, research and development activities, investment outlook for the near future, and business and marketing strategies of the key players in the market.
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