Stoma Care Market Size Projected to Grow at a 7% CAGR, to Surpass USD 1 billion by 2033 | Says Transparency Market Research Inc.
The rising prevalence of inflammatory bowel illnesses, and the rising geriatric population are expected to drive the market for stoma care during the forecast period.
Wilmington, Delaware, United States, Nov. 24, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global stoma care market is projected to flourish at a CAGR of 7% from 2023 to 2033. As per the report published by TMR, a valuation of US$ 1 billion is anticipated for the market in 2033. As of 2023, the demand for stoma care is expected to close at US$ 516.9 million.
The rising prevalence of colorectal cancer, inflammatory bowel diseases (such as Crohn’s disease and ulcerative colitis), and other conditions requiring ostomy surgeries contribute significantly to the demand for stoma care products.
Ongoing advancements in stoma care products, such as innovative ostomy bags, adhesives, and accessories, improve patient comfort, convenience, and overall quality of life. These technological developments drive market growth by offering more efficient and user-friendly solutions.
As the global population ages, there is a higher incidence of conditions like colorectal cancer and diverticulitis that may necessitate stoma surgeries. The elderly demographic often requires ongoing stoma care products and services, contributing to market expansion.
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Increased awareness campaigns and educational initiatives by healthcare organizations, patient advocacy groups, and medical professionals help improve understanding, acceptance, and adherence to stoma care, thereby driving market growth.
Improvements in healthcare infrastructure, reimbursement policies, and insurance coverage for stoma care products and procedures play a crucial role in driving market growth by making these products more accessible and affordable for patients.
Key Takeaways from the Market Study
- As of 2022, the stoma care market was valued at US$ 486.6 million.
- In terms of end-user, the hospitals and specialist clinics segment held a prominent share of the global stoma care market in 2022.
Stoma Care Market: Key Trends and Opportunistic Frontiers
- The focus on developing patient-centric solutions, considering individual needs, comfort, and lifestyle, expands the stoma care market. Products that offer discretion, flexibility, and improved quality of life are particularly sought after.
- Economic growth in emerging economies leads to increased healthcare spending, better access to healthcare facilities, and improved awareness about stoma care, fostering market growth in these regions.
- Companies involved in stoma care continuously innovate their products, engage in strategic partnerships, acquisitions, and expansions to tap into emerging markets, thereby stimulating market growth.
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Stoma Care Market – Regional Analysis
- North America holds a significant share of the stoma care market due to well-established healthcare infrastructure, high adoption of advanced technologies, and a growing prevalence of colorectal cancer and inflammatory bowel diseases. The presence of major market players also contributes to the region’s dominance.
- Europe has a substantial market share, driven by increasing awareness, favorable reimbursement policies, and a rising aging population. Countries like the United Kingdom, Germany, and France are vital contributors to the stoma care market in this region. Intense focus on advanced technology for product improvements drives market demand in the region.
Stoma Care Market – Competitive Landscape
The leading players active within this space focus on developing products with advanced technology to suit a wide variety of populations. They are highly active in raising funds to expand their customer pool in new regions. Most of the companies are investing significantly in comprehensive research and development activities. Expansion of product portfolios and mergers and acquisitions are the key strategies adopted by prominent players.
- B. Braun
- Hollister Incorporated
- ConvaTec Inc
- Salts Healthcare
- Alcare Co. Ltd.
- Cymed Micro Skin
- Nu-Hope Laboartories, Inc.
- Flexicare Ltd.
- Welland Medical Ltd.
- Smith and Nephew
- Marlen Manufacturing & Development Company
- Torbot Group Inc.
Key Developments in the Stoma Care Market
- Coloplast has been a frontrunner in introducing innovative stoma care solutions. Coloplast’s SenSura Mio and Brava products have seen advancements in material technology, aiming to enhance comfort, flexibility, and discretion for ostomy patients.
- Convatec, known for its Esteem™ and Natura® product lines, Convatec focuses on developing products that offer skin-friendly adhesives, advanced ostomy pouches, and accessories to improve the quality of life for people with ostomies.
- Hollister Incorporated’s portfolio includes the Premier™ and Adapt™ lines, which have seen developments in barrier technologies, leak prevention features, and accessories designed to provide comfort and ease of use for ostomy patients.
Market Segments Covered in Stoma Care Market Analysis
By Product Type
- Closed Bags
- Open/ drainable Bags
- One-piece Bags
- Two-piece Bags
- Other Product Types
- Homecare Settings
- Other End-uses
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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