Insights on the Ostomy Care Accessories Industry to 2025 - Impact of COVID-19 with Ansoff Analysis - ResearchAndMarkets.com

The "Global Ostomy Care Accessories Market (2020-2025) by Product, Procedure, End-User, Application, Geography and the Impact of Covid-19 with Ansoff Analysis" report has been added to ResearchAndMarkets.com's offering.

The Global Ostomy Care Accessories Market is estimated to be USD 3.2 Bn in 2020 and is expected to reach USD 4 Bn by 2025, growing at a CAGR of 4.5%.

An ostomy is a surgical procedure that makes a temporary or permanent opening in the skin, called a stoma. A stoma is a pathway extending from an internal organ to the outside of a patients' abdomen. There are many reasons why a patient may need a stoma. Some reasons include bowel cancer, bladder cancer, inflammatory bowel disease (Crohn's Disease or Ulcerative Colitis), Diverticulitis, or an obstruction to the bladder or bowel. Inflammatory Bowel Disease (IBD) is known to affect a significant number of the population, with around 1.3 million people suffering as per the Centre for Disease Control and Prevention (CDC). Ostomy care accessories are used by patients who need to undergo ostomy surgeries.

Ostomy care products are used to work on the openings created during the ostomy procedures. The ostomy bags help in collecting body waste such as stool. Various accessories are required for ostomy care, such as creams, disinfectants, consumables, and skin barriers. Such aids help to maintain the hygiene of ostomy. Hence, with the rise in the ostomy surgeries performed worldwide, the demand for ostomy care products and accessories has increased. Technological advancements in surgeries have also led to a rise in the clinical management of ostomy care through innovative products, thereby increasing the demand for ostomy care accessories.

Increasing incidences of IBD (inflammatory bowel diseases) are driving the growth of the market. Increasing healthcare expenditure and the rising development of new products in ostomy care are factors that are boosting the global ostomy care market. Also, the rise in the awareness programs by private and non-profit organizations about the usage of ostomy products is fueling the growth of the market. However, factors such as low reimbursement schemes are likely to hamper the market. On the flip side, lack of reimbursement for ostomy care bags and weak economies of developing regions are factors hampering the Global Ostomy Care Market during the forecast period.

Market Dynamics

Drivers

• High Prevalence of Crohn's Disease
• High Incidences of Bladder/Colorectal Cancer/Inflammatory Bowel Diseases

Restraints

• Unfavorable Reimbursement Scenario in Developing Countries
• Discomfort and other Issues Associated with the Use of Ostomy Bags

Opportunities

• Growing Number of Awareness Programs to Educate Patients Regarding the Use of Ostomy Products
• Leveraging the Growing Internet Usage for Online Sales of Ostomy Products
• Technological Advancements

Challenges

• Limited Availability of Affordable Ostomy Care-Related Products and Accessories

Trends

• The rise in Product Launches and Company Collaborations

IGR Competitive Quadrant

The report includes IGR Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

• Lions: Represents companies with a strong foothold in the market, with the highest market share, large investments in technologies, new products.
• Bulls: Companies that are medium in size competing with their USPs, growing companies with proven market share.
• Rabbits: Small companies but growing rapidly, constantly improving their offerings in the market
• Tortoise: Companies which are slow in growth, having a long legacy, and stable or negative in performance

Why buy this report?

• The report offers a comprehensive evaluation of the Global Ostomy Care Accessories Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter's 5 force model and the Ansoff Matrix. The impact of COVID-19 on the market is also featured in the report.
• The report also contains the competitive analysis using IGR Positioning Quadrants, the analyst's proprietary competitive positioning tool.

Report Highlights:

• A complete analysis of the market including parent industry
• Important market dynamics and trends
• Market segmentation
• Historical, current, and projected size of the market based on value and volume
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market

Companies Mentioned

• Coloplast
• Alcare
• Nu-Hope
• Welland Medical
• BAO-Health
• Schena Ostomy
• 3M
• Smith & Nephew PLC
• ConvaTec
• B. Braun
• Marlen
• Flexicare Medical
• Hollister Incorporated
• Salts Healthcare Ltd

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