Yahoo Finance Incontinence And Ostomy Care Products Market Value Predicted To Reach US$ 22.5 Billion By 2027: Acumen Research And Consulting
Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Incontinence and Ostomy Care Products Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, May 07, 2021 (GLOBE NEWSWIRE) -- The Global Incontinence and Ostomy Care Products Market is expected to grow at a CAGR of around 5% from 2020 to 2027 and reach the market value of over US$ 22.5 Bn by 2027.
North America is expected to hold a dominant market share in the global incontinence and ostomy care products market. The availability of disposable income, increasing patient awareness, the presence of strong R&D, the availability of technologically advanced products, and the large base of geriatric population all contribute to its dominance.
Asia Pacific, on the other hand, is expected to have the fastest growing CAGR in the coming years. Asia Pacific will grow at the fastest CAGR (cost-adjusted annual growth rate), led by India, China, and Japan, whose populations are rapidly increasing. These regions are expected to experience profitable growth during the forecast period as a result of rising healthcare expenditure, an increase in the number of patients, an increase in the number of hospitals, and increased public awareness. Because these are rapidly developing countries, global investors see them as a great opportunity and are establishing business branches in these areas.
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Market Dynamics
The rising prevalence of colorectal cancer and urological diseases such as IBD, urinary incontinence, and benign prostatic hyperplasia is expected to drive market growth. Because of the increased risk of colorectal and urinary bladder cancer, there is a greater demand for ostomy care products. According to the American Cancer Society, the number of colorectal cancer cases in the United States increased to 101,420 in 2019. This is expected to drive market growth on a global scale. Increasing awareness initiatives by several market players to raise awareness about these prosthetic medical devices around the world are successfully breaking down the stigma and taboo associated with their use. Coloplast, for example, is a market leader that recently published the Ostomy Life Study Review to raise awareness and improve the standard of ostomy care. This contributes to effective patient care by increasing their confidence and inspiring them to live a better life.
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The global rise in obese and geriatric individuals, the development of innovative and personalized products offering greater patient comfort, rising awareness and acceptance of ostomy care products, and the increasing prevalence of target diseases are the key drivers propelling the growth of the global incontinence and ostomy care market. Furthermore, progressive healthcare reforms implemented in key developing countries such as China, India, and Brazil are providing significant growth opportunities for players in the global incontinence and ostomy care market. However, a lack of adequate medical reimbursement for ostomy care procedures, as well as a weak economic outlook in developed markets, is some of the major factors impeding the market's growth.
Segmental Outlook
The global incontinence and ostomy care products market is segmented as product type and application. Based on product type, the market is classified into incontinence care products and ostomy care products. Incontinence care products are further sub segmented as absorbents, incontinence bags, and others. Further, ostomy care products is further sub segmented as ostomy bags, deodorants, skin barrier, and irrigation products. Based on application, the market is segregated as the bladder, cancer, colorectal cancer, Crohn's disease, kidney stone, chronic kidney failure, and other applications.
Competitive Landscape
Some of the leading competitors are B. Braun, Coloplast AG, ConvaTec Group plc, Hollister Incorporated, Kimberly-Clark Corporation, Medtronic plc, Salts Healthcare, and among others
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Some of the key observations regarding the incontinence and ostomy care products industry include:
In August 2019, B. Braun announced a collaboration with GuardRFID. The collaboration between B. Braun and GuardRFID follow IHE standards and include a bi-directional interface capability. A GuardRFID asset tag is attached to a B. Braun Space Infusion pump with DoseTrac® Infusion Management Software, which communicates with GuardRFID’s AllGuard RFID software platform providing pump status and availability. The location of the pump can then be combined with DoseTrac infusion data, which helps clinicians intercept errors and increase drug library compliance up to 100%, with periodic compliance auditing.
In March 2021, Hollister Incorporated announced a collaboration with Vizient. The new agreement will allow Vizient members access at contracted pricing to the full portfolio of Hollister Incorporated ostomy products, including its ceramide infused products CeraPlus™ skin barriers and Adapt CeraRing™ barrier rings. Hollister Incorporated also offers a robust educational platform and ongoing patient support services.
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