Ostomy Care Accessories Market Likely to Enjoy Explosive Develop Rapidly by 2027 | Coloplast Corp, ConvaTec, Hollister

Overview

Patients with increased urination, urinary incontinence, and other medical disorders that trigger neurogenic bowel or neurogenic bladder utilizing ostomy treatment accessories. Adhesive remover wipes/sprays, drainable/open tubes, stoma plugs/caps, two-piece bags, one-piece bags, wafers/convex bags, and urostomy bags are among the accessories available.
Statistics

By the end of 2027, the global ostomy care accessories market is expected to be worth US$ 829.6 million.

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Key Players in This Report Include Coloplast Corp., ConvaTec Inc., Hollister Inc., EuroMed, Inc., AdaptHealth, LLC, 3M Company, Smith & Nephew plc., FNC Medical Corporation, Nu-Hope Laboratories, Inc., Marlen Manufacturing & Development Co., Torbot Group, Inc., 180 Medical, Inc., and Cymed.

Drivers

Over the forecast period, the global ostomy care accessories market is expected to rise due to the high prevalence of Crohn's disease. According to a survey released in the journal Lancet in 2018, the prevalence of Crohn's disease in Germany was 22 per 100,000, whereas it was 319 per 100,000 in Canada.

Opportunities

Major government agencies are focusing on providing reimbursement for ostomy treatment accessories, which could include attractive growth prospects for industry participants. In July 2019, the French Ministry of Health declared a payment study and released new final classifications and rates in the areas of ostomy care, continence care, and wound care.

Restraints

Unfavorable reimbursement situations in developed nations such as the U.S. and Canada, on the other hand, are likely to stifle growth of the global ostomy care accessories market. In the U.S., Medicare and private insurance companies pay ostomy surgery at a reduced cost.

Key Takeaways

The global ostomy care accessories market's Belts, Tapes, and Adhesives segment was worth US$ 169.9 million in 2019 and is projected to grow at a CAGR of 7.1 percent to US$ 296.7 million by 2027. During the forecast period, the category is expected to expand due to an increase in the incidence of Crohn's disease.

In terms of value, the Home Care Settings segment dominated the global ostomy care accessories market in 2019, contributing for 57.2 percent of the market, led by Hospitals and Ambulatory Surgical Centers. During the forecast period, the segment is expected to expand due to an increase in the occurrence of bladder cancer.

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Market Trends

As part of their CSR practices and marketing campaigns, key players in the industry are focusing on collaborating with universities. Hollister Incorporated announced a US$ 100,000 donation to help the University of Alabama Adapted Athletics in October 2019. The money will go towards helping present and/or future adaptive athletes achieve their academic and sporting goals.

The market's major vendors are concentrating on providing ostomy care accessories for home distribution. In June 2018, ActivStyle, a global direct-to-consumer medical supply provider, introduced Catheter Express, a new catheter and urology brand within the ActivStyle family that will concentrate on easy home distribution of catheters and urology supplies in the U.S.

Competitive Landscape

Key companies contributing in the global ostomy care accessories market are Smith & Nephew plc., 3M Company, AdaptHealth, LLC, Inc., Hollister Inc., Torbot Group, Inc., Coloplast Corp., Cymed, ConvaTec Inc., 180 Medical, Inc., EuroMed, Inc., Marlen Manufacturing & Development Co., Nu-Hope Laboratories, and FNC Medical Corporation.

Key Developments

ConvaTec Group Plc agreed to buy Southlake Medical Supplies, Inc., a manufacturer of catheter-related supplies, in September 2019.

Coloplast Corp. released two new brands in July 2019. SenSura Mio Baby and SenSura Mio Kids are ostomy treatment products for premature babies and children from SenSura Mio.

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