Given the debilitating impact of COVID-19 (Coronavirus) on Stoma or Ostomy Care Market, companies are on the lookout for starting production lines. Get an inside look at the market prospects and its future decisions in light of the pandemic and other such unforeseen circumstances.
Stoma or Ostomy Care Market Overview:
The global report on the stoma or ostomy market has predicted a substantial rise in the market volume, owing to which the valuation would cross USD 1210.9 million by 2024. Market Research Future (MRFR) predicted that the global stoma or ostomy care market can achieve this valuation by registering a rise by 7.2% CAGR during the forecast period (2019-2024).
Various factors could inspire better growth strategies for stoma or ostomy care market. These factors are increasing prevalence of colorectal disease that can impact the digestive system of the body, increasing cases of inflammatory bowel disease (IBD), intestinal cancer, urinary tract infection, and others can impact the growth of the market. Both government and private organizations are taking initiatives to ensure better market growth.
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On the flip side, post-operative trauma and risk can prevent the market from having a smooth growth in the coming years. However, government and private organizations are working hard to establish better awareness standard. These would help the market growth.
Stoma or Ostomy Care Market Segmentation:
MRFR made a detailed analysis of the global stoma or ostomy market and revealed various inputs and insights regarding various segments in their published report. These segments are type and facility of use.
By type, the global report on the stoma or ostomy market can be segmented into two-piece systems and one-piece systems. The two-piece segment had a market coverage of over 55% in 2018. The segment is becoming popular due to its durability and easy functionality.
By facility of use, the global report includes homecare and hospitals & ambulatory surgical centers. The hospitals & ambulatory surgical centers would use their resources to promote the market.
Stoma or Ostomy Care Market Regional Analysis:
MRFR’s take on the global stoma or ostomy care market report revealed the Americas had a huge market share of around 42.8% of the global share in 2017 with the US covering 86.4% of that share. The growth would get boost from the growing number of cancer cases getting treated in the region. Europe would show similar growth opportunities with Germany, France, the UK, and Russia playing prominent roles in taking the market ahead. Europe had a market share of 38.1% in 2017. Germany was leading the market with 27.1% market share. This would boost the regional market growth.
In the Asia Pacific region, the market is yet to impact on a colossal level. However, the growth is faster than other regions. It is predicted to get a 7.6% CAGR during the forecast period. Overhauling impact on the healthcare sector in several emerging countries is expected to boost the inclusion of the process. Increasing strategic expansion plans of big players can boost the market growth.
Stoma or Ostomy Care Market Competitive Landscape:
Various companies in the stoma or ostomy care market would deal with several hurdles and would launch strategic moves to ensure expansion scope for the market. These companies are ConvaTec Inc. (UK), 3M (North Carolina), Coloplast Corp. (Denmark), Hollister Incorporated (US), Marlen Manufacturing & Development Co. (Ohio), Smith & Nephew (UK), B. Braun Melsungen AG (Germany), Welland Medical Limited (West Sussex), Flexicare Medical Limited (UK), and Tytex A/S (Denmark).
Stoma or Ostomy Care Industry News:
In March 2020, ConvaTec announced that they are planning to expand their business by increasing their market volume in regions like Asia Pacific, Latin America, and others. Such a decision would boost the stoma or ostomy care market as the brand has already made a name for itself in serving people needing stoma or ostomy care.
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