April 24, 2024
Ostomy Care Accessories Market

Ostomy Care Accessories Market Is Estimated To Witness High Growth Owing To Technological Advancements In Wearable Accessories

The ostomy care accessories market consists of various products such as belts, tapes, skin barriers, skin protective and adhesive removers, shields and pouches which are used for effective collection and disposal of waste from surgical diverting stomas. Ostomy care accessories help in improving the quality of life of people living with ostomy by protecting the stoma area and preventing leakage. They provide discretion and comfort to the wearers during their daily activities.

The global ostomy care accessories market is estimated to be valued at US$ 4.26 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2030.

Key Takeaways
Key players operating in the ostomy care accessories market are PPG Industries (US), Sherwin-Williams Company (US), Kukdo Chemical Co., Ltd. (South Korea), Nukote Coatings Systems (US), and VIP GmbH (Germany).

The key opportunities in the market include expanding product offerings to address unmet needs of customers and growing demand from emerging economies owing to rising awareness. Several manufacturers are focused on developing innovative and wearable ostomy accessories integrated with latest technologies like Bluetooth to improve quality of life of patients.

Technological advancements such as incorporation of sensors in pouches to monitor output and detect leakages remotely will help in improving care, adherence and clinical outcomes. Miniaturization of electronic components is making it viable to integrate more technology into ostomy accessories.

Market drivers
Rising prevalence of inflammatory bowel disease and colorectal cancer are majorly driving the demand for ostomy care accessories. According to a report, over 1 million new cases of colorectal cancer are diagnosed annually worldwide. Other key drivers include growing geriatric population, which is more prone to developing conditions requiring ostomy surgery, and increasing awareness initiatives by ostomy associations. In addition, various technological advancements in accessories are further fueling the market growth.

Challenges in the Ostomy Care Accessories Market

Some of the key challenges faced in the Ostomy Care Accessories Market Growth include limited awaremness about available ostomy accessories products and their effective usage. There remains a social stigma around ostomy procedures which prevents many patients from openly discussing their conditions. This limits optimal support and guidance. affordability of advanced ostomy accessories also remains a challenge in developing regions and for those lacking adequate health insurance coverage. ensuring steady supply of quality products through strengthened supply chain management is another challenge area.

SWOT Analysis

Strength: Wide range of product offerings tailored for all ostomy conditions. Growing focus on specialized accessories to enhance comfort and discretion.
Weakness: Market still dominated by few global players. Lack of customization or localization of products in emerging markets.
Opportunity: Rising disease prevalence drives demand. Untapped growth potential in developing countries.
Threats: Threat from alternative non-surgical therapies suppressing demand. Stringent regulatory approvals delay product launches.

Geographical Concentration

North America accounts for the largest share of the ostomy care accessories market, both in terms of value and volume. This is attributed to the high disease burden, supportive reimbursement system, and rising awareness levels regarding ostomy care accessories and prosthetics.

Fastest Growing Region

Asia Pacific region is poised to witness the fastest growth during the forecast period, owing to the large patient population, rising awareness, increasing healthcare spending, and penetration of medical tourism in countries such as India and Thailand. Additionally, local production of ostomy accessories to cater to cost-sensitive markets will further aid market expansion.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it