Stoma Care Market To Generate $3,882.1 Million Revenue by 2030
- Published: January 2023
The global stoma care market size is expected to advance at a CAGR of 4.5% during 2022–2030, to reach USD 3,882.1 million by 2030. This can be ascribed to the rising number of ostomy surgeries in bladder cancer, bowel cancer, and inflammatory bowel diseases, and the surging emphasis on the adoption of preventative maintenance practices among healthcare facilities. Additionally, the increasing number of patient awareness programs by non-profit organizations and various industry players on the usage of innovative ostomy products are propelling the growth of the market.
Surging Demand for Innovative and Advanced Technology
The rising need for technologically advanced stoma care products, such as ostomy bags, which are skin-friendly, efficient, reusable, waterproof, durable, and economical, as well as ostomy accessories, is boosting the growth of the stoma care market. Stoma care products include powder, wipes, and sprays, which are very useful to prevent any accumulation and keep the stoma skin irritation-free, thus helping in keeping healthy stoma skin.
In order to meet the surging need of patients, manufacturers are being urged to produce technologically advanced ostomy care accessories. Numerous regional and significant stoma care accessory producers often focus on creating new goods in order to stay competitive in the industry; as a result, the launch of new products will generate profitable prospects for these manufacturers.
For instance, in February 2022, Coloplast, one of the world's leading manufacturers of stoma care products, launched its latest innovative product, the SenSura Mio, in Singapore. It features BodyFit technology, an elastic adhesive technology fit for all peristomal body profiles, and aims to improve the quality of life of ostomates.
Asia-Pacific Region Is an Emerging Market
The APAC market is expected to grow at a CAGR of around 8% during the forecast period. This growth can be attributed to the increasing patient population suffering from colorectal cancer, bladder cancer, and inflammatory bowel diseases; the growing geriatric population; and the rising cases of gastrointestinal disorders. This, in turn, is requiring ostomy procedures and thus increasing the need for stoma care in the region.
For instance, in April 2022, according to the journal published by the National Library of Medicine, a rough estimation of 4.6 billion people are living with IBD in Asian countries, which is equivalent to 60% of the total world population. Thus, the rising burden of the disorder is driving the growth of the market.
In addition, industry players are putting emphasis on strengthening their distribution networks in the region to take advantage of ample growth opportunities. For instance, in March 2021, Convatec, one of the key global medical solution companies concentrating on therapies for chronic conditions, was awarded a contract for ostomy products with Vizient Inc. for another three years. Through this partnership, the company is able to continue its support for ostomy patients coupled with quality ostomy products and accessories, throughout the continuum of care.
Some of the major stoma care market players are 3M Company, Coloplast A/S, Hollister Incorporated, B. Braun SE, Convatec Group plc, Smith & Nephew plc, ALCARE Co. Ltd., Torbot Group Inc., and Welland Medical Limited.