rising number of chronic diseases and older population is driving the Ostomy Products Market
Technavio analyzes that the Ostomy Products Market is expected to grow at a CAGR of 5.25% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1095.71 million.There are various factors that contribute to the growth of the market. The ostomy products market is experiencing significant growth due to the increasing prevalence of chronic diseases and an aging population. Chronic conditions such as inflammatory bowel disease, cancer, and diabetes necessitate ostomy solutions for managing digestive and urinary functions. Moreover, as the global population ages, the number of individuals requiring ostomy products is projected to increase, driving market expansion.
The ostomy products market, specifically the colostomy bags segment, is poised for significant growth during the forecast period. Factors driving this expansion include the increasing prevalence of colorectal cancer and inflammatory bowel diseases among the aging population, particularly those aged 55 and above. Government-funded health initiatives, such as regular check-ups, have increased early detection and subsequent treatment, leading to an increased demand for colostomy bags. Moreover, the convenience, safety, and cost-effectiveness of colostomy bags have made them a preferred solution for managing ostomy care in both home care settings and hospitals. The rising incidence of infections related to ostomy care further underscores the importance of using high-quality, reliable colostomy bags to mitigate potential complications.
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Ostomy Products Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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The Ostomy Products Market caters to individuals with Inflammatory Bowel Diseases, including Ulcerative Colitis and Crohn's Disease, as well as Colorectal Cancer patients, who undergo Ostomy surgeries. Trio Healthcare offers solutions like Trio Siltac for skin irritation and infection prevention. Urological diseases, such as Urinary Incontinence and Bladder Cancer, also require Ostomy procedures and accessories. Geriatric population and Ostomy patients face complications and risks, making the demand for Ostomy devices, Ostomy bags, Urostomies, and accessories high. Inflammatory Bowel Disease patients undergo Ostomy procedures to create a stoma in the Abdominal Cavity, which requires proper care and maintenance using Ostomy devices. Complications and risks include infections and skin irritation.
The global ostomy products market is a significant segment of the larger healthcare supplies market, encompassing manufacturers of medical devices and consumables. This market category includes ostomy supplies, such as pouches, adhesives, and accessories, used to manage the waste elimination process for individuals with conditions like colorectal or bladder cancer requiring ostomy surgery. The parent healthcare supplies market comprises companies involved in research and development (R&D) of various medical consumables, including ostomy products, which are integral to disease diagnosis and treatment. Technavio's market analysis calculates the healthcare supplies market size based on the collective revenue generated by suppliers of medical devices, such as syringes, drapes, gloves, and gowns.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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