Stoma or Ostomy Care Market Growth Values, Industry Overview and Forecast to 2024

Market Insights:
The global Stoma or Ostomy Care Market is estimated to be valued at USD 4,109.11 million by 2024 and is expected to register a CAGR of 7.2% during the forecast period.
The global stoma or ostomy care market has been segmented by type into two-piece system and one-piece system. The two-piece system segment is holding the largest market share of 55.6% in 2018 of global stoma or ostomy care market, by type, and is projected to reach USD 2,266.86 million by 2024, as it is user-friendly, durable, and convenient for changing the bag without removing the skin barrier from the stoma.
Key factors such as obesity, sedentary lifestyle, and increasing aging population are leading to colorectal cancer. The American Cancer Society estimates that there are likely to be 101,420 new cases of colon cancer and 44,180 new cases of rectal cancer in the US in 2019. Therefore these factors are responsible for propelling market growth. Whereas certain risk factors involved in ostomy surgery such as damage or injury to other organs surrounding the affected area are likely to hinder the market growth.
Major Players:
·         Coloplast Corp
·         ConvaTec Inc
·         3M
·         Smith & Nephew
·         B. Braun Melsungen AG
·         Hollister Incorporated
·         Flexicare Medical Limited
·         Welland Medical Limited
·         Marlen Manufacturing & Development Co
Regional Analysis:
The Americas accounted for the largest market share of 42.8% in 2017. The US held the most considerable market share of 86.4% in 2017 in the region. Europe was the second-largest market in 2017. However, the market in Asia-Pacific is expected to register the highest CAGR of 7.8% during the forecast period. According to the Centers of Disease Control and Prevention (CDC), around 1.3% of the adults in the US were reportedly suffering from inflammatory bowel diseases in 2015 that increased the overall hospitalization rate in the country resulting to a hike in the sales of ostomy bags in the region.
Europe is anticipated to hold the second-largest market for stoma or ostomy care during the forecast period. Germany, the UK, France, and Italy are the major contributors to the growth of the European stoma or ostomy care market. There are various factors responsible for the growth of the market, which includes the rising incidence of bladder cancer, congenital disabilities, and technological advancements in the field of the stoma or ostomy devices in the region.
Asia-Pacific is anticipated to register high growth during the review period. To increase support research, awareness, and availability of treatment options to patients in respective countries, increasing efforts are being undertaken by government and non-government organizations.
The Middle East & Africa holds the lowest market for stoma or ostomy care. The increasing awareness about stoma or ostomy care and available products would enhance the market growth in the Middle East & Africa during the forecast period. 

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