Global Ostomy Products Market Overview:
Ostomy products are used to collect waste released from bladder, colon or ileum, which are formed during surgical operations. Ostomy surgeries are the life-saving procedure which reroutes the bodily wastes, such as urine or stool, from its usual passage. Globally, over 240 million surgeries are performed each year, out of this a large number of cases require ostomy bags of one kind or the other, either temporarily or permanently. Moreover, over 14% of the world population (nearly a billion) being over 60, there would be a rapid rise in the demand for ostomy products.
Growth Drivers
- Increasing Number of Chronic Diseases Such as Bowel or Bladder Related Disease
- Rising Number of Geriatrics Population Across the World
Roadblocks
- Unfavorable Reimbursement Policies in Emerging Countries
- Availability of Alternate Surgical Methods
Opportunities
- Focus on Bringing Down the Cost of the Devices with Products Innovation
- Rising Medical Tourism Across Countries
Challenges
- High Cost Associated with Ostomy Procedure and Products
- Risk of Contagious Diseases with Its Application
- Frequent Replacement of Ostomy bags
Competitive Landscape:
Some of the key players profiled in the report are ConvaTec (United Kingdom), Coloplast (Denmark), Hollister Incorporated (United States), B. Braun (Germany), Alcare (Japan), Nu-Hope (United States), Marlen (United States), Welland Medical (United Kingdom), BAO-Health (China), Flexicare Medical (United Kingdom), Cymed (United States), Schena Ostomy (United States), Perma-Type (United States), 3M (United States) and Smith & Nephew (United Kingdom). Additionally, following companies can also be profiled that are part of our coverage like Salts Healthcare (United Kingdom), Stimatix GI (Israel), Torbot (United States), Genairex (United States and Steadlive (China). Analyst at AMA Research see United States Players to retain maximum share of Global Ostomy Products market by 2026. Considering Market by Products, the sub-segment i.e. Ostomy Bags or Pouches will boost the Ostomy Products market. Considering Market by End User, the sub-segment i.e. Hospitals will boost the Ostomy Products market.
"Regulatory approval in the US is strict when compared with European countries. But, ostomy fall under Class I medical devices category in the US. As these products come under Class I medical device, it is not necessary for the manufacturers to receive pre-market approval, which accelerates the US FDA approval process. This has allowed manufacturers to gain profit margins and invest in the R&D of innovative ostomy products.”
What Can be Explored with the Ostomy Products Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Ostomy Products Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Ostomy Products
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Ostomy Products market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Ostomy Products market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Ostomy care bag manufacturers, Third-party ostomy care product suppliers, Raw material suppliers, Market research and consulting firms, Regulatory bodies, Venture capitalists, Hospitals and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.