Ostomy
accessories are medical devices used along with an ostomy appliance or pouching
system to help improve the quality of life of people who have had ostomy
surgery. Some common ostomy accessories include belt or pants/undergarment clips,
skin barriers, moisture-collecting bags, adhesive removers, and protecting
sheets. The growing number of patients suffering from inflammatory bowel
disease, colorectal cancer, and other gastrointestinal disorders have resulted
in increasing demand for ostomy care accessories. These accessories play a
crucial role in providing security, discretion, and comfort to ostomates while
performing regular activities.
The global Ostomy Care Accessories Market is estimated to be valued at US$ 3.69 Bn in 2023 and is expected to
exhibit a CAGR of 5.4% over the
forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market Opportunity:
Improving patient lifestyles is one of the major opportunities for growth
in the ostomy care accessories market. Ostomy surgery can significantly impact
quality of life and psychological well-being of patients. Ostomy accessories
designed to blend seamlessly with clothing styles and provide discreet pouch
emptying allows ostomates to feel confident and maintain an active lifestyle.
New product innovations focused on enhancing security, discretion and mobility
will continue to gain popularity. This presents lucrative prospects for
manufacturers to launch technologically advanced accessories that meet the
evolving needs of ostomates and support their physical and emotional wellness.
Porter’s Analysis:
Threat of new entrants: Low-to-moderate as this is an established market
and key players are already dominant in developing branding and supplying
diversified products. Require large capital to enter.
Bargaining power of buyers: Moderate-to-high as buyers can negotiate for price discounts and
promotional offers considering the availability of substitutes.
Bargaining power of suppliers: Moderate as key raw materials are available and suppliers mainly
include medical device manufacturers and other healthcare providers.
Threat
of new substitutes: Low as ostomy products are highly customized serving unique
medical needs though some minor substitutes exist.
Competitive rivalry: High
among top players to gain market share and retain existing customers through
innovation, acquisitions and marketing campaigns.
SWOT Analysis:
Strengths: Established brand names
and loyal customer base. Ability to offer customized products for different
clinical conditions. Robust supply chain and distribution network globally.
Weaknesses: Heavy reliance on
limited suppliers increases raw material volatility risk. Certain product lines
witness seasonal demand fluctuations.
Opportunities: Expanding into newer
geographical regions especially developing countries. Growing geriatric
population increases demand for ostomy accessories. Partnerships with
healthcare providers for product awareness.
Threats: Stringent regulatory norms
delay product launches. Reimbursement policies impact sales negatively.
Prospect of alternate treatment options.
Key Takeaways:
The global
Ostomy
Care Accessories Market Demand is expected to witness high growth over
the forecast period of 2023 to 2030. Advancements in adhesive technology and
wear time has boosted customer confidence in ostomy products. The market size
for 2023 is estimated at US$ 3.69 Billion with North America dominating
currently due to advanced healthcare infrastructure and greater product access.
Regional analysis indicates Asia Pacific is projected to be the fastest growing
regional market propelled by increasing medical tourism, rising incidence of
IBD & cancer along with growth in awareness levels. Countries like China,
India and South Korea are major hubs for ostomy product manufacturing as well.
Key players operating in the Ostomy Care Accessories market are Coloplast Corp,
ConvaTec Inc., Hollister Incorporated, Marlen Manufacturing & Development
Company, Perma-Type Company, Inc., Nu-Hope Laboratories, Inc., Perfect Choice
Medical Technologies, Fortis Medical Products, Safe n' Simple, AdvaCare Pharma,
Schena Ostomy Technologies, Inc., Cymed, TG Eakin Limited, Alcare Diagnostic
Research Center Pvt. Ltd. Players are focused on developing innovative product
lines, digital solutions and expanding global footprints through strategic
partnerships and M&A activities.
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