OSTOMY CARE ACCESSORIES MARKET ANALYSIS

Higher prices of ostomy care accessories creates significant affordability issues for many ostomy patients, thus, hampering the global ostomy care accessories market growth. Ostomy surgery and lifelong requirement of accessories like ostomy bags, belts, skin barriers, and others make it a costly long-term condition to manage. According to the report from World Health Organization, nearly 5 out of 10 ostomates in developing nations face financial hardship in procuring ostomy supplies on regular basis due to high costs. This is mainly because ostomy accessories are considered as medical devices in most countries and attract heavy taxation and duties. The costs have further escalated during the recent years due to rising inflation and depreciation of many currencies against .U.S dollar in which these products are predominantly priced globally. Many ostomates struggle to afford multiple changes of ostomy bags in a day, which is essential especially during the initial period after surgery. These people are often left with no option but to reuse the bags or rely on inferior local alternatives, which can cause multiple issues like leakages and infections over time. This forces them to delay changing accessories regularly or purchase low quality supplies just to save money in short term. However, such actions prove detrimental for ostomy skin health and personal hygiene in the long run.

Market Opportunities: Development of novel and improved products

The development of novel and improved products provides a major opportunity for growth of global ostomy care accessories market. As the global population ages and lifestyle-related diseases increasse, more people are living with ostomies and rely on effective accessories for better quality of life. According to UN population data, the number of people aged 60 years or over is projected to double from 12% to 22% of the global population from 2015 to 2050. Longer lifespans mean more people will develop conditions requiring ostomy surgery such as cancer, IBD, and accidents or injuries. Currently available ostomy accessories have limitations and room for advancement. For example, existing adhesive products may not be suitable for all skin types and climates or provide adequate leakage protection. The creation of new materials, adhesive technologies, and discreet compact product designs could significantly improve people's experiences of living with an ostomy. As per WHO, 2.5 million new ostomy surgeries are conducted annually worldwide, representing a substantial user base seeking better solutions.