OSTOMY CARE MARKET ANALYSIS

Market Challenges And Opportunities

Market Dynamics

The rising number of ostomy procedures being performed is the primary factor responsible for driving growth of the global ostomy care market. For instance, according to National Center for Biotechnology Information, around 100,000 people underwent operations resulting in colostomy or ileostomy in the U.S., in 2014. Increasing prevalence of inflammatory bowel disease is also expected to increase the demand for ostomy care. For instance, according to a research survey published in ‘The Lancet’ in October 2017, western countries suffer with a high prevalence of inflammatory bowel disease that has surpassed 0.3% of the total population. Moreover, according to the Worldwide Incidence and Prevalence of Inflammatory Bowel Disease (IBD) in the 21st Century: A Systematic Review of Population-Based Studies 2017, the incidence of IBD and Crohn’s disease is increasing in Latin America, Africa, and Asia Pacific. Various other factors responsible for the growth of market include rising incidence of bladder cancer, birth defects, and technological advancements. For instance, around 10,171 cases of bladder cancer were reported in the U.K. in 2015, out of which 50% cases survived through proper medication and care. However, low awareness in underdeveloped and developing economies regarding the availability of treatments and increasing pricing pressure on the manufacturer is expected to confine the market growth.