The global ostomy care accessories market is estimated to be valued at USD 2.40 Billion in 2017 and is projected to reach USD 2.99 Billion by 2022, growing at a CAGR of 4.5%. The high incidence of bladder/colorectal cancer/inflammatory bowel disease; rising geriatric population; growing number of awareness programs to educate patients regarding the use of ostomy products; technological advancements in ostomy products; and efficient reimbursement system in developed countries are factors driving the growth of the ostomy care market.
Analysis of the ostomy care accessories market developments between 2015 and 2017 revealed that several growth strategies such as product launches and product enhancements, strategic acquisitions, agreements, contracts, and market expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the ostomy care market. Among these business strategies, product launches and product enhancements were the most widely adopted growth strategies by players to strengthen their product portfolios.
Coloplast (Denmark) is a leader in the ostomy care accessories market. The company’s growth in the ostomy care market is supported by a strong pipeline of new products, sustained cost discipline, and adoption of new strategies to enhance the product portfolio based on new technologies available in the market. The ostomy care business of the company has grown by 9% in 2015–16, which was almost the double of the overall market growth rate. This growth was mainly supported by the launch of its SenSura Mio. Emerging markets of China, India, and Russia are expected to offer lucrative growth opportunities for the growth of the company.
Hollister Incorporated (US) held the second position in the ostomy care accessories market in 2016. Hollister has built its position through internal development, in-licensing of technologies, product enhancements, and new product launches. The company also upgrades several products at regular intervals, which helps in retaining its customer base and addressing patient needs.
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