Stoma Care Market – Industry Insights by Product And Application

The global stoma care market size was valued at USD 487.7 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.6% from 2021 to 2028.

The global Stoma Care Market size is expected to reach USD 785.6 million by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.6% from 2021 to 2028. Increasing cases of colorectal cancer, inflammatory bowel disease (IBD), increasing adoption of advanced technologies, and rising awareness regarding stoma care products are the key driving factors for the market.

Colorectal cancer is the most common cause of stomas, accounting for about 45.6% of all cases. More than 45.0% of colostomies are performed in ostomy patients aged 60 above, thereby surging the demand for healthcare products. In addition, colorectal cancer is the third most common form of cancer in both men and women. For instance, according to the report published by the World Health Organization (WHO), in 2020,9,35,000 deaths were reported out of 1.93 million cases due to colorectal cancer. Although it is more prevalent in adults aged 50 and older, however, the incidence rate has increased by 2.2% annually in individuals younger than 50 years.

For instance, according to the American Cancer Society, about 1.4 lakh individuals were diagnosed with colorectal cancer in 2020 of which 12.00% were individuals younger than 50. Furthermore, according to the National Center for Biotechnology Information (NCBI), colorectal cancer is the deadliest among males in UAE and deadliest among females in Japan. Therefore, such instances indicate a considerable increase in demand for healthcare products, as it is one of the essential requirements for treating such cases, thereby propelling market growth over the forecast period.

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Stoma Care Market Report Highlights

• In terms of revenue, the others segment held the largest revenue share in 2020. The rising number of ostomies across the globe is the major factor propelling the segment growth
• The colostomy segment held the largest revenue share in 2020 and is expected to witness a considerable growth rate over the forecast period due to the increasing prevalence of colon cancer
• The home care settings segment held the largest revenue share in 2020. The segment growth is majorly driven by the outbreak of COVID-19 across the globe and the patients opting for homecare services
• In Asia Pacific, the market is anticipated to witness the fastest growth rate over the forecast period due to the adoption of advanced technologies required for stoma care, high population base, and rising awareness about ostomy care