COVID-19 IMPACT SURVEY MAY 2020
The global market for Stoma/Ostomy Care Products is projected to reach US$3.1 billion by 2025, driven by the rapidly aging population increase in the number of operative procedures involving creation of intestinal stoma and the resulting focus shed on "stoma quality of life". World`s population is rapidly aging supported by the increase in longevity as modern medicine becomes increasingly effective in preventing chronic disease, and reducing mortality. Also, easy access to age-friendly primary healthcare and growing sophistication of healthcare infrastructure play key roles in longevity. For the first time in human the percentage of older people in the total population is continuing to increase. In addition to the aforementioned increase in life expectancy, falling fertility rates are accelerating the trend. The aging population creates massive challenges for the healthcare system since it means larger chronic disease burden.
Among the many diseases of the elderly such as dementia; arthritis; blindness; chronic bronchitis; motor neurone diseases; osteoporosis; Parkinson`s disease; stroke; CKD; and Alzheimer`s, incontinence and bowel obstruction caused by colorectal cancer and other diseases that require surgical removal parts of the rectum, anus and colon requires the highest nurse care and self-care management needs. Colorectal cancer is the leading cause for creation of stomas/ostomy accounting for 45.6% of the prevalence rate. Juxtaposed with this fact, the high prevalence of colorectal cancer, over 60% of the incidence rate, among the elderly aged over 70+ makes aging population a powerful demographic growth driver for stoma/ostomy care products. Colostomy is the most popular type of procedure performed on 45.2% of ostomy patients in the 60+ age group, while Ileostomy is the second most common procedure performed on people aged over 60 with over 38.7% of ostomy patients in the 60+ age group having Ileostomy. Urostomy is performed on 16.1% of ostomy patients in the 60+ age group.
Caring for stoma is extremely important given the high risk and financial burden of complications following ostomy surgery. Lack of proper ostomy care is the leading cause for hospital readmission rates and ER visits in the United States second to kidney transplants. Over the years, rising awareness and improving standards of ostomy care have helped drive the market for stoma/ostomy care products. The field of stoma care is also evolving and improving with stoma care emerging into a unique field in nursing. Popularity and easy availability of specially qualified stoma care nurses; development of best practice guidelines; easy access to new clinical insights and tools are all helping to deliver the best possible care for stoma patients. Patient centric innovations in developing ostomy products that reduce burden of leakage, and skin irritations, allergies and complications are important in ensuring quality of life for patients and therefore ranks as important to the market`s future growth. Noteworthy innovations in the market include stoma pouches manufactured from hydrocolloids and polymers for better stretchability; Bluetooth measuring system for ostomy bags that alerts the patients when full and requires change; pouches that fit individual body contour and adapt to body movements; and stoma seals that prevent and protect against leaks. Europe and the United States represent large markets worldwide with a combined share of 62.5%. Latin America ranks as the fastest growing market with a 7.3% CAGR over the analysis period supported by developing healthcare systems, falling costs and growing availability of a variety of stoma management supplies.