Page 5 - OASC March 2021 Newsletter

March/21
Ostomy Supplier Spotlight...
Industry at a glance...
Ostomy supplies are a growth market around the world, even with Covid 19 disruptions.
As people everywhere continue to live longer, it’s no surprise more and more do so with chronic diseases.
The number of older persons is projected to reach nearly 2.1 billion in 2050, double 2017 figures, according to the United Nations (World Population Ageing 2017).
Access to advanced healthcare in the developed world has boosted survival rates for cancer among other conditions. The result: approximately one in three older adults deal with multiple chronic conditions say Yale researcher Emma Stein and Cother Hajat of The Vitality Group in a 2018 paper on the global burden of multiple chronic conditions (https://doi.org/10.1016/j.pmedr.2018.10.008).
This in turn creates a strong market for medical devices like ostomy supplies.
From 2020 to 2024, the global ostomy products market is poised to grow by USD 1.05 billion, says global market research firm Technavio in its March 2020 forecast (Ostomy Products Market | Size, Share, Growth, Trends | Industry Analysis | Forecast 2024 | Technavio). It predicts a compound annual growth rate near 5% over the five-year period from 2018-2022 with steady growth year to year.
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