VOL. XCIV, NO. 247
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Monday, December 29, 2025
Coloplast A/S
COLOB · Nasdaq Copenhagen
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Coloplast A/S is a Danish medical device company focused on chronic and intimate healthcare. In FY 2024/25 it reported DKK 27.9bn revenue across Ostomy Care, Continence Care, Voice & Respiratory Care, Wound & Tissue Repair, and Interventional Urology. The core moat is demand-driven and installed-base driven: leading global shares in ostomy (35-40%) and continence (40-45%) reflect trusted brands and recurring consumable usage. Additional defensibility comes from specialized clinical workflows and training in niches like laryngectomy, while key risks include tender/reimbursement pressure, policy shifts (notably in wound biologics), and product quality/regulatory events.
Primary segment
Ostomy Care
Market structure
Oligopoly
Market share
35%-40% (reported)
HHI: —
Coverage
5 segments · 9 tags
Updated 2025-12-29
Segments
Ostomy Care
Ostomy care products (bags, plates, supporting products)
Revenue
35.5%
Structure
Oligopoly
Pricing
moderate
Share
35%-40% (reported)
Peers
Continence Care
Continence care products (intermittent catheters, collecting devices, bowel care)
Revenue
32.2%
Structure
Oligopoly
Pricing
moderate
Share
40%-45% (reported)
Peers
Voice & Respiratory Care
Laryngectomy and tracheostomy care products (voice prostheses, HMEs, adhesives, tubes)
Revenue
8.2%
Structure
Oligopoly
Pricing
moderate
Share
28%-41% (implied)
Peers
Wound & Tissue Repair
Advanced wound dressings and biologics/skin substitutes for wound care
Revenue
14.1%
Structure
Competitive
Pricing
weak
Share
5%-10% (reported)
Peers
Interventional Urology
Interventional urology products (Kidney & Bladder Health, Men's Health, Women's Health, endourology)
Revenue
10%
Structure
Oligopoly
Pricing
moderate
Share
14%-16% (reported)
Peers
Moat Claims
Ostomy Care
Ostomy care products (bags, plates, supporting products)
Revenue share computed from FY 2024/25 revenue by business area: Ostomy Care DKK 9,897m of total DKK 27,874m.
Installed Base Consumables
Demand
Installed Base Consumables
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Core ostomy products are disposable and replenished frequently; once users find a good fit, repeat purchasing becomes sticky.
Erosion risks
- Tender-driven switching
- Reimbursement price pressure
- Competitor product innovation
Leading indicators
- Market share trend
- Price/mix vs volume growth
- Tender win/loss cadence
Counterarguments
- Some payers force periodic re-tendering, reducing stickiness
- Patients can trial and switch brands with clinician support
Brand Trust
Demand
Brand Trust
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
High global share suggests durable trust among patients and clinicians in fit, comfort and skin performance.
Erosion risks
- Brand damage from quality issues
- Spec/feature parity narrowing differentiation
- Local low-cost competitors in tenders
Leading indicators
- Patient satisfaction / complaint rates
- Churn to competitors
- Gross margin in Ostomy category
Counterarguments
- Market leadership can be competed away via aggressive tender pricing
- Differentiation is incremental and can be copied
Continence Care
Continence care products (intermittent catheters, collecting devices, bowel care)
Revenue share computed from FY 2024/25 revenue by business area: Continence Care DKK 8,984m of total DKK 27,874m.
Installed Base Consumables
Demand
Installed Base Consumables
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Intermittent catheters are typically single-use/high-frequency products; routines and reimbursement channels support recurring demand.
Erosion risks
- Payer substitution to lower-cost catheters
- New entrants with similar coatings/features
- Reimbursement cuts
Leading indicators
- Intermittent catheter share trend
- Tender outcomes in key countries
- Unit economics (ASP vs volume)
Counterarguments
- Switching can occur quickly when payers change formularies
- Clinical differentiation may narrow over time
Brand Trust
Demand
Brand Trust
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Large global share supports brand trust with clinicians/users around safety, comfort and innovation in catheter design.
Erosion risks
- Adverse events/quality issues harming trust
- Feature parity from competitors
- Tender-driven price compression
Leading indicators
- Market share and growth vs market
- Complaint/return rates
- Gross margin trend
Counterarguments
- Share leadership can be challenged by aggressive pricing and tender capture
- Users may multi-home or switch based on reimbursement
Voice & Respiratory Care
Laryngectomy and tracheostomy care products (voice prostheses, HMEs, adhesives, tubes)
Revenue share computed from FY 2024/25 revenue by business area: Voice & Respiratory Care DKK 2,280m of total DKK 27,874m.
Training Org Change Costs
Demand
Training Org Change Costs
Strength: 4/5 · Durability: durable · Confidence: 3/5 · 1 evidence
Therapy regimes and device handling are clinician-influenced; patient routines and clinician training create friction to switch platforms.
Erosion risks
- Competitors improve ease-of-use and compatibility
- Standardization of supplies via tenders
- Regulatory constraints on device claims
Leading indicators
- Share in laryngectomy and tracheostomy
- Clinic adoption / reorder rates
- Patient churn to competitor systems
Counterarguments
- If procurement is centralized, switching can be mandated despite training
- Some consumables are interoperable across systems
Brand Trust
Demand
Brand Trust
Strength: 4/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Dominant share in laryngectomy implies strong clinician and patient trust in outcomes and reliability for a critical therapy area.
Erosion risks
- Quality or safety events
- Innovation disruption from new voice tech
- Reimbursement changes
Leading indicators
- Laryngectomy growth vs market
- Competitive win/loss in key accounts
- Adverse event/recall frequency
Counterarguments
- Tracheostomy share is much lower, suggesting weaker position in part of the segment
- High share can attract focused competitive entry
Wound & Tissue Repair
Advanced wound dressings and biologics/skin substitutes for wound care
Revenue share computed from FY 2024/25 revenue by business area: Wound & Tissue Repair DKK 3,929m of total DKK 27,874m.
Reputation Reviews
Demand
Reputation Reviews
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Clinical outcomes and clinician preference can create persistence once products enter protocols; Kerecis is positioned as gaining share.
Erosion risks
- Clinical evidence challenged by competitors
- Shift in payer coverage policies
- New entrants with comparable outcomes
Leading indicators
- Kerecis growth vs market
- Coverage decisions and policy updates
- Share in key care settings (in/out-patient)
Counterarguments
- Adoption can reverse quickly if reimbursement changes
- Clinicians can switch if comparable products are approved/covered
Compliance Advantage
Legal
Compliance Advantage
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Reimbursement and regulatory rules materially shape demand (especially for biologics); strong market access capabilities can be an advantage.
Erosion risks
- Regulatory/reimbursement changes reduce pricing
- Compliance failures (quality inspections)
- Policy-driven commoditization
Leading indicators
- CMS/Medicare rule changes
- Product quality events and inspections
- Gross margin trend in Wound & Tissue Repair
Counterarguments
- Reimbursement changes can be a headwind for everyone, not a moat
- High compliance costs can erode profitability
Interventional Urology
Interventional urology products (Kidney & Bladder Health, Men's Health, Women's Health, endourology)
Revenue share computed from FY 2024/25 revenue by business area: Interventional Urology DKK 2,784m of total DKK 27,874m.
Design In Qualification
Demand
Design In Qualification
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Surgeon preference, procedure workflows and hospital value analysis can slow supplier switching once products are adopted.
Erosion risks
- Product recalls/quality issues
- New technologies displacing current devices
- Hospital consolidation increasing purchasing power
Leading indicators
- Recall frequency and remediation timelines
- Share trend in key subsegments
- Account recovery after disruptions
Counterarguments
- Quality events can rapidly unwind clinical trust and adoption
- Hospitals can switch via standardization and competitive bidding
Service Field Network
Supply
Service Field Network
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Patient and physician support programs can reinforce the sales funnel and raise switching friction in certain therapies (e.g., implants).
Erosion risks
- Competitors match support programs
- Reimbursement changes reduce procedure volumes
- Salesforce turnover
Leading indicators
- Procedure volumes and funnel metrics
- Salesforce productivity
- Competitive program launches
Counterarguments
- Support programs are replicable and may not be a durable moat
- Purchasing decisions may be driven more by cost and outcomes than services
Evidence
categories: bags and plates and supporting products.
Defines the main ostomy categories as ongoing-use products, supporting a consumables-driven installed base.
Coloplast is the global market leader with a market share of 35-40%.
Company-stated leadership supports a demand-side brand/trust moat (and scale-related advantages).
Coloplast is the global market leader with a market share of 35-40%.
Used directly as reported share range.
intermittent catheters accounted for around 75% of the continence care market
Highlights that the largest category is intermittent catheters, a high-frequency product category that supports recurring consumption.
Coloplast is the global market leader with a market share of 40-45%.
Company-stated leadership supports a demand-side brand/trust moat (and scale in distribution and clinical education).
Showing 5 of 17 sources.
Risks & Indicators
Erosion risks
- Tender-driven switching
- Reimbursement price pressure
- Competitor product innovation
- Brand damage from quality issues
- Spec/feature parity narrowing differentiation
- Local low-cost competitors in tenders
Leading indicators
- Market share trend
- Price/mix vs volume growth
- Tender win/loss cadence
- Patient satisfaction / complaint rates
- Churn to competitors
- Gross margin in Ostomy category
Curation & Accuracy
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Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.