Urinary Catheters Market to Register CAGR 4.1% Growth in Value Share During 2021
Global revenue of urinary catheters reached ~ 1.5 billion in 2018, unveils the new research study by Persistence Market Research (PMR). According to the report, the urinary catheters market is estimated to grow by ~4% YOY in 2019, primarily attributed to ease of use, cost effective nature, reduced risk of urinary tract infection, and increase in demand as it is an effective solution among patient population.
Intermittent urinary catheter is gaining a great deal of footing in the market, as intermittent catheterization remains the first and safer method of choice. This urinary catheter does not have many contraindications and permits typical bladder elements. The single-use intermittent urinary catheter is most favored for intermittent catheterization, as it is advantageous and further brings down the risk of long and transient entanglements.
- Shifting Industry dynamics
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- Boston Scientific Corporation
- Medtronic plc.
- Hollister Incorporate
- B. Braun Melsungen AG
- Coloplast A/S
- Becton, Dickinson and Company
- Teleflex Incorporation
- Cook Medical
According to the report, increasing focus on advanced urinary catheters coated with hydrogel, teflon, silicon, elastomer, etc., is rising owing to increasing concern of regulatory bodies across all regions to reduce the infection during catheterization process.
Demand for Intermittent Urinary Catheters to Create Opportunities for Key Market Players
According to the PMR report, intermittent urinary catheters are likely to dominate the urinary catheters market during forecasted period, as these catheters are widely used for an effective bladder management strategy for patients with incomplete bladder emptying, due to idiopathic or neurogenic detrusor overactivity.
Urinary catheter sales are set to see an uptick, as they are relatively easy to use with just a simple procedure and can be used temporarily after certain types of surgery of prostate, genitals, or after an abdominal hysterectomy. Indwelling urinary catheters referred as “Foley” is a closed sterile system with catheters and balloon as external devices for collection of urine.
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The indwelling urinary catheters segment is expected to grow in the forecasted period at a CAGR ~3%, owing to its usage only for short duration, defined as less than 30 days (EAUN recommends no longer than 14 days).
Demand for urinary catheters increases with increase in application in various indications namely, urinary incontinence, urinary retention, prostate gland surgery, and spinal cord surgery.
Application for urinary catheters in prostate gland surgery will continue to account for greater sales, and it is estimated to shoot up by the end of 2029, due to increasing prevalence of benign prostatic hyperplasia (BPH) and prostate cancer. High application potential is also identified in urinary incontinence, due to its increasing prevalence among women population worldwide.
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Investments in Asia Representing Scope for Future Market Growth
A large proportion of the geriatric population aged 65 or above across the globe suffer from urinary disorders, such as urinary retention and incontinence. The elderly population in developed regions such as North America, and Europe is increasingly using urinary catheters.
In contrast, urinary catheter usage penetration is relatively low in developing regions such as in Asia and Latin America, which represents scope of further penetration of urinary catheters in these regions.
Additionally, increasing healthcare spending and growing awareness among physicians and patients in developing Asian countries are expected to result in major opportunities for key players in the global market.
A research study by Persistence Market Research (PMR) analyzed that the Asian market for urinary catheters is expected to grow by CAGR ~4%. Accounting for ~23% share, the Asian market opens new opportunities for key players to expand their footprint in the region, in the view of improved healthcare facilities and growing healthcare expenditure per capita.
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