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Urinary Self-Catheters Market Value to grasp $2.38 billion by 2023, at CAGR of 4.1% | ConvaTec, Hollister, Inc.
Urinary Self-Catheter Market
The global urinary self-catheters market garnered $1.72 billion in 2018, and is estimated to reach $2.38 billion by 2026, growing at a CAGR of 4.1% from 2019 to 2026.
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COVID-19 scenario-
1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
However, lack of awareness regarding utilization of self-catheters and availability of alternatives restrain the market growth. On the other hand, innovations in urinary catheters and untapped potential in emerging countries present new opportunities in the market.
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Intermittent catheters segment to offer lucrative opportunities
Based on product type, the intermittent catheters segment held the major market share in 2018, accounting for more than four-fifths of the total share, and is estimated to continue to dominate during the forecast period. Moreover, this segment is expected to grow at the highest CAGR of 4.3% from 2019 to 2026. This segment offers lucrative opportunities due to increase in adoption, wide availability at affordable prices, and surge in number of target population. The report also offers a detailed analysis of external catheters.
Spinal cord injuries segment to maintain its dominant position by 2026
On the basis of applications, the spinal cord injuries segment accounted for nearly one-third of the total market share in terms of revenue in 2018 and will maintain its dominant position throughout the forecast period. This is due to rise in adoption of self-intermittent catheters and increase in number of spinal cord injuries. However, the benign prostate hyperplasia (BPH) segment is estimated to grow at the highest growth rate with a CAGR of 5.3% from 2019 to 2026. This is attributed to rise in prevalence of BPH, increase in adoption of intermittent catheter over the indwelling catheter, and surge in aging population. The research also analyzes urinary incontinence and other applications.
North America to maintain its leadership status throughout the forecast period
North America held the highest market share in 2018, accounting for more than two-fifths of the total share, and will maintain its leadership status throughout the forecast period. This is due to presence of advanced facilities for healthcare, skilled medical professionals, and key market players in the region. However, Asia-Pacific would register the largest growth rate with a CAGR of 5.6% from 2019 to 2026, owing to improvement in awareness regarding health, progressing healthcare infrastructure, and rise in the number of target population in the emerging countries.
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The Major Key Players Are:
• Asid Bonz GmbH
• B Braun Melsungen AG
• Becton Dickson and Company (C.R. Bard)
• Boston Scientific Corporation
• Coloplast A/S
• ConvaTec
• Hollister, Inc.
• Medical Technologies of Georgia, Inc.
• Medtronic Plc.
• Teleflex Incorporated.
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