Drainage Consumables Market To Generate $1,823.1 Million Revenue by 2024

A number of factors, such as the rising prevalence of chronic illnesses, growing aging population, improving healthcare infrastructure, technological advancements, increasing number of surgeries, rising disposable income of people, increasing number of public healthcare initiatives by governments, and surging need to change drainage consumables to prevent infectious diseases, are projected to propel the growth of the drainage consumables market at a CAGR of 2.8% during the forecast period (2020–2024). According to P&S Intelligence, $1,604.0 million revenue was generated by the market in 2019, which is expected to reach $1,823.1 million by 2024.

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Moreover, the drainage consumables market is witnessing the surging launch of new and advanced drainage consumables. The major companies offering such products are making heavy investments for reach and development (R&D) and launch of new products, to improve their position and expand their customer base around the world. For example, Merit Medical Systems Inc. launched the ReSolve Mini locking drainage catheter in December 2019 to percutaneously drain fluids from body cavities. The player, with the launch of this product, intended to enhance the patient care and safety standards.

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The type segment of the drainage consumables market is classified into drainage bags, reservoirs, catheters, and high/low-vacuum consumables. Among these, the drainage bags category accounted for the largest market share in 2019, and it is projected to lead the market during the forecast period as well. This can be ascribed to the surging need to change used drainage bags frequently to prevent urinary tract infections (UTIs) in patients, especially since the incidence of such hospital-acquired infections (HAIs) has been increasing in recent years.

Thus, the rising incidence of chronic illnesses and surging healthcare spending are expected to propel the demand for drainage consumables during the forecast period.

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