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Urinary Catheters Global Market 2024 - Latest Technology, Industry Trends, Future Demand And Outlook By 2033
Urinary Catheters Global Market
According to The Business Research Company's, The urinary catheters market size has grown exponentially in recent years. It will grow from $5.18 billion in 2023 to $5.58 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to advancements in medical science, improved understanding of infection control, enhanced patient care standards, the rise of surgery and anesthesia, and the industrial revolution.
The urinary catheters market size is expected to see strong growth in the next few years. It will grow to $7.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%. The growth in the forecast period can be attributed to the aging population, increasing emphasis on infection control, growing healthcare expenditure, shift towards minimally invasive procedures and telemedicine, and remote patient monitoring. Major trends in the forecast period include the integration of digital health technologies, customized catheterization solutions, technological advancements, increasing partnerships, and strategic investments.
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Market Drivers and Trends:
The rising occurrence of chronic illnesses is expected to propel the growth of the urinary catheter market going forward. Chronic illnesses refer to long-term health conditions that persist over an extended period, often requiring ongoing management and treatment as they are generally not curable. The occurrence of chronic illnesses is due to aging population, unhealthy lifestyles, and the accessibility and infrastructure of healthcare. Urinary catheters are vital in enhancing the quality of life for individuals with chronic illnesses, ensuring better management of their symptoms, and reducing the risk of further health issues. For instance, in January 2023, according to the National Library of Medicine, a US-based biomedical library, the number of people 50 years of age and older who have at least one chronic illness is predicted to increase from 71.522 million in 2020 to 142.66 million in 2050, a 99.5% increase. Further, it is anticipated that the number of people with multimorbidity will grow from 7.83 million in 2020 to 14.96 million in 2050, a 91.16% increase. Therefore, the rising occurrence of chronic illnesses is driving the growth of the urinary catheter market.
Major companies in the urinary catheter market are developing innovative products, such as foley catheter fixation, to enhance patient comfort and reduce complications. Foley catheter fixation refers to a medical apparatus designed to secure a Foley catheter to prevent movement or accidental displacement. These devices typically include adhesive pads or straps that attach to the patient's skin and clips or mechanisms to hold the catheter securely. For instance, in January 2023, Cathetrix, an Israel-based manufacturer of smart catheter fixation devices, launched Foley/Safe, a catheter stabilizer that actively prevents accidental extractions, stabilizes the catheter and prevents excessive movement. This device boasts a patented locking mechanism, ensuring the catheter remains securely in place to prevent accidental dislodgement, which is crucial in reducing catheter-associated urinary tract infections (CAUTI) and enhancing patient comfort. Its innovative design enables convenient access to the catheter insertion site, facilitating regular inspection and cleaning.
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Major Key Players of the Market:
Medtronic PLC, Becton Dickinson and Company, Boston Scientific Corporation, Medline Industries Inc., B. Braun Melsungen AG, Coloplast A/S, Cook Medical, Teleflex Incorporated, Cook Medical LLC, ConvaTec Group PLC, Hollister Incorporated, Amsino International Inc., Wellspect AB, WellLead Medical Co. Ltd., Applied Medical Technology Inc., Bactiguard AB, Dynarex Corporation, Pennine Healthcare Group Limited, Pacific Hospital Supply Co. Ltd., Cure Medical LLC, CompactCath Inc., Manfred Sauer GmbH, Poiesis Medical LLC, Hunter Urology Ltd., ROCAMED Medical Devices
Urinary Catheters Market 2024 Key Insights:
• The urinary catheters market size is expected to see strong growth in the next few years. It will grow to $7.58 billion in 2028 at a compound annual growth rate (CAGR) of 7.9%.
• Rising Prevalence Of Chronic Illnesses Fueling Growth In The Urinary Catheter Market
• Innovations in Foley Catheter Fixation for Enhanced Patient Comfort and Safety
• North America was the largest region in the urinary catheters market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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