Urinary Catheters Market: Growing Prevalence of Urological Disorders to Boost Demand
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Another noticeable growth trend observed in the market is acquisitions by means of which companies are not only expanding their shares but also strengthening their position across various geographies. TE Connectivity Corporation, for example, acquired AdvancedCath in February 2015 to enhance its medical business and strengthen its position in the medical industry which is expanding at a fast pace.
Some prominent names in the global urinary catheter market are Coloplast, B.Braun Melsungen AG, Teleflex Incorporated, Convotec, Cook Medical, Medtronic plc, CURE MEDICAL LLC, and Hollister Incorporated.
A report by Transparency Market Research forecasts the global urinary catheter market to grow at a CAGR of 5.3% between 2017 and 2025 to reach a valuation of US$5,003.1 mn by 2025 from US$3,130.7 mn in 2016.
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Depending upon product type, the global urinary catheters market can be segmented into intermittent catheters, Foley catheters, and male external catheters. The segment of intermittent catheters held a jaw-dropping share of more than 64.5% of the market in 2016 in terms of revenue. The product segment is expected to witness considerable growth over the forecast period due to its several advantages that it offers.
Among the key geographical segments of the global urinary catheters market, North America held the leading share of 44.9% in the overall market in 2016 in terms of value. Supremacy of the region is attributed to a well-established pharmaceutical and biotechnology industry, increasing research activity, and increasing prevalence of neurological disorders and urinary incontinence.
The topmost factor driving the global urinary catheters market is technological advancements in urinary catheters. The high incidence of catheter-associated urinary tract infections (CAUTIs) and flaws in condom catheters has necessitated the introduction of technologically advanced urinary catheters made of improved materials. “The geriatric population that accounts for a considerable patient pool suffering from urinary disorders, especially incontinence and urinary retention,” explains the lead analyst of the study. Hence, the rising population of this group is one of the key growth drivers of the urinary catheters market. Moreover, the rising incidence of chronic diseases is providing ample opportunities to the growth of this market. As per a report published by CamStent Ltd., more than 25% patients that are hospitalized in the U.S. every year receive urinary catheterization for proper bladder drainage. Urinary catheters are also predicted to witness high demand due to increasing healthcare expenditure.
On the flip side, lack of reimbursement policies for urinary catheters is limiting their use among patients that need temporary catheterization during the course of treatment for other diseases. Rising number of catheter-associated urinary tract infections globally is limiting the use of urinary catheters.
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Nevertheless, high unmet needs of a large patient pool suffering from urinary disorders is expected to provide large opportunities to the growth of this market.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
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