TORONTO, Nov. 19, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the Brazilian, Russian, Indian and Chinese (BRIC) markets for urological devices will expand strongly through 2022 as a result of rapid economic growth coupled with increased government investment in healthcare.
Within the urological device market, urinary incontinence devices generate the bulk of revenues. The market for these devices will grow at an average annual rate of about eight percent through 2022. Among urinary incontinence (UI) devices, urinary catheters will account for more than half of revenues. While intermittent catheters are widely available in the US and Europe, BRIC countries most often use Foley catheters, because of their lower cost. Intermittent catheters were not even available in India in 2013.
International competitors have shown strong interest in these potentially lucrative markets. However, UI devices, particularly urinary catheters, are fairly simple to develop and many domestic competitors also offer these products, resulting in highly fragmented markets with strong price competition. For example, the Brazilian Foley catheter market only contained domestic competitors in 2013. In India, one particularly successful local competitor is Romsons, which held approximately one-quarter of the urinary incontinence device market share in 2013.
"Despite these challenges, more multinational competitors are anticipated to enter the BRIC urological device markets through 2022 as these markets continue to grow," said MRG Analyst Jennifer Smith. "So far, however, these companies have had the most success in more technically advanced segments, such as vaginal slings or holmium lasers. Partnerships or distribution agreements with local companies may help these companies penetrate these highly price-sensitive markets."
Millennium Research Group's BRIC Markets for Urological Devices 2014 report includes unit, procedure, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for UI devices, stone management devices, benign prostatic hyperplasia devices and urological endoscopes in Brazil, Russia, India and China.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group