NEW YORK, March 30, 2017 /PRNewswire/ -- The global urinary catheters market is expected to reach USD 5.51 billion by 2024, according to a new report by Grand View Research, Inc. The key contributors for the expansion of the market include the rising incidence of urinary disorders, growing elderly population, and technological advancements pertaining to the relevant devices.
These catheters have application in patients suffering from urinary retention, urinary incontinence, benign prostatic hyperplasia, and other disorders. Patients suffering from multiple sclerosis, spina bifida, cerebral palsy, spinal cord injuries, prostate enlargement, and cancer also require need them The WHO states that bladder problems affect more than 200 million people globally. Benign Prostate Hyperplasia (BPH) is most common in the ageing population, especially men, and urinary retention is a very common complication in BPH. Transurethral resection of the prostate is a common surgery for BPH and the Urology Care Foundation estimates that around 150,000 men in the U.S. undergo this surgery each year.
The technological development pertaining to these instruments are expected to drive the demand further. The catheters become infected after a couple of weeks and can cause infection of the tract. The development of new antimicrobial catheters with introduced antimicrobial molecules within the tube has advantage over the traditional ones.
Furthermore, the reimbursement policies for these products can also be attributed to the growing demand. The Medicaid program reimburses a patient with 120 intermittent catheters per month and the Medicare Program reimburses around 200 catheters per month.
Further Key Findings From the Study Suggest:
In 2015, intermittent catheters was the dominant segment due to less chances of infections associated with their usage and thus being more preferred over the other two types
In 2015, urinary incontinence was the largest application segment due to the rising prevalence of the disease with aging population.
North America dominated the market in 2015. The U.S. is the largest market in North America owing to the high prevalence of urology disorders, rising geriatric population, and reimbursement policies.
Asia Pacific is expected to be the fastest growing during the forecast period owing to the improving infrastructure in emerging economies and increasing interest of large players in this region
The market dynamics indicate the presence of strong competition amongst the key players like Coloplast; Boston Scientific Corporation; Hollister, Inc.; B Braun Melsungen AG; Teleflex Inc.; Medtronic and many others.
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