DUBAI, UAE, June 3, 2021 /PRNewswire/ -- ESOMAR-certified consulting firm Future Market Insights' report projects an impressive growth in the global urinary bag market throughout the forecast period 2021-2031. Growing geriatric population and rising cases of urinary incontinence among the old age population are the factors underpinning the market growth.
The global urinary bags market grew at a moderate rate of over 3.5% CAGR between 2016 and 2020, owing to the surging demand of adult urinary bags within hospitals. Rising incidence of urinary incontinence, retention and spinal cord injuries, especially among older population, have bolstered the market demand.
According to a report by World Health Organization, out of 3000 older women across the globe, 21.8% women are recorded with problem of urinary incontinence. Every 24 hours there's an incidence of urinary urgency. The report also stated, about 33 million older men and women have overactive bladder. A quarter to a third of older population in U.S. surfer from urinary incontinence.
Rising burden of this condition among older population have stimulated the demand of adult urinary bags across the U.S., India, the U.K., and China. As per FMI's analysis, the adult urinary bag segment is anticipated to exhibit a growth at over 4% CAGR between 2021 and 2031.
"There has been a significant increase in the healthcare investment due to the expanding geriatric population across the globe. Hence, manufacturers are focusing on research activities to develop advanced products to assist in the treatment of surging cases of urinary incontinence," says the FMI analyst.
In terms of product type, drainage bags will be account for maximum market share of over 52% during the forecast period
Hospitals are anticipated to be the leading end user, accounting for 40% of market sales
Surging demand for 1000 ml capacity urine bags will spur the sales over the forecast period
Disposable urine bags will witness an impressive growth through 2021, accounting for more than 75% of market share
Adult urine bags segment is one of the most lucrative segment, covering 90% of global market sales
U.S. is leading the North America's urinary bag market, accounting for over 90% of market sales
Germany's urinary bag market is poised to expand at 5% CAGR through 2031 to reach a valuation of US$ 270 million
Increased expenditure on healthcare infrastructure and development across UK will spur the urinary bag market sales
China being the second largest pharmaceutical market, increased capital investment will provide growth opportunities for market players in the country
With the market being consolidated in nature, leading players are primarily focusing on research & development activities for urine incontinence, urinary retention and gynecological or urological surgeries. .
In addition to this, market players are reliant on other strategies such as collaborations and mergers to maintain the competitive edge and expand their global footprints.
For instance, in April 2021, Analytica LTD., the Australian developer of the Enhanced Infusion System (EIS) and PeriCoach® pelvic floor exercise system for the treatment of stress urinary incontinence, announced an agreement with Marwa's Office for Export & Import Medical Supplies to distribute and sell the EIS to hospital systems in Middle East & Africa.
Some of the leading companies profiled by Future Market Insights include:
In its latest report, FMI sheds an in-depth analysis on the global urinary bag market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of:
Large Capacity Bags
Less than 500 ml
Reusable Urinary Bags
Disposable Urinary Bags
Ambulatory Surgical Centers
Long Term Care Centers
Home Care Settings
Middle East & Africa (MEA)
Key Questions Covered in the Report
How will the market for urinary bag will expand through 2031?
Which top companies are leading the global urinary bag market?
What are the key drivers and trends that will stimulate the urinary bag sales?
What are the challenges that will affect the sales of urinary bag market?
Which region will remain the most lucrative throughout the forecast period?
What is the impact of Covid-19 on urinary bag market?
Explore FMI's Extensive Coverage on Healthcare Domain
Pediatric Sports Medicine Market: In its new study, ESOMAR-certified market research and consulting firm Future Market Insights (FMI) offers insights about key factors driving demand for pediatric sports medicine market. The report tracks the global sales of pediatric sports medicine in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on sports medicine in general, and single-pediatric sports medicine in particular.
Orthomolecular Medicine Market: The global orthomolecular medicine market report by FMI sheds light on the important growth dynamics expected to prevail across the 2021-2031 assessment period. Statistics of key segments have been provided across prominent geographies, along with a detailed mapping of the global competitive landscape, rendering this insight a highly effectual one.
Personalized Medicine Market: In its new report, the Future Market Insights (FMI) offers an exhaustive overview of the global personalized medicine market with focus on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the global advanced wound debridement products market structure. The market study presents exclusive information about how the market will grow during the forecast period.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.