ALBANY, New York, March 5, 2019 /PRNewswire/ -- According to TMR, the global urinary catheters market was valued at US$3.13 bn in 2016. The market is estimated to touch a value of US$5.0 bn by 2025, expanding at a steady 5.30% CAGR between 2017 and 2025.
Geographically, North America is expected to dominate the urinary catheters market throughout the forecast period. This is mainly because of the presence of key manufacturers in the region. Based on product types, the intermittent catheters segment is anticipated to hold a large share in the global urinary catheters market.
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Rising Prevalence of Urinary Incontinence to Bolster Growth
The ability of urinary catheters to ensure easier and more comfortable insertion is increasing adoption rate of device among medical professional. This is helping medical professionals to treat urinary incontinence condition easily. This is because it is less painful and can be easily instead inside patient body. The global urinary catheters market is growing owing to better patient satisfaction. Apart from this, urinary incontinence has increased at an alarming rate across the globe. One of the major factors behind this is rising obesity among youth owing to the changing lifestyle. In addition, factors such as increasing number of surgical procedures as well as favorable reimbursement infrastructure are likely to accelerate the global urinary catheters market during the estimated period.
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On the other side, easy availability of cheaper substitutes of urinary catheters is a major restraint in the global urinary catheters market. Nonetheless, the restraints are expected be overcome by increasing use of single-use catheters and self-catheterization. Rising consumption from the developing countries like India, Bangladesh, and other Asian nations is projected to drive the global urinary catheters market in times to come. These are some factors likely to hold lucrative avenue for the growth of the global urinary catheters market.
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Biocompatible Materials to Push Growth of Catheterization Space
Material innovations owing to intense research and development-based activities carried out by catheter manufacturers in recent years is driving the global urinary catheters market. Biocompatible materials such as silicone and latex are enhancing functionality of urinary catheters thereby reducing risks of adversity such as urethritis, meatitis, and trigonitis. The urinary catheters market is expanding on the back of increasing investments facilitated by key players in the research and development activity.
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The vendor landscape of the global market for urinary catheters depicts fierce competition among the key players. The market is expected to maintain a similar pace for the next few years, states Transparency Market Research. Key players in the urinary catheters market are adopting strategic approaches such as product proliferation and research and development to strengthen their market position. In addition to this, rising awareness among end users is further estimated to drive the global urinary catheters market. Some of the predominant players in the global urinary catheters market are Teleflex Inc., B. ConvaTec Inc., Hollister Inc., Medtronic Plc, CURE MEDICAL LLC, Coloplast, and Cook Medical.
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This information is based on the findings of a research report published by Transparency Market Research (TMR), titled "Urinary Catheters Market (Product Type - Intermittent Catheters, Foley Catheters, and Male External Catheters) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025."
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