Major trends in the urinary catheter market include technological advancements with regard to urinary catheters, consistent investment in research and development and surge in acquisitions and mergers.
New York, NY -- (SBWIRE) -- 01/20/2017 -- According to a new market report published by Persistence Market Research titled "Global Market Study on Urinary Catheters: Intermittent Catheters Segment to Witness Highest Growth by 2021", the urinary catheters market is expected to be valued at US$1,377.5 Mn by the end of 2015. It is anticipated to expand at a CAGR of4.1% from 2015 to 2021, to reach US$1,755.0Mn by 2021.
Presently, the urinary catheter market is mainly driven by factors such as growing ageing population, favorable reimbursement policies and increasing demand for advanced urinary catheters. However, factors such as growing incidence of urinary tract infections and the threat from substitutes are expected to hamper market growth. The urinary catheter market is segmented on the basis of product type and application.
The global catheter market was valued at around US$ 25,895.6Mn 2014. The urinary catheter market accounted for 5.1% of global catheter market in 2014 and was valued at US$ 1,326.0 million. Revenue contribution by urinary catheter market to the global catheter market is expected to increase to US$ 1,755.0 by the end of 2021, expanding at a CAGR of 4.1% between 2015 and 2021. The increasing prevalence of chronic diseases and growing ageing population are factors expected to positively affect the growth of the urinary catheter market across the globe.
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By region, North America dominated the market with over 30% market share and is expected to remain dominant throughout the forecast period. The urinary catheter market in Asia and Latin America are expected to expand at a CAGRs of 4.7% and 4.6% respectively during the forecast period.
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Key players covered in this report include B. Braun Melsungen AG, Coloplast A/S., CR Bard Inc., Teleflex Incorporation, Boston Scientific Corporation, Covidien Plc, Hollister Incorporated, and Cook Medical.
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