Albany, NY -- (SBWIRE) -- 07/11/2017 -- Global Urinary Catheters Market: Key Players
Some of the prominent players operating in the global urinary catheters market include TE Connectivity Corporation, C.R. Bard Inc., B.Braun Melsungen AG, Coloplast, Cook Medical, Boston Scientific Corporation, Medtronic plc, Hollister Incorporated, ConvaTec Inc., Teleflex Incorporated, and CURE MEDICAL LLC.
Global Urinary Catheters Market: Snapshot
The global urinary catheters market has been displaying steady growth and it is expected to continue doing so going forward too. The growth of this market is mainly driven by the development of medical devices industry, pharmaceutical, and biotechnology industries. The other factors responsible for the growth of the market include rising geriatric population, increasing prevalence of urinary incontinence, and increasing awareness towards health and hygiene in developing countries. According to a report by WHO, approximately 200 million people worldwide suffer from some form of urological disorder that requires urinary catheterization.
Technological advancements, rising per capita health care expenditure, and favorable reimbursement policies for urinary catheterization is leading to the increased use of urinary catheters across hospitals, specialty clinics, ambulatory surgery centers, etc.
As per a report by Transparency Market Research, the global urinary catheters market will likely to expand at a steady CAGR of 5.3% between 2017 and 2025. Expanding at this rate, the revenue of the market is projected to reach US$5,003.1 mn in 2025 increasing from US$3,130.7 mn in 2016.
This exhaustive report includes 62 data tables and 188 figures to give readers a 360° view of the Urinary Catheters Market. Browse through this 280-page report to know what factors will shape the market during the period 2017-2025
Fewer Side Effects Stoke Demand for Intermittent Catheters
The global urinary catheters market can be classified based on product type into intermittent catheters, Foley catheters, and male external catheters. The intermittent catheters segment, among these, raked the lion's share of 44.0% of the global urinary catheters market in 2016. This is because intermittent catheters have less chances of acquiring catheter acquired urinary tract infection (CAUTI), which is one of the major forms of hospital acquired infections in developed countries. With further technological advancement in intermittent catheters and introduction of more efficient and less invasive catheters that are in the pipeline, the growth of this segment will be further benefitted in the future too. Ease of handling, low cost of catheterization, and fewer side effects of intermittent catheters are key reasons for their increased acceptability among healthcare professionals and patients. These factors will lead the segment of intermittent catheters to rise at a CAGR of 4.8% over the forecast period between 2017 and 2025
On the other hand, indwelling or Foley catheters have been majorly associated with CAUTIs as hospitalized patients need to be put on catheterization for considerably longer duration. Male external catheters are the newest type of urinary catheters and the segment contributed a significant revenue to the global urinary catheters market in 2016.
Well-established Research Infrastructure Makes North America Leading Market
Based on geography, the global urinary catheters market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Among these, North America commands the global urinary catheters market with the region accounting for the leading share of 44.9% in the market in 2016. Going forward too, the region is expected to hold supremacy in the global market owing to a well-established pharmaceutical and biotechnology industry, increasing research activities, and increasing prevalence of neurovascular disorders. The domestic market of the U.S. contributes significant share to this regional market due to a large patient pool and well established healthcare infrastructure.
Europe stands as the second-leading regional market for urinary catheters. Increasing research initiatives by local manufacturers to introduce technologically advanced urinary catheters is fuelling the growth of this regional market. For instance, Coloplast invested US$95.9 mn in R&D in 2016 to introduce newer products. Germany and the U.K. are major domestic markets for urinary catheters in this region.
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