The global market for urinary catheters is highly competitive in nature and is expected to remain in the similar scenario in the next few years, states a new market research report by Transparency Market Research. The presence of a large number of players and the expansion of product portfolio are projected to enhance the competitive scenario of the market. The leading players in the global urinary catheters market are focusing on innovations and developments in order to attract a large number of consumers across the globe.
In addition, the rising awareness among consumers is further estimated to accelerate the growth of the overall market in the next few years. Some of the leading players operating in the urinary catheters market across the globe are B. Braun Melsungen AG, TE Connectivity Corp., C.R. Bard Inc., Boston Scientific Corp., Coloplast, Cook Medical, ConvaTec Inc., Medtronic Plc, Hollister Inc., Teleflex Inc., and CURE MEDICAL LLC.
According to the market research study by Transparency Market Research, in 2016, the global urinary catheters market was worth US$3.13 bn. The market is projected to reach a value of US$5.0 bn by 2025, registering a healthy 5.30% CAGR between 2017 and 2025.
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Increasing Research and Development Activities to Drive North America Market
From a regional perspective, North America is expected to witness high growth throughout the forecast period. As per the study, this region is projected to account for a large share and continue with its dominance in the coming years, thanks to the presence of well-established biotechnology and pharmaceutical industries.
In addition, the increasing research and development activities and the rising prevalence of neurovascular disorders are further estimated to accelerate the growth of the market in the near future. Furthermore, Europe is projected to stand at the second position in the urinary catheters market in the next few years. The rising research initiatives by the regional manufacturers in order to introduce new technology for urinary catheters is one of the key factors encouraging the growth of the Europe market in the next few years.
Among the key product types, the intermittent catheters segment is projected to account for a large share of the global market and is likely to retain its position throughout the forecast period. The high growth of this region can be attributed to the fact that intermittent catheters have quite less chance of obtaining catheter acquired urinary tract infection, which is considered as one of the most common forms of hospital acquired infections in several developed countries. In addition, several advancements in technology in intermittent catheters and the advent of less invasive and more efficient catheters are further projected to encourage the growth of this segment in the next few years.
Increasing Urinary Incontinence to Accelerate Market Growth
The increasing prevalence of urinary incontinence due to increasing rate of obesity and rising geriatric population is considered as one of the key factors projected to encourage the growth of the global urinary catheters market in the next few years. The increasing number of surgical procedures and the favorable reimbursement environment are further estimated to accelerate the growth of the overall market in the near future.
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On the flip side, the rising preference for alternative treatment options for increasing urinary incontinence is predicted to restrict the growth of the global urinary catheters market in the next few years. Nonetheless, the advent of self-catheterization and single-use catheters is likely to generate promising growth opportunities for the market players across the globe. In addition to this, the developing economies in several Asian nations are also predicted to enhance the growth of the overall market in the forecast period.