Urinary Catheters Market Eyeing Noteworthy Growth due to Favorable Reimbursement Scenario
The Urinary Catheters Market is anticipated to grow at a 7.8% CAGR between 2018-2023, states the latest Market Research Future (MRFR) report. A urinary catheter, simply put, is a tube that is placed in the human body for draining and collecting urine from the bladder. It comes in different types, sizes, and materials. A catheter is suggested by a doctor if a person has urinary retention, has urinary incontinence, or cannot control when they urinate.
Various factors are propelling the Urinary Catheters Market Growth. Such factors, as per the latest Market Research Future report, include increasing awareness about the benefits of catheterization among the populace, increasing geriatric population, rising rates of obesity, growing preference for self-catheterization, and single-use catheters, and favorable reimbursement scenario. Additional factors pushing the growth of the urinary catheters market include rising number of surgical procedures worldwide, increasing incidence of urinary incontinence, rising incidence of bladder cancer, kidney, as well as other renal diseases, government support to offer the public with affordable medical facilities, rising spending on healthcare, and rapid economic growth.
On the contrary, social stigma, disposal concerns related to used catheters, patient incompliance, incidences of infection in the urinary tract, and availability of alternatives are factors that may deter the catheter market.
Notable players profiled in the urinary catheters market report include Rochester Medical Corporation, Hollister Incorporated, Cook Medical, Bactiguard Holding, Wellspect Healthcare (A Subsidiary of Dentsply IH Ltd.), C.R. Bard, Inc., Medtronic, Teleflex, Terumo Europe NV, Medloyd Healthcare, DISA Vascular, B. Braun Melsungen AG, Werkomed Pty Ltd, ConvaTec Group PLC, Coloplast A/S, and Boston Scientific Corporation.
November 2019: Leading developer of urinary smart catheter fixations, CATHETRIX has recently signed an agreement with the global distributor of medical products, Pro-Lab Diagnostics for FoleySafe catheter securement device distribution in the United Kingdom, the United States, and Canada. FolySafe is the first catheter stabilizer that actively prevents possible damages to the urethra and bladder from the accidental extraction of the urinary catheter.
The Market Research Future report provides an all-inclusive segmental analysis of the urinary catheters market on the basis of end user, indication, gender, product, and type.
By type, the urinary catheters market is segmented into uncoated catheters and coated catheters. Of these, coated catheters will lead the market during the forecast period. They ensure more comfortable and easier insertion, thus offering better patient satisfaction and cutting down the risks of urethral damage.
By gender, the urinary catheters market is segmented into female urinary catheters and male urinary catheters.
By product, the urinary catheters market is segmented into external catheters, indwelling catheters, and intermittent catheters. Of these, the intermittent catheters will dominate the market during the forecast period.
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By indication, the urinary catheters market is segmented into general surgery, urinary incontinence, spinal cord injuries, and benign prostatic hyperplasia. Of these, urinary incontinence will have the maximum share in the market during the forecast period due to the huge population suffering from this condition worldwide.
By end user, the urinary catheters market is segmented into research organizations and academic institutes, hospitals and clinics, and others.
By region, the urinary catheters market report covers the latest trends and growth opportunities across the Americas, the Middle East and Africa, Europe, and the Asia Pacific. Of these, the Americas will dominate the market during the forecast period. Various factors propelling the urinary catheters market growth in the region include the presence of key market players in the region, high domestic income, and increasing incidence of urinary tract infections that are catheter-associated.
The urinary catheters market in Europe will have the second-largest share during the forecast period. Various factors propelling the urinary catheters market growth in the region include the accessibility of funds for research coupled with the presence of a strong academic and research base.
The urinary catheters market in the APAC region will grow at the fastest pace during the forecast period for the growing focus of leading market players in this region and increasing patient population.
The urinary catheters market in the MEA will have a small share during the forecast period for the increasing number of initiatives undertaken by the government for the healthcare industry.