Urinary Catheters Market Value to expand at a 4.5% CAGR from 2021 to 2028, reaching USD 5.1 billion: TMR Report

Wilmington, Delaware, United States, May 06, 2023 (GLOBE NEWSWIRE) — The global urinary catheters market was estimated at a market value of USD 3.1 billion in 2020. During the forecast years of 2021 to 2028, the market is expected to grow at a rate of 4.5% CAGR and finally reach USD 5.1 billion by 2028.

One of the main variables that is projected to fuel product demand globally is the rising prevalence of urological illnesses, such as urine retention, urinary incontinence, benign prostatic hyperplasia, cystitis, and kidney stones that cause bladder dysfunction. The demand in the marketplace for these goods is anticipated to increase as a result of the growing number of patients who need the catheterization for the control and drainage of urine.

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Increasing financial aid enables the market introduction of more cutting-edge products. For example, Ingenion Medical Ltd. won financing from Innovative UK in 2020 for roughly GBP 100,000 for the development of its CymActive urinary catheter device. It is a cutting-edge medical gadget intended to relieve urine retention in male patients. The prevalence of urinary incontinence, which mostly affects the older population as well as is underdiagnosed and underreported, is predicted to rise with age.

According to the World Ageing Population report, there were approximately 702.8 million people living in 2019 who were 65 years of age or older, and by 2050, this number is projected to rise to 1,548.9 million. This is anticipated to spur market expansion.

Key Findings of the Market Report

• By product type, the intermittent catheters is expected to gain a prominent share of the global market revenues in 2021.
• By region, the North American market for urinary catheters will gain traction in 2021.

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The Global Market for Urinary Catheters: Key Trends

• In 2020, the intermittent catheters market segment held the top spot and is regarded as the industry standard for helping patients with spinal cord injuries and neurogenic bladder issues empty their bladders.
• During the forecast period, the product segment with a prominent growth is expected to be external catheters. These catheters are a good substitute for other catheters, like inhabited catheters, which need to be introduced through the urinary tract in male patients.

Global Urinary Catheters Market: Regional Outlook

• In 2020, North America led the worldwide market, and it is anticipated that it will continue to expand significantly. The increased prevalence of certain disorders such UI, bladder blockage, urine retention, benign prostate hyperplasia (BPH), as well as bladder cancer is the key factor driving the regional market.
• The market in North America is being driven by an increase in BPH-related surgical procedures and bladder cancer incidence.
• Asia Pacific is expected to be another profitable regional market from 2021 to 2028. The regional market is being driven by the rising prevalence of BPH, spinal cord injury, and UTI.
• The most common infectious illness in this area is UTI. It imposes a heavy financial cost on society and is linked to high morbidity and mortality rates, especially in hospitals.
• The Asia Pacific market is being driven by an increase in UTI risks, particularly in older women, vaginal deliveries, constipation, parity, surgery, obesity, and chronic respiratory issues.

Global Urinary Catheters Market: Key Players

• Teleflex Incorporated
• Hollister Incorporated
• ConvaTec Inc.
• Medtronic PLC
• Cook Medical
• Boston Scientific Corporation
• Coloplast
• C.R.Bard, Inc
• B.Braun Melsungen AG
• TE Connectivity Corporation
• Other prominent players

Some developments by the key players in the global market for urinary catheters are:

• At MEDICA 2021 in November 2021, CATHETRIX, a creative manufacturer of urinary (Foley) smart catheter fixations, unveiled its brand-new catheter stabilizer for the avoidance of urinary tract infections (UTIs) and unintentional Foley catheter extractions.
• The IntelliFlow Bladder Management System manufacturer, UroDev Medical, declared in February 2021 that it will submit a 510(k) clearance request to the US Food and Drug Administration in the middle of the year.
• In March 2019, Coloplast Corporation and Premier Inc., a healthcare provider in the United States, agreed to a three-year purchase agreement for Coloplast’s catheter line of products. Premier Inc. maintains a network partnership of around 4,000 American hospitals with combined supply chain, consulting, and data analytics capabilities that might be used to expand arrangements for Coloplast at reduced rates.

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Global Urinary Catheters Market Segmentation

By Fuel Type

• Intermittent Catheters
• Foley Catheters
• Male External Catheters

By Region:

• North America
• Latin America
• Europe
• Asia-Pacific
• Middle East and Africa

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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