Increase in prevalence of urological diseases, surge in product launches, and growing number of surgeries drive the growth of the global indwelling catheters market
PORTLAND, Ore., Feb. 15, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Indwelling Catheters Market By Product Type (2-way Catheters, 3-way Catheters, 4-way Catheters), By Material (Latex and Silicone), By Coating Type (Hydrogel Coating, Silver Alloy Coating, Silicone-elastomer and Others) and Application (Post-surgical Care, Critical Care, Urinary Incontinence, Benign Prostate Hyperplasia): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global indwelling catheters industry generated $1.21 billion in 2019, and is projected to generate $2.32 billion by 2027, witnessing a CAGR of 9.1% from 2020 to 2027.
Drivers, restrain, and opportunities
Increase in prevalence of urological diseases, surge in product launches, and growing number of surgeries drive the growth of the global indwelling catheters market. However, rise in catheter-associated infections hinders the market growth. On the other hand, high growth potential in emerging markets and rise in geriatric population present new opportunities in the coming years.
A majority of healthcare, pharmaceuticals, and biotechnology organizations have focused on safety wearables, diagnostic kits, and treatment vaccines and medications during the initial phase of covid-19. Owing to this, the global indwelling catheters market happened to facehuge negligence.
Nevertheless, the government bodies are issuing unlock periods to support industries in terms of economic growth and the global market for indwelling catheters is expected to recoup soon.
The 2-way catherters segment to offer lucrative opportunities
Based on product type, the 2-way catheters segment contributed to the highest market share, accounting for more than half of the global indwelling catheters market in 2019, and will continue its leadership status throughout the forecast period. In addition, this segment is projected to register the highest CAGR of % 9.6 from 2020 to 2027. 2 way indwelling catheters are flexible, appropriate for long-term use, which help drain urine from one lumen and have an inflatable balloon at the other end in order to hold the catheter in place. These factors drive the growth of the segment.
The post-surgical segment to maintain its lead position during the forecast period
Based on application, the post-surgical care segment held the highest share in terms of revenue in 2019, contributing to more than half of the global indwelling catheters market, and is expected to maintain its lead position during the forecast period. This is attributed to the prevalence of urinary disease, chronic infections and increase in number of surgeries across the globe. However, the urinary incontinence segment is projected to witness the fastest CAGR of 12.8% from 2020 to 2027. This is due rise in the prevalence of urologic diseases, such as urinary retention, benign prostate hyperplasia (BPH), bladder obstruction, urinary incontinence, prostate cancer, and bladder cancers.
North America to maintain its dominance by 2027
Based on region, North America held the highest market share in terms of revenue in 2019, accounting for more than two-fifths of the global indwelling catheters market, and will maintain its dominance by 2027. This is attributed to increase in utilization of indwelling catheters in hospitalized patients in the U.S. However, Asia-Pacific is projected to manifest the highest CAGR of 10.9% during the forecast period, owing to surge in prevalence of urological diseases, increase in geriatric population and chronic infections.
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