The global urinary slings market to grow at a CAGR of 10.12% during the period 2017-2021.
The report, Global Urinary Slings Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
One trend in market is improving reimbursement policies. Urinary incontinence care management products are generally costly, requiring patients to spend substantially on its treatment. This can be an economic burden, as many insurance policies do not cover such products. Globally, countries are framing reimbursement policies for urinary sling procedures. For example, developed countries, such as the US, provide insurance cover for these products that is likely to create more demand for urinary slings as more people will be able to afford urinary sling surgeries. Over the past few years, there has been a favorable upgrade in Medicare (the official website of the US Government for medical health-related information) reimbursement in the US. Medicare pays physicians for services based on the submission of a claim using one or more specific Current Procedural Terminology (CPT) codes. Each CPT code has a Relative Value Unit (RVU) assigned to it, which when multiplied by the conversion factor and a geographical adjustment creates the compensation rate for a particular service.
According to the report, one driver in market is rise in geriatric population. A rising concern worldwide is the aging population in major countries, such as Japan, South Korea, China, Germany, and the US. An aging population means an increase in the number of people suffering from a wide range of chronic diseases, some that cause urinary incontinence. With an increase in aging population, there is also an increase in the number of urinary incontinence cases that requires proper treatment, such as urinary sling surgeries, and this provides a massive opportunity for the vendors in the market. The global adult incontinence market has grown by over 40% in the last five years, which propels the demand for developing innovative urinary slings that can ease the handling of the medical condition faced by the elderly population.