ALBANY, New York, September 11, 2018 /PRNewswire/ --
A new publication by Transparency Market Research states that the competitive landscape of the global urinary catheters market to be enhanced by the expansion of product portfolio and the presence of a large number of players. The rise in awareness among consumers is estimated to accelerate the growth of the overall market all around the world. The market is highly competitive in nature as leading players are focusing on developments and innovations to attract majority of consumers across the globe.
According to TMR reports, the global market for urinary catheters is anticipated to rise with a healthy CAGR of 5.30% within the forecast period of 2017 and 2025. By the end of the forecast period, the market is predicted to reach a valuation of US$5.00 bn as compared to that of US$ 3.13 bn in 2016. Amongst different products, the intermittent catheters segment is estimated to lead the market with a share of 44.00% as of 2016 records. Geographically, with a firmly established market for biotechnology and pharmaceuticals, North America dominated the global urinary catheters market with a share of 44.90% as of 2016 records.
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Rise in Obesity Rate to Boost Growth of Urinary Catheters Market
The key growth strategy of market players is new product launches. Agreement, collaborations and partnerships accounted for contributing to the growth strategy in the urinary catheters market. Growth in the market can be attributed primarily to factors like increasing number of surgical procedures around the world, growing prevalence of urinary excretion and promising reimbursement scenario for urinary catheters especially in Asia Pacific and Europe regions.
Owing to the rise in geriatric population, there is an increase in urinary incontinence prevalence. Obesity rate expansion, being a key factor, has also added to the overall growth of urinary catheters market and is presumed to rise in the coming years. Other aspects like favorable reimbursement environment and rising number of surgical procedures are further expected to stimulate the growth of the overall market in near future.
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Risk of Acquiring CAUTI to Hamper Demand for Urinary Catheters
Although urinary catheters may seem like a better alternative in case of patients with kidney failure, there is an increased possibility of acquiring catheter associated urinary tract infections. This may act as an obstacle in the progress and growth of the market. As per the findings of the Center for Disease Control and Prevention (CDC), there is a 12-16% possibility of hospital patients acquired to use indwelling urinary catheters while they are hospitalized. During this period, these patients have almost 3-7% chances of acquiring Catheter-Associated Urinary Tract Infection (CAUTI). Furthermore, this may be followed by other complications like orchitis, epididymitis, and prostatitis leading to longer hospital duration and increased cost, hence impeding the market. Besides, the rising inclination towards alternative treatment options is presumed to restrict the growth of the global urinary catheters market in coming years.
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In spite of the risk of CAUTI, the emergence of single-use catheters and self-cathetization is likely to promote growth opportunities for market players across the world. Moreover, several developing economies in Asian region are projected to enhance the growth of the global urinary catheters market during the forecast period.
Leading players of the global urinary catheters market in different parts of the world are Teleflex Inc., TE Connectivity Corp., B. Braun Melsungen AG, Coloplast, Cook Medical, and B. Braun Melsungen AG.
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This information is based on the findings of a research report published by Transparency Market Research (TMR), titled "Urinary Catheters Market (Product Type - Intermittent Catheters, Foley Catheters, and Male External Catheters) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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SOURCE Transparency Market Research