Global Disposable Catheters Market is Projected to Reach USD 15.0 Billion, Growing at a CAGR of 11.8% During 2021-2027
Published | 11 January 2021
According to BlueWeave Consulting, the global disposable catheters market worth USD 7.3 billion in 2020 and is further projected to reach USD 15.0 billion by 2027, growing at a CAGR of 11.8% during 2021-2027 (forecast period). The rise in the geriatric population along with the higher risk of acquiring cardiovascular, neurovascular, and urology disorders will drive the market demand. The demand for minimally invasive therapies has been also increased to avoid post-surgical complications, minimize the length of hospital stays, and recovery time. Also, the rising demand for minimally invasive therapies is generating immense opportunities for market growth globally. The increasing prevalence of cardiovascular, neurovascular, and urology disorders will serve to be a high impact rendering factor for industry demand over the forecast timeframe.
Growing prevalence of urinary incontinence
Urinary incontinence is defined as the involuntary leakage of urine, the raised number of incidents can be seen in the old population. It means a person urinates when they do not want to. The total control over the urinary sphincter is either lost or weakened in this case. Urinary incontinence is a very common problem that affects many people. The high prevalence of urinary incontinence occurring among the patients is a major factor leading to the increased demand for urinary catheters across the globe and is acting as the major driver for the market. This Incontinence can happen for many reasons such as urinary tract infections, vaginal infection, or irritation, constipation. Some medicines can cause bladder control problems that last a short time.
Emerging Economies acting as the major driver for the market
The emerging countries namely such as China, India, South Korea, Brazil, and Mexico) offers significant growth opportunities to major market players. This can also be attributed to their low regulatory barriers, growing improvements in healthcare infrastructure. The rising number of the patient population and rising healthcare expenditure is also acting as an opportunity for the market. The regulatory policies in the Asia Pacific are more adaptive and business-friendly than those in developed countries. This, along with the increasing competition in mature markets, has drawn key players in the urinary catheters market to focus on emerging countries.
Urological catheters occupy the largest share of the Disposable Catheters market
Based on the product, the disposable disposables catheters market is segmented into cardiovascular catheters, neurovascular catheters, urological catheters, intravenous catheters. The urological catheters are likely to dominate in the disposable catheters market as the urinary incontinence segment accounted for the largest share of the urinary catheters market in 2019. A urinary catheter is known as a tube placed in the body to drain and collect urine from the bladder. The urinary incontinence segment is also expected to grow due to the increasing elderly population, which increases urinary incontinence, retention, and other bladder disorders worldwide.
Global Disposable Catheters Market: Regional insights
North America catering to the largest share and expected to witness significant growth in the Disposable catheters market during the forecast period. The high industry growth rate, with the emergence of new technology, is the major reason. The key providers are continuously upgrading their offerings to differentiate them from other competitors. This is achieved by various organic and inorganic strategies. Suppliers operating in the industry are continuously working on new development, technical expertise, and in-house capabilities. High opportunity makes the Disposable Catheters market more competitive and suppliers are trying hard to capture the clients. The market is highly acceptable to innovative products, however, considering the risks involved in business continuity implementers are still considering brand over new offerings in the market.
Global Disposable catheters Product Market: Competitive Landscape
The leading players in the global Disposable catheters product market include Braun Melsungen AG, Boston Scientific Corporation, Coloplast Ltd., ConvaTec Inc., Becton, Dickinson and Company, Cardinal Health, Teleflex Incorporated Wellspect HealthCare, and Cook Medical AsidBonz GmbH, Degania Silicone Ltd., Bactiguard, Medical Technologies of Georgia, ROCAMED, Well Lead Medical Co., Ltd. Go Medical Industries Pty Ltd., Cure Medical, LLC, Amsino International, Inc., Urocare Products, Inc., and M Urinary Catheters LLC., CompactCath, Hunter Urology, MANFRED SAUER GMBH, and Ribble International Limited, are expanding their presence in the market by implementing various business strategies. Major players are engaged in mergers and acquisitions, expansion of their manufacturing facilities, infrastructural growth, investment in R&D facilities, and the quest for opportunities to expand vertically through the value chain.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of global Disposable Catheters market size & forecast. The report promises to provide recent technology trends of the Disposable Catheters market and industry insights that help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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