The growing elderly population, being more prone to such conditions is one of the factors contributing growth to the global urinary catheter market.
According to the latest Arizton's market research report, the global urinary catheter market size to reach USD 2.5 billion by 2020, growing at a CAGR of over 5% during the forecast period.
Global Urinary Catheter Market Growth Analysis
Urinary catheters are extensively used in emergency healthcare services to treat accidents and trauma cases. Urinary catheters are necessary among such severe cases wherein patients are unable to move and require medical assistance in all their daily activities, thereby, fueling the growth of the global urinary catheter market. Players are competing based on factors such as aggressive pricing, incorporation of safety features, convenient usage, and marketing strategies to gain market share. According to the WHO, burn cases account for 180,000 deaths globally. These incidences are contributing to the growth of the global urinary catheter market. The growing elderly population, being more prone to such conditions is one of the factors contributing growth to the global urinary catheter market.
What’s Trending in the Market?
- B Braun Melsunge launched its own biocompatible material called TPO (Thermoplastic PolyOlefin = PVC-free) for manufacturing urinary catheters.
- R Bard offers the PUREWICK Female External Catheter, which allows simple, non-invasive urine output in female patients. It has the ability to consistently capture and take away 95% or more urine without attaching or entering the body.
- Cardinal Health serves nearly 90% of the US market, which is expected to boost sales with the growing patient population of the country.
- Coloplast sells the SpeediCath Flex Coudé Pro catheter, which boasts a curved tip. Such technologically improved catheter tips are boosting the market growth in upcoming years.
The global urinary catheter market players are actively involved in various growth strategies such as collaborations, partnerships, agreements, and new product launches to gain a competitive advantage over vendors. Due to the increased rate of infections associated with catheterization, antimicrobial coated catheters are growing in popularity and will propel market growth in coming years.
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- Market Size & Forecast by Revenue | 2019−2025
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Segmentation – A detailed analysis by product, gender, end-user, application, coating, and geography
- Competitive Landscape – 6 Key Company Profiles and 28 Other Prominent Vendors
Read: Benign Prostatic Hyperplasia (BPH) Devices Market - Global Outlook and Forecast 2020-2025
North America is Acquiring Major Share in the Global Urinary Catheter Market
The US is known as the major revenue contributor in the urinary catheter market in North America and in 2019 took up a share of around 92%. As per the research by Centers for Medicare and Medicaid Services, the national health expenditure grew by 4.60% in 2017 to nearly 3.50 trillion in the current market. However, the guidelines and reimbursement policies in North America is promising investment opportunities for the market players. North America will have substantial growth in the upcoming years. The loosening of the holding capacity of the urinary bladder and eventual urinary incontinence, is expected to increase the demand for urinary catheters among these patients in the region.
Strategies Adopted by the Players in the Global Urinary Catheter Market
The large corporations in the global urinary catheter market are basically dominating the industry. Regional and local companies are posing intense competition to the key vendors as they offer identical urinary catheters at competitive prices. The global players are investing in R&D, enhancing their product portfolio, and innovating with advanced technologies. They are also focusing on designing products with increasingly biocompatible materials to reduce the potential risk of CAUTIs. Innovative marketing strategies, such as M&A, strong advertising, and competitive pricing, will drive the sales in the global urinary catheter market players. Most of the large vendors are designing self-catheterization products for easy use at home without any assistance which is gaining traction in the global market.
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