Urinary Catheters Market Worth $5.51 Billion by 2024 | CAGR: 5.41%: Grand View Research, Inc.
SAN FRANCISCO, March 6, 2017 /PRNewswire/ --
The global urinary catheters market is expected to reach USD 5.51 billion by 2024, according to a new report by Grand View Research, Inc. The key contributors for the expansion of the market include the rising incidence of urinary disorders, growing elderly population, and technological advancements pertaining to the relevant devices.
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These catheters have application in patients suffering from urinary retention, urinary incontinence, benign prostatic hyperplasia, and other disorders. Patients suffering from multiple sclerosis, spina bifida, cerebral palsy, spinal cord injuries, prostate enlargement, and cancer also require need them The WHO states that bladder problems affect more than 200 million people globally. Benign Prostate Hyperplasia (BPH) is most common in the ageing population, especially men, and urinary retention is a very common complication in BPH. Transurethral resection of the prostate is a common surgery for BPH and the Urology Care Foundation estimates that around 150,000 men in the U.S. undergo this surgery each year.
The technological development pertaining to these instruments are expected to drive the demand further. The catheters become infected after a couple of weeks and can cause infection of the tract. The development of new antimicrobial catheters with introduced antimicrobial molecules within the tube has advantage over the traditional ones.
Furthermore, the reimbursement policies for these products can also be attributed to the growing demand. The Medicaid program reimburses a patient with 120 intermittent catheters per month and the Medicare Program reimburses around 200 catheters per month.
Browse full research report with TOC on "Urinary Catheters Market Analysis by Product, (Intermittent Catheters, Foley/Indwelling Catheters, External Catheters), By Application, (Benign Prostate Hyperplasia, Urinary Incontinence, Others), And Segment Forecasts, 2013 - 2024" at: http://www.grandviewresearch.com/industry-analysis/urinary-catheters-market
Further key findings from the report suggest:
- In 2015, intermittent catheters was the dominant segment due to less chances of infections associated with their usage and thus being more preferred over the other two types
- In 2015, urinary incontinence was the largest application segment due to the rising prevalence of the disease with aging population.
- North America dominated the market in 2015. The U.S. is the largest market in North America owing to the high prevalence of urology disorders, rising geriatric population, and reimbursement policies.
- Asia Pacific is expected to be the fastest growing during the forecast period owing to the improving infrastructure in emerging economies and increasing interest of large players in this region
- The market dynamics indicate the presence of strong competition amongst the key players like Coloplast; Boston Scientific Corporation; Hollister, Inc.; B Braun Melsungen AG; Teleflex Inc.; Medtronic and many others.
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Grand View Research has segmented the urinary catheters market by product, application, and region:
- Urinary Catheters Product Type Outlook (Market revenue in USD Million, 2013 - 2024)
- Intermittent catheters
- Foley/ Indwelling catheters
- External catheters
- Urinary Catheters Application Outlook (Market revenue in USD Million, 2013 - 2024)
- Benign prostate hyperplasia and prostate gland surgeries
- Urinary incontinence
- Spinal cord injury
- Urinary Catheters Regional Outlook (Market revenue in USD Million, 2013 - 2024)
- North America
- Asia Pacific
- Latin America
- South Africa
- North America
Read Our Blog: Urinary Catheters Market: The rapidly aging population leading to the growth in the market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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SOURCE Grand View Research, Inc.