ALBANY, New York, September 26, 2018 /PRNewswire/ --
As per expert analysts, the global urinary catheters markethad registered revenue worth US$3,130.7 mn in 2016, which is further expected to expand at a steady CAGR of 5.3% during the forecast period from 2017 to 2025 to attain the value of around US$5,003.1
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Rapid Rise in Geriatric Population Drives Growth in Urinary Catheters Market
A dramatic rise in health issues such as kidney failures, urinary infections, kidney stones, bladder issues, and others, is primarily responsible for driving growth in the global urinary catheters market. This is mainly due to the fact that urological catheters play a crucial role in the treatment of such health concerns. In addition, many companies have come up with highly advanced catheters that provide high efficiency, thereby boosting the market's growth. Rise in population of the elderly too has been responsible for causing a surge in urinary issues, hence leading to an increase in the demand of urological catheters as a part of necessary treatment. This is mainly due to a high prevalence of urinary conditions to exist in elderly people as a result of deteriorating health conditions. Lastly, widespread growth occurring in developed regions such as North America and Europe in terms of improved urinary disease treatments is responsible for making the urinary catheters market progress at a splendid pace.
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Lack of Quality Catheter Devices in Remote Regions Stunts Progress
However, use of catheters might cause many infections that are difficult to deal with, thereby restraining the global urinary catheters market. Lack of experience regarding use of the devices in remote and underdeveloped regions also poses as a chief obstacle to the market's progress. Moreover, in such regions, shortage of the catheters might exist, thus causing healthcare specialists to resort to conventional alternatives. Such a rising preference for alternative treatment options for increasing urinary incontinence is predicted to restrict growth of the global urinary catheters market during the next few years. Nonetheless, numerous players are expected to introduce highly efficient catheters along with expanding their geographical reach. This is anticipated to reduce effects of most restraints affecting the global urinary catheters market.
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The global urinary catheters market depicts the presence of a highly competitive and fragmented vendor landscape in nature and is expected to continue depicting a similar scenario in the next few years, says Transparency Market Research, on the basis of a newly published report. This mainly due to the presence of a large number of players coupled with the expansion of product portfolios that are projected to enhance the competitive scenario of the market. With an increase in the number of companies expected to occur in the near future, the competition in this market is projected to increase dramatically.
Most leading players in the global urinary catheters market are focusing on innovations and developments in order to attract a large number of consumers across the globe. The rising awareness among consumers is further estimated to accelerate the growth of the overall market in the next few years. B. Braun Melsungen AG, TE Connectivity Corp., C.R. Bard Inc., Boston Scientific Corp., Coloplast, Cook Medical, ConvaTec Inc., Medtronic Plc, Hollister Inc., Teleflex Inc., and CURE MEDICAL LLC., are key players operating in the global urinary catheters market.
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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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