- Urinary catheters are in high demand due to increasing occurrence of prostate cancer and rising number of prostate surgeries in hospitals
ALBANY, N.Y., April 18, 2022 (GLOBE NEWSWIRE) -- The value of global urinary catheters market stood at US$ 3.1 Bn in 2020. The global market is likely to rise at a CAGR of 4.5% during the forecast period, from 2021 to 2028. The global urinary catheters market is anticipated to attain valuation of US$ 5.1 Bn by 2028. The demand for catheterizations is growing due to the increasing prevalence of neurological diseases, diabetes, urinary incontinence, and more surgeries. Urinary catheter manufacturers are ramping up production in order to acquire an edge over its competitors in the healthcare industry.
In order to minimize infection, industry participants in the global urinary catheters market are focusing on producing pain-free, low-risk, and pleasant goods. In order to gain a competitive advantage in the urinary catheters market, firms are speeding up product development and uncover revenue potential. Manufacturers can develop in the market by exploiting revenue prospects by strengthening online as well as offline distribution channels in pharmacies, hospitals, and others. In order to satisfy the rising demand from the healthcare industry, companies in the global urinary catheters market are boosting production. It has been discovered that over 400 million people worldwide are facing urinary incontinence. Market participants are offering novel urinary catheters in order to improve individuals' overall well-being.
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Urinary incontinence, or the inability to control one's urination, is a prevalent health problem among some of the elderly and individuals with diabetes. Emotional exhaustion, stress, renal ailments, chronic diseases, prostate tumors, dementia, and, in certain cases, neurological issues, are some of the major causes likely to drive the global urinary catheters market.
Key Findings of Market Report
- Due to rapid advancements in the healthcare industry, rise in geriatric populace, and better healthcare infrastructure, the global urinary catheters market is expected to observe attractive growth prospects during the forecast period. Market development is aided by technological improvements and advantageous reimbursement policies in the healthcare industry. The most prevalent operation in hospitals is bladder catheterization, which is likely to drive the demand for urinary catheters.
- Intermittent self-catheters (ISCs) can help people with urine retention and incontinence issues. The global urinary catheters market is estimated to be driven by advancements in the healthcare industry and increase in the number of surgical operations. Besides, heightened awareness about urinary catheters is likely to offer profitable prospects for industry participants.
- The North America urinary catheters market is likely to witness significant growth due to advancements in medical facilities and growing expenditure on R&D efforts in urinary catheters
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Global Urinary Catheters Market: Growth Drivers
- Humiliation caused by urine leaks, as well as its influence on mental as well as physical health, has led to a rise in the use of such devices among the elderly. Additionally, health awareness has urged people to adopt a better lifestyle that is aided by the usage of such gadgets.
- CAUTIs have been linked to indwelling or Foley catheters, as hospitalized patients are catheterized for much longer periods of time. Increasing acceptability among patients and healthcare professionals, and fewer negative effects connected with urinary catheters are likely to support the segment's growth.
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Global Urinary Catheters Market: Key Players
Some of the key market players are
- TE Connectivity Corporation
- Boston Scientific Corporation
- Teleflex Incorporated
- B. Braun Melsungen AG
- Medtronic plc
- C. R. Bard, Inc.
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Global Urinary Catheters Market: Segmentation
Product Type
- Intermittent Catheters
- Foley Catheters
- Male External Catheters
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