Urinary Catheter Market Analysis By Share, Emerging Trends, Demand Forecast, Applications – Global Forecast 2022 to 2031

The global urinary catheter market is estimated to garner a revenue of USD 4599.80 Million by the end of 2031, by growing at a CAGR of 5.83% over the forecast period, i.e., 2022 – 2031. Moreover, the market in the year 2021 generated a revenue of USD 2631.42 Million. The growth of the market can be attributed to the increasing prevalence of urinary incontinence globally and the rise in prevalence of kidney diseases. According to the statistics by the Urology Care Foundation, the official foundation of the American Urological Association, it is estimated that in the United States alone, a quarter to a third of the population suffer from urinary incontinence.

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In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:

As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation. 

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On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

The statistics also stated that about 33 Million people suffered from overactive bladder (OAB). Urinary catheters are widely used in patients who have an acute or chronic urinary retention. People suffering from kidney diseases usually have this condition and hence doctors suggest catheterization to the patients. Depending on the situation, the catheterization process can either be performed by own or by a trained practitioner.

The growth of the market can also be attributed to the growing geriatric population, who are highly prone to different types of diseases, and hence often require urinary catheterization. According to the statistical report titled “World Population Prospects 2019” published by the United Nations, 1 in 6 people around the globe is expected to be over the age of 65 by the end of 2050, up from 1 in 11 in the year 2019. Additionally, increasing improvement regarding healthcare services witnessed in healthcare facilities along with the launch of several new products by the manufacturers of urinary catheters are also expected to create growth opportunities for the market in the coming years.

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Global Urinary Catheter Market Regional Synopsis

Regionally, the global urinary catheter market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in North America is anticipated to garner the largest revenue of USD 2010.11 Million by the end of 2031, up from a revenue of USD 1167.30 Million in the year 2021. The growth of the market in the region can be attributed to the presence of a strong healthcare network, increasing healthcare expenditure, and for the favorable policies approved by the government of the nations present in the region. According to the statistics by the World Bank, the current health expenditure as a share of GDP increased from 14.727% in the year 2008 to 16.322% in the year 2019.

On the other hand, the market in Europe is anticipated to garner the second-largest revenue of USD 1182.61 Million by the end of 2031, up from a revenue of USD 675.75 Million in the year 2021. The market in the region is further segmented by country into Germany, the United Kingdom, Italy, France, Spain, Russia, Netherlands, and the Rest of Europe. Out of these, the market in Germany is anticipated to garner the largest revenue of USD 256.51 Million by the end of 2031, up from a revenue of USD 140.89 Million in the year 2021.

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Growth Drivers and Challenges Impacting the Growth of the Global Urinary Catheter Market

Growth Drivers

  • Growing Prevalence of Urinary Incontinence
  • Rising Geriatric Population

Challenges

  • Complications Associated with Catheterization
  • Cumbersome Reimbursement Policies in Several Economies

Global Urinary Catheter Market Segmentation Synopsis

The global urinary catheter market is segmented by mechanism into closed systems and open systems, out of which, the closed systems segment is anticipated to garner the largest revenue by the end of 2031 and also grow with the highest CAGR of 5.87% during the forecast period.

By product, the market is segmented into intermittent catheters, indwelling catheters, and external catheters. Out of these, the intermittent catheters segment is projected to attain the largest revenue of USD 2560.63 Million by the end of 2031, up from a revenue of USD 1445.65 Million in the year 2021.

By gender, the market is segmented into male and female, out of which, the female segment is projected to grow with the highest CAGR of 6.05% during the forecast period.

By application, the market is segmented into urinary incontinence, benign prostate hyperplasia & prostate surgeries, spinal cord injury, and others. Out of these, the urinary incontinence segment is expected to display the largest revenue of USD 1726.33 Million by the end of 2031, up from a revenue of USD 1004.53 Million in the year 2021.

By end-user, the market is segmented into hospitals, long-term care facilities, and others. Out of these, the hospital’s segment is anticipated to gain the largest revenue of USD 2426.76 Million by the end of 2031, up from a revenue of USD 1410.63 Million in the year 2021.

Key Companies Dominating the Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global urinary catheter market that are included in our report are B. Braun Melsungen AG, Boston Scientific Corporation, Coloplast Group, ConvaTec Group Plc, Becton, Dickinson and Company, Medtronic PLC, Teleflex Incorporated, Wellspect Healthcare (Dentsply Sirona Group), BACTIGUARD AB, Hollister Incorporated, Amsino International, Inc., and others.

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