Urinary Catheters Market is Estimated to Witness High Growth Owing to Opportunity of Expanding Geriatric Population

 

Urinary catheters are medical tubes inserted into the urinary bladder through the urethra for drainage of urine from the bladder. They are used when an individual has difficulty urinating or is able to urinate a very small amount. The increasing prevalence of urinary incontinence and benign prostatic hyperplasia (BPH) among the geriatric population has generated the demand for urinary catheters.

The global urinary catheters market is estimated to be valued at US$ 5,293.6 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The expanding geriatric population presents a lucrative opportunity for growth of the urinary catheters market. According to the United Nations Department of Economic and Social Affairs, the number of people aged 65 years or above is projected to grow from 703 million in 2019 to 1.5 billion in 2050 globally. This aging population is more prone to develop conditions that require urinary catheterization such as urinary incontinence and BPH. Additionally, advanced technologies facilitating patient comfort and improved catheter materials are further fueling the demand for urinary catheters among the elderly. To leverage this expanding geriatric population, manufacturers are focusing on developing novel catheter technologies and products specifically designed to address the unique healthcare needs of older adults. This is expected to significantly contribute to the growth of the urinary catheters market during the forecast period.

Porter's Analysis

Threat of new entrants: The urinary catheters market requires high capital investment in R&D and manufacturing infrastructure which acts as a barrier for new entrants. Strict regulations for medical device approval also limits new competition.

Bargaining power of buyers: Individual consumers have little bargaining power, however large hospitals and healthcare institutions can negotiate lower prices in bulk purchase contracts with suppliers.

Bargaining power of suppliers: The market has multiple raw material suppliers which reduces their bargaining power over catheter manufacturers. Suppliers also have to meet strict quality standards.

Threat of new substitutes: Though there have been innovations in intermittent catheters for bladder drainage, indwelling catheters remain necessary for long-term patient care in critical care units. Thus threat from substitutes is low.

Competitive rivalry: The market is dominated by a few large players. Competition is based on product quality, innovation and price.

SWOT Analysis

Strengths: Growing elderly population prone to urinary disorders is a key driver. Advances in catheter materials reduce risk of infections.

Weaknesses: Indwelling catheters can cause complications like UTIs. Reusable catheters require cleaning and maintenance.

Opportunities: Untapped growth potential in developing regions. Telemedicine and home healthcare are opening new application areas.

Threats: Stringent regulations could increase compliance costs. Reimbursement cuts may affect revenue streams for market players.

Key Takeaways

The global urinary catheters market is expected to witness high growth at a CAGR of 5.6% during the forecast period of 2023 to 2030.

The market size for 2024 is projected to reach US$ 5,293.6 Mn. North America currently dominates the market due to advanced healthcare infrastructure and high elderly population. However Asia Pacific is expected to grow at the fastest pace owing to rising medical tourism, healthcare spending and large patient pools in China and India.

Key players operating in the urinary catheters market are B. Braun Melsungen AG, Coloplast Corp., C.R. Bard Inc., Hollister Incorporated, Medtronic PLC, Teleflex Incorporated, ConvaTec Group PLC. These major brands focus on new product innovations and expanding to developing markets through partnerships.

Comments

Post a Comment

Popular posts from this blog

Unveiling Health Secrets: Exploring the Potential of Blood-Based Biomarkers

Image
  The human body is a complex and intricate system, often harboring subtle signs of its inner workings. One of the most promising avenues for unlocking these secrets lies within our bloodstream – a treasure trove of information encoded in the form of blood-based biomarkers. These biomarkers, measurable indicators present in the blood, hold the potential to revolutionize healthcare by providing early detection, accurate diagnosis, and personalized treatment approaches. Blood-based biomarkers encompass a wide range of molecules – from proteins and nucleic acids to metabolites and even circulating cells. Researchers have been diligently working to identify specific biomarkers associated with various diseases and conditions. For instance, elevated levels of certain proteins might point to cardiovascular diseases, while specific genetic material could indicate the presence of cancer. By analyzing these biomarkers, clinicians gain valuable insights into an individual's health status, en...
Read more

Revolutionizing Biology: Advancements in Single Cell Analysis Techniques

Image
  Single cell analysis has emerged as a groundbreaking technology that is revolutionizing the field of biology. Traditionally, biological studies were conducted on populations of cells, averaging out the heterogeneity present within them. However, the advent of single cell analysis has enabled scientists to delve into the complexity of individual cells, uncovering a wealth of previously inaccessible information. Advancements in single cell analysis techniques have paved the way for a deeper understanding of cellular heterogeneity, gene expression, and cellular behavior. One of the most remarkable techniques is single-cell RNA sequencing (scRNA-seq), which allows scientists to measure gene expression in individual cells. This breakthrough has led to the identification of rare cell types, understanding of cellular communication networks, and the discovery of novel biomarkers. Moreover, single cell imaging techniques, such as single cell fluorescence microscopy, have enabled research...
Read more

Medical Robots Market Poised to Grow Owing to Improving Healthcare Infrastructure

Image
 The Medical Robots Market is anticipated to witness robust growth due to rising healthcare spending across the globe. Medical robots are used to perform minimal invasive surgeries with greater accuracy and flexibility. Growing preference for Robot-Assisted Surgery (RAS) over conventional open surgeries due to benefits such as shorter recovery time and minimum operative scars has been augmenting demand for medical robots. Key functions include guiding and positioning surgical accessories like guide tubes in radiology and guiding catheter and wires in cardiology. With rising chronic disease prevalence associated with aging populations, the need for more surgical procedures is surging which requires precise action minimally invasive robotic systems can provide. The Global Medical Robots Market is estimated to be valued at US$ 11.47 Bn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030. Key Takeaways: Key players operating in the Medical Robo...
Read more