Indwelling Catheters Market is Projected to Expand at a CAGR of ~6% from 2019 to 2027February 23, 2021
Transparency Market Research (TMR) has published a new report on the indwelling catheters market for the forecast period of 2019 – 2027. According to the report, the global indwelling catheters market was valued at ~US$ 985 Mn in 2018, and is projected to expand at a CAGR of ~6% from 2019 to 2027.
Global Indwelling Catheters Market: Key Findings
- Indwelling catheters, also known as Foley catheters, are flexible tubes that pass through the urethra into the bladder to drain urine during urinary catheterization.
- Increase in incidence of urinary diseases, surge in the global geriatric population, and rise in surgical procedures are the major factors anticipated to drive the global indwelling catheters market during the forecast period.
- North America held a major share of the global indwelling catheters market in 2018, due to a large population suffering from urinary disorders, rapid utilization of Foley or indwelling catheters in hospitalized patients, and increasing focus on new product launches by industry players.
- The indwelling catheters market in Asia Pacific is expected to expand at a high CAGR of ~7% from 2019 to 2027 due to increase in the number of geriatric patients suffering from urinary retention.
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Increase in Geriatric Population with Urologic Diseases to Drive Indwelling Catheters Market
- Increase in the geriatric patient population across the globe is anticipated to drive the global indwelling catheters market during the forecast period.
- According to United Nations Report 2017, the geriatric population aged 60 years and above is expected to double by 2050. The number is projected to reach 2.1 billion, as against 962 million in 2017.
- An increasing number of baby boomers is vulnerable to a range of urinary disorders, including urinary incontinence, benign prostate hyperplasia, prostate cancer, and urinary retention. This is anticipated to propel the demand for indwelling catheters in the next few years.
- Urinary retention is the most common urinary condition affecting the population aged 40 and above.
- According to the American Academy of Family Physicians (AAFP), the overall incidence of urinary retention is 4.5 to 6.8 per 1,000 men, per year, in the U.S.
- Moreover, the incidence of urinary retention increases with age, which, in turn, is expected to boost demand for indwelling urinary catheters in the next few years.
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North America to Dominate Global Indwelling Catheters Market; Asia Pacific to Offer Significant Opportunities
- In terms of region, the global indwelling catheters market has been segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America is projected to account for leading share of the global indwelling catheters market during the forecast period. Rise in urological surgeries performed in the U.S. leading to increase in demand for indwelling catheters is a major factor driving the market in the country.
- According to the American Academy of Family Physicians (AAFP), more than 250,000 surgical procedures for benign prostate hyperplasia (BPH) are performed in the U.S. every year, leading to 2 million office visits. This is likely to propel demand for indwelling catheters in the next few years.
- The market in Europe is anticipated to expand at a high CAGR in the near future, owing to the presence of local as well as well-established players, and an increase in the demand for indwelling catheters in hospitals and nursing homes
- The indwelling catheters market in Asia Pacific is projected to grow at a rapid pace in the near future. India and China are anticipated to be lucrative markets for indwelling catheters during the forecast period. The presence of large geriatric patient population with urinary disorders and increase in usage of latex coated catheters in these countries are projected to propel the market in Asia Pacific in the next few years.
Growth Strategies of Key Indwelling Catheters Market Players
- Key players operating in the global indwelling catheters market are Cardinal Health, Inc., Coloplast Corp., Becton, Dickinson & Company (BD), Teleflex Incorporated, Cook Medical, Bactiguard, SunMed, B. Braun Melsungen AG, and Medline Industries.
- These companies engage in research & development to develop novel products in order to expand their product offerings and customer base in the global indwelling catheters market. In August 2018, Bactiguard launched line extensions to BIP Foley Catheters i.e., Silicone Female and Tiemann Tip, which are urinary indwelling catheters used for catheterization in females and males, respectively. This product launch enabled the company to expand its product portfolio and strengthen its position in the global indwelling catheters market.