Market Overview:
Urinary catheters are thin tube-like medical devices inserted into the urinary bladder through the urethra to drain urine from the bladder. There are different types of catheters available including Foley catheters, intermittent catheters, and external catheters. Foley catheters are balloon-tipped catheters inserted for longer-term use, typically for drainage of urine from the bladder. Intermittent catheters are either single-use or multi-use catheters inserted and removed regularly as per the need of the patient. External catheters are adhered to the penis or urethral opening to drain urine into a collection bag outside the body. Urinary catheters help in treatment conditions such as urinary incontinence, urinary retention, prostate enlargement, and spinal cord injury.
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.
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Market key trends:
The growing use of single-use catheters is expected to drive the market growth over the forecast period. Single-use catheters reduce the risk of infections caused due to repeated use and improper sterilization of multi-use catheters. According to the U.S. Centers for Disease Control and Prevention (CDC), around 13,000 deaths occur each year in the U.S. due to catheter-associated urinary tract infections (CAUTIs).Stringent regulatory guidelines regarding the sterilization and safety of urinary catheters is increasing the demand for single-use catheters.Growing geriatric population suffering from urinary incontinence and rising number of surgical procedures are some other factors fueling the demand of urinary catheters.
Porter’s Analysis:
Threat of new entrants: The urinary catheters market has moderate threat from new entrants due to requirement of heavy research and development and high manufacturing costs. However, established players have strong brand name.
Bargaining power of buyers: The bargaining power of buyers is moderate due to availability of substitutes. However, specialized healthcare products have buyer switching costs.
Bargaining power of suppliers: The bargaining power of suppliers is low due to presence of many suppliers and raw material producers in the market.
Threat of new substitutes: Threat from new substitutes is low as urinary catheters have no close substitutes and serve crucial clinical need.
Competitive rivalry: Strong competitive rivalry exist among key players to gain market share.
Key Takeaways:
The global Urinary Catheters Market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing prevalence of urinary incontinence and surge in aging population.
Regional analysis: North America dominates the global urinary catheters market due to rising healthcare spending. However, Asia Pacific is expected to exhibit fastest growth rate owing to growing healthcare infrastructure and increasing disposable income.
Key players:
Key players operating in the urinary catheters market are B. Braun SE, Coloplast Group, BD, Cathetrix, Hollister Incorporated, Boston Scientific Corporation, Medtronic, Bactiguard AB, Amecath, Urocare Products, Inc., Rocamed, Cook, Ribbel International Limited, Otsuka Pharmaceutical Factory, Inc., Sonoma Pharmaceuticals, Inc., Affera, Inc., HR Pharmaceuticals, Inc., Potrero Medical, Ingenion Medical, and The Flume Catheter Company Ltd.