The global urinary catheters market’s outlook for the future is positive. Although the demand for urinary catheters will be moderate in the coming few years, it will be steady, which will continue to drive the urinary catheters market. According to Persistence Market Research, the global urinary catheters market is projected to expand at a 4.1% CAGR during the forecast period from 2015 to 2021. By 2021, the global urinary catheters market is expected to be worth US$1,755.0 million.
Rising Demand for Urinary Catheters from Aging Population to Drive Global Market
The global urinary catheters market is driven significantly by the favorable reimbursement scenario. Till early 2008, Centers for Medicare and Medicaid Services (CMS) coverage extended only to four catheters per month. However, with their new policy, CMS has made changes to the reimbursement policy and allowed for coverage of up to 200 sterile single-use catheters each month. This change of policies in Medicare reimbursement is projected to support the growth of the urinary catheter market. Other factors such as the rising aging population and the growing demand for advanced urinary catheters will also fuel the global urinary catheters market.
On the other hand, factors such as the rising incidence of urinary tract infections associated with urinary catheters along with the threat of substitutes are projected to suppress the growth of the global urinary catheters market.
Intermittent (Short-term) Catheter Segment to Dominate Global Urinary Catheters Market
By product type, the global urinary catheters market is divided into intermittent (short-term) catheter, indwelling (Foley), and external (condom) catheter. The intermittent catheter segment held more than 50% of the market in 2014, trailed by the indwelling catheter segment. Intermittent catheters offers several benefits. Primarily, these catheters are more effective than other types and can be removed several times a day to empty the bladder. Intermittent catheters are preferred over other types such as indwelling catheters, which can often cause UTIs in a typical healthcare setting.
On the basis of application, the global urinary catheters market is divided into urinary incontinence, urinary retention, prostate gland surgery, spinal cord injury, and other applications. The rising prevalence of chronic conditions is projected to boost the overall urinary catheters market. The majority of the demand for urinary catheters is from the aging population, as it suffers from several age-related medical conditions.
North America to Lead Global Urinary Catheters Market
Region-wise, the global urinary catheters market is divided into North America, Latin America, Europe, Asia, and Rest of the World (RoW). North America dominated the global urinary catheters market in 2014 with a share of more than 30% and is projected to continue its dominance during the forecasting horizon. North America leads the global urinary catheters market due to the high demand for urinary catheters from the U.S. and Canada.
The regional markets of Asia and Latin America in the global urinary catheters market will demonstrate good growth in the coming few years. The Asia urinary catheters market will expand at a 4.7% CAGR and the Latin America urinary catheters market will grow at a 4.6% CAGR during the forecast period. The Asia urinary catheters market’s growth is attributed primarily to the high demand from China and India.
Players in the global urinary catheters market will benefit from the high unmet needs of the large patient base in emerging economies. Furthermore, the favorable government guidelines, funding, and support will also provide good growth opportunities to market players. The key players operating in the global urinary catheters market are CR Bard Inc., Coloplast A/S., Teleflex Incorporation, B. Braun Melsungen AG, Covidien Plc, Hollister Incorporated, Boston Scientific Corporation, and Cook Medical.
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