The global Urinary Catheter Market size is poised to touch USD 4.18 Billion by 2026, exhibiting a CAGR of 6.3% during the forecast period. The increasing prevalence of urinary continence is one of the key factors driving the growth of this market. Urinary incontinence refers to involuntary leakage of urine and is observed to be more prevalent in females as compared to the male population of the world. For example, the National Association for Incontinence reports that currently, one in four women over the age of 18 experiences episodes of leaking urine involuntarily. Since the prevalence is rising at a faster pace, the demand for urological catheters is likely to surge in the coming decade.
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According to the Fortune Business Insights report, titled “Urinary Catheter Market Size, Share & Industry Analysis, By Product (Indwelling Catheters, Intermittent Catheters, External Catheters), By Application (Urinary Incontinence, Benign Prostatic Hyperplasia, Surgery, Others), By Gender (Female, Male), By End User (Hospitals, Age Care Centers, Others) and Regional Forecast, 2019-2026”, the value of the market stood at USD 2.56 billion in 2018. The report also contains an exhaustive analysis of the factors and trends that can potentially influence the market. Besides this, it provides thorough research into the regional and competitive dynamics that businesses can uase to build strategies aligned with the needs of the market.
Rising Geriatric Population to Increase Incidence of Urinary Diseases
A major factor that is expected to influence the Urinary Catheter Market trends is the steady rise in the number of ageing people in the world. Ageing is one of the leading causes of urological disorders such as urinary incontinence and a consistent increase in the geriatric population will significantly boost the sales of urological catheters. According to the WHO, as early as 2020, people aged 60 and above will outnumber children under the age of 5. By 2050, 22% of the world’s population will be over the age of 60. In the US, the population over the age of 65 is expected to reach 95 million by 2060, as per Population Reference Bureau in America. These demographic trends are anticipated to considerably enhance the potential of the market during the forecast period.
Europe to Hold Leading Position; North America to Showcase High CAGR
With a revenue of generation of 1.08 billion in 2018, Europe is projected to dominate the global Urinary Catheter Market share till 2026. This is mainly because of the high incidence of urinary disorders among the geriatric population in the region. Advancements in treating urological diseases will be the major factor driving the market in North America. In Asia-Pacific, the market will grow as a result of increasing awareness regarding urinary incontinence and its treatment. Africa, the Middle East, and Latin America will grow at a lower rate due to low awareness levels about urological disorders.
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Regulatory Support for New Products to Intensify Competition
Prime companies are intensively engaged in collaborating with fellow competitors to widen their sales horizons and entrench their position in this market. These innovative spirits are being further invigorated by the regulatory support provided to players through prompt clearances. The key industry developments in this regard include:
November 2019: Pro-Lab Diagnostics secured a distribution agreement with CATHETRIX to distribute the latter’s popular Foley Catheter Securement Device in the US, UK, and Canada.
February 2019: The US FDA green-lit Safe Medical Design’s commercial launch of its Signal Catheter in the US. The device is novel as it has been shown to reduce urethral trauma when draining urine.