Global Urinary Catheters Market is estimated to Witness High Growth
The Urinary Catheters Market is estimated to be valued at US$ 5590.04 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.
SWOT Analysis:
· Strength: Urinary catheters are easy to use and inexpensive. They help drain urine effectively from the bladder, thus preventing infections. Advanced catheters made of silicon and latex offer flexibility and comfort to patients.
· Weakness: Repeated use of catheters can cause infections and urethral damage over time. They also require frequent changing which is inconvenient.
· Opportunity: Growing elderly population prone to urinary disorders increases demand. Technological advances lead to development of antimicrobial coatings that prevent infections.
· Threats: Alternatives like oral medication and surgically implanted tubes reduce dependency on catheters. Stringent regulations delay product approvals.
Key Takeaways:
The Global Urinary Catheters Market Demand is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing prevalence of urinary disorders among aging population and growing number of surgical procedures.
Regional analysis:
North America dominates the global market and is estimated to retain its leading position over the forecast period, owing to rapid technological advancements, presence of key players, and rising healthcare expenditures. Asia Pacific exhibits the fastest growth due to large patient pool, affordable healthcare, and improving access to services in developing nations.
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.
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