The global 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.
Market Overview:
Urinary catheters are medical devices used to drain or collect urine from the bladder. There are different types of urinary catheters such as foley catheters, intermittent catheters, and external catheters. Foley catheters are most commonly used for both short and long term urinary drainage and come with a balloon tip that is inflated with sterile water once inserted into the bladder. Intermittent catheters are recommended for bladder drainage in patients with spinal cord injury or other conditions requiring periodic or intermittent catheterization. External catheters are also called condom catheters that collect urine in a bag attached to the penis and are primarily used by male patients. Urinary catheters help manage urinary incontinence, post-surgical urinary retention, and other conditions.
Market key trends:
One of the key trends in the urinary catheters market is the growing demand for advanced catheters. Manufacturers are focusing on developing novel catheter designs and coatings to reduce the risk of infections. For instance, hydrophilic coated catheters become slippery when wet and can be inserted easily with minimal use of lubricating gel. Anti-microbial coated catheters prevent bacterial adherence and biofilm formation on catheter surfaces. Single-use catheters also help lower risks associated with catheters left indwelling for longer periods. Rising geriatric population susceptible to urinary problems further drives the demand for innovative catheter technologies ensuring optimal patient care and comfort.
Porter’s Analysis:
- Threat of new entrants: The urinary catheters market requires substantial investments in R&D and manufacturing, posing barriers for new companies. Strict regulations and compliance requirements further deter new entrants.
- Bargaining power of buyers: Large healthcare institutions are able to negotiate lower prices owing to their significant purchase volumes. However, for smaller healthcare facilities and individual consumers, bargaining power remains relatively low.
- Bargaining power of suppliers: A few large companies dominate manufacturing of key raw materials like silicone and latex, allowing them to influence costs. However, availability of substitutes limits suppliers’ power.
- Threat of new substitutes: Though alternative drainage methods exist, catheters remain indispensable for effective management of various urological conditions. New substitutes are unlikely to significantly impact demand.
- Competitive rivalry: The market features many global and regional players. However, strong branding and customer familiarity with established market leaders restricts scope for intense rivalry.
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 incontinence, prostate cancer, and other urological conditions.
Regional analysis: North America dominated the market and accounted for over 35% share in 2023 owing to rising healthcare spending and technological advancements. Asia Pacific is anticipated to be the fastest growing region due to growing elderly population, improving access to healthcare facilities, and increasing awareness.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it