by The global Indwelling Catheters Market is estimated to be valued at US$ 1.74 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Indwelling catheters are medical tubes inserted into the bladder through the urethra to drain urine. They are primarily used for patients suffering from urinary incontinence or chronic urinary retention. Indwelling catheters help drain urine efficiently and prevent urinary tract infections by reducing residual urine in the bladder. Intermittent urinary catheterization is usually preferred for short-term use but indwelling catheters are more suitable for long-term drainage for conditions like spinal cord injuries and enlarged prostate. The global aging population suffering from mobility issues is driving significant demand for indwelling catheters for effective long-term urinary management.
Market Key Trends:
Rising prevalence of urinary incontinence is a major factor boosting the indwelling catheters market. Urinary incontinence affects nearly 25 million Americans and is more common among women than men. It increases with age which is complementing market growth as aged population rises worldwide. According to the National Association for Incontinence, around 33% of women and 16% of men aged 40 years or above experience some form of urinary incontinence. Advancements in catheter designs to reduce complications and improve patient comfort are fueling their demand. Development of specialized catheters like hydrophilic, latex-free and antimicrobial variants catering to diverse clinical needs are expanding the product portfolio. Moreover, growing awareness about urinary incontinence treatment options and increasing insurance coverage for catheters in developed countries is propelling the market. However, risks of urinary tract infections associated with long-term catheter use andpreference for alternatives like intermittent catheters may impede market growth.
Porter’s Analysis
Threat of new entrants: Low level of threat as this is a highly regulated medical device industry which requires considerable investment for R&D, manufacturing and compliance.
Bargaining power of buyers: Buyers have moderate bargaining power as there are several established players in the market. However, switching costs are relatively low.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and relatively low switching costs.
Threat of new substitutes: Threat of substitutes is low as indwelling catheters have well-established use cases and performance benefits over other urine output monitoring solutions.
Competitive rivalry: High as the market is highly fragmented with presence of several global as well as regional players. Players compete based on product quality, innovation, brand image and pricing.
Key Takeaways
The global Indwelling Catheters Market Growth is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing prevalence of urinary incontinence among geriatric population. The number of surgical procedures requiring indwelling catheters is also on the rise fueling market growth.
Regional analysis: North America dominates the global indwelling catheters market led by the US due to large patient pool, advanced healthcare infrastructure and high rate of surgical procedures. Asia Pacific is expected to exhibit fastest growth over the forecast period with China and India emerging as high potential markets. Rising medical tourism and rapidly improving healthcare quality are driving the APAC market.
Key players operating in the indwelling catheters market are Sterimed Group.,Angiplast Pvt Ltd, HEMC (Hospital Equipment Manufacturing Company), Cardinal Health, Advin Health Care, AdvaCare Pharma, Teleflex Incorporated, GWS Surgicals LLP,BACTIGUARD AB, Medtronic, Convatec Inc. The market is witnessing introduction of innovative products with enhanced comfort, safety and dwell time. Players are also focusing on emerging countries for market expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
