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 hollow tubes inserted into the bladder through the urethra. Catheters are primarily used for effective drainage of urine from the bladder. Indwelling catheters help surgical patients who cannot urinate on their own during their recovery period.
Market key trends:
One of the key trends in the indwelling catheters market is the increasing number of surgical procedures globally which requires catheterization. As per estimates, around 20 to 30 million surgical and post-surgical procedures performed each year in the U.S. alone involves usage of indwelling catheters. Rising number of orthopedic surgeries, cardiovascular procedures, urological procedures and gynecological interventions is expected to drive the demand for indwelling catheters over the forecast period. However, risks of infections associated with use of indwelling catheters and availability of alternatives like external catheters are some of the factors expected to restrain the market growth.
SWOT Analysis
Strength: Indwelling catheters offer convenience as it allows for continuous drainage of urine from bladder without requiring frequent catheterization. It also reduces risk of infection by minimizing contact between catheter and infected areas.
Weakness: Long-term use of indwelling catheters can increase risk of infections like urinary tract infections. It may also cause discomfort, risk of injuries and blockage.
Opportunity: Growing geriatric population who are more prone to urinary incontinence issues creates demand for indwelling catheters. Rising cases of spinal cord injuries and urological surgeries also offer growth opportunities.
Threats: Alternative non-invasive solutions like external catheters and advanced procedures pose threat to demand. Stringent regulatory guidelines for approval and adoption of novel devices also restrict market growth.
Key Takeaways
The global Indwelling Catheters Market 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 and rising number of surgeries. The market size for 2023 is estimated to be US$ 1.74 Bn.
Regional analysis: North America dominated the indwelling catheters market in 2023 with around 35% share owing to increasing healthcare spending and availability of advanced catheters. Asia Pacific is anticipated to grow at fastest pace during forecast period supported by rising medical tourism, healthcare infrastructure and large patient pool.
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. Sterimed Group and Medtronic captured over 30% share of global market in 2023 due to strong brand presence and wide product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
