The 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 long, hollow, and flexible tubes that are inserted in the bladder through the urethra and help drain urine. They are commonly used when a patient's bladder is not emptying properly, urinary incontinence issues persist, or following a surgical procedure that affects normal urine flow. Indwelling catheters can make life easier for patients by relieving bladder issues and avoiding frequent bathroom trips.
Market key trends:
The indwelling catheters market is expected to witness significant growth owing to the increasing incidence of urinary incontinence and urinary tract infections globally. Urinary incontinence is a common problem among aging population and post-surgical patients. For example, urinary incontinence affects around 25 million Americans and 200 million people worldwide. Similarly, about 150 million people get urinary tract infections annually worldwide. As catheter-associated urinary tract infection (CAUTI) is one of the most common healthcare-associated infections, rising cases of such conditions create steady demand for indwelling catheters. Furthermore, increasing awareness about indwelling catheterization and benefits of intermittent catheters during temporary urinary retention is also fueling the market growth.
Porter’s Analysis
Threat of new entrants: New entrants face high initial investment requirements for R&D, clinical trials, production facilities etc. Regulatory compliance is also stringent.
Bargaining power of buyers: Individual customers have low bargaining power due to limited alternatives and importance of product. However, large hospitals and healthcare facilities have significant bargaining power.
Bargaining power of suppliers: The indwelling catheters market has few large suppliers globally with specialized materials and components. This gives them substantial bargaining power over buyers.
Threat of new substitutes: There exist alternatives like external catheters but indwelling catheters offer longer usage with higher comfort. Potential for new substitutes remains moderate.
Competitive rivalry: The indwelling catheters market is dominated by few large multinational players. Competition is intense based on product quality, pricing and portfolio expansion.
SWOT Analysis
Strength: Wide applications in hospitals, long term care centers etc. with proven safety record. Technologies offer secure drainage of urine and minimally invasive procedures.
Weakness: Risk of infections if not inserted or managed properly. Potential complications of long term indwelling. Require replacements and ongoing supply costs.
Opportunity: Rapid growth of aging population globally increases need for long term care. Potential in emerging markets with improving access and affordability.
Threats: Stringent regulations around new products and manufacturing facilities. Reimbursement policies and pricing pressures from hospitals.
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 and rising geriatric population globally prone to chronic conditions.
North America currently dominates the market supported by advanced healthcare infrastructure and higher accessibility. However, Asia Pacific is anticipated to be the fastest growing region owing to rising medical tourism, healthcare investments and large patient pool.
Key players operating in the indwelling catheters market include Sterimed Group, Angiplast Pvt Ltd, HEMC, Cardinal Health, Advin Health Care, AdvaCare Pharma, Teleflex Incorporated, GWS Surgicals LLP, BACTIGUARD AB, Medtronic and Convatec Inc. The major players are focused on strengthening their distribution channels, portfolio expansion through acquisitions and inorganic growth strategies to strengthen market position.
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