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Albany, New York, Aug. 07, 2019 (GLOBE NEWSWIRE) -- In their latest report, experts at Transparency Market Research provide in-depth analysis of global Urinary Catheters Market. According to the report, the market is witnessing a robust growth these days and is expected to continue the growth in coming years. Moreover, the report also sheds light on various factors that are responsible for the growth of global urinary catheters market. Factors such as increasing research and development activities and growing number of pharmaceuticals companies across the globe are primarily supporting global urinary catheters market.
North America to Exhibit Maximum Growth during the Forecast
As a result of growing incidences of various urinary infections in countries such as the U.S. and Canada, North America is expected to account for the largest share in the growth of global urinary catheters market during the forecast period of 2017 to 2025. The growth shown by the region is also the result of various new players emerging in the U.S. in order to provide better solutions for urinary infections.
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Moreover, Europe is expected to follow North America in terms of revenue generation for global urinary catheters market. Various technological advancements in healthcare sector in the region is the most prominent reason that promotes the growth of the region in global urinary catheters market.
Steady CAGR of 5.3% to be witnessed by the Market during the Forecast
The report by Transparency Market Research estimates that the global urinary catheters market is expected to witness CAGR of 5.3% during the projected tenure. The factors responsible for this steady growth are rising awareness of urinary infections and various innovative products launched by the players of global urinary catheters market.
The report also projects that the market is anticipated to reach to the value of US$5,003.1 mn. This revenue generation shall be the result of various leveraged opportunities by the players. The revenue generation is also the outcome of the race between players to acquire the largest share of the global urinary catheters market.
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Historical analysis of the global urinary catheters market predicts that the market stood at US$3,130.7 mn during the previous forecast.
With the insights offered by the report, the players can plan their strategies in order to have a sustainable future in global urinary catheters market. Moreover, these insights can also help players to make better decision to usher in a better growth of their business.
Rising Geriatric Population to Fuel the Growth of the Market
With increasing geriatric population in several countries, the number of patients suffering from urinary infection is rising at a rapid pace. This growth in the number of old people and urinary infection is a prime reason responsible for the rapid growth of the global urinary catheters market.
Moreover, rising technological developments for manufacturers of urinary catheters have helped them to pace up their production. This growth in technological advancements for manufacturers is also largely influencing the market growth.
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Furthermore, growing prevalence of urinary incontinence as a result of rising obesity in the global population is another factor helping the global urinary catheters market to maintain its growth momentum during the forecast period.
However, growing preference for alternatives treatment for urinary incontinence surgery may hamper the growth of market. Nevertheless, development of self-catheterization and single-use catheters is expected to support the global urinary catheters market to maintain a sustainable growth during the projected tenure.
Market to Remain Competitive in Coming Years
The global urinary catheters market is highly competitive and is anticipated to remain so for next few years. Along with being competitive, the market is also extremely fragmented. This nature of the market is the result of the presence of various players in the market. However, there are few prominent players that dominate the market. The presence of various players and prominence of some big players in the market is expected to make entry of new players quite difficult.
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As a result, the new players are adopting mergers and collaboration as their solution to overcome the challenge posed by the competition. These strategies allow the players to acquire required resources to have a sustainable future in highly competitive scenario of the market.
The established players of the market are now adopting the strategy of acquisition as their resort for a sustainable future in global urinary catheters market. This strategy is also allowing the players to enhance their product portfolio and penetrate some untapped regional market.
The study presented here is based on a report by Transparency Market Research (TMR), titled, “Urinary Catheters Market (Product Type - Intermittent Catheters, Foley Catheters, and Male External Catheters) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
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