Market Trends of Global Catheters Industry
This section covers the major market trends shaping the Catheters Market according to our research experts:
The Urology Catheters Segment is Expected to Hold a Major Revenue Share During the Forecast Period
A urinary catheter is found to be necessary for a person facing difficulty passing urine naturally. The segment is expected to show high growth during the forecast period owing to growing incidences of urological disorders as these products are used for patients who suffer from urological disorders.
The rising cases of COVID-19 have resulted in significant disruptions globally and have also impacted the demand for urinary catheters among the patient population. The urinary catheters were being used for surgical applications and the demand was impacted to some extent due to the temporary postponement of various elective surgeries, as authorities seek to ensure the availability of resources for COVID-19 patients. However, due to the rising infection rate, there were a few launches that have contributed to the segment's stable growth. Furthermore, according to the study titled "Prevalence and associated factors of urinary incontinence in women living in China: a literature review" published in October 2020, there were about 43-349 million Chinese women who had experienced urinary incontinence (UI). The growing prevalence of urinary incontinence and an increasing number of surgical procedures are the major factors driving the demand for urinary catheters, in turn boosting the segment's growth.
In addition, rising approvals for urinary catheters by regulatory agencies are further expected to boost this segment's growth during the forecast period. For instance, in November 2021, the Flume Catheter Company Ltd. (TFCC) received clearance from the United States Food and Drug Administration (FDA) to market the FLUME urinary catheter in the United States.
Thus, owing to the abovementioned factors, the urology catheter segment is expected to show growth over the forecast period.
North America is Expected to Hold a Significant Market Share During the Forecast Period
The North American region is expected to hold a significant market share in the catheters market during the forecast period. The United States is expected to dominate the market due to the high government support for medical devices and an increasing number of surgeries. The other factors driving the market growth include the increasing prevalence of urological disorders, cardiovascular disorders, and the rising preference for minimally invasive procedures due to less operative time and fewer complications.
According to the American Cancer Society's 2022 statistics, there will be around 81,180 estimated new cases of bladder cancer in Americans in the year 2022. This will lead to increased adoption of catheters during the treatment of bladder cancer, thereby driving the market growth in this region.
Rising initiatives from the key market players for the launch of novel products are further expected to drive the market in this region. For instance, in March 2022, Cerus Endovascular received United States Food and Drug Administration (FDA) clearance for its 027 micro-catheters, available in two lengths, expanding its product portfolio, which includes the already FDA-cleared 021 micro-catheter platform. Likewise, in February 2021, Health Canada approved the TempSensor catheter designed by Bactguard.
Hence, growing product approvals coupled with the rapid increase in the patient pool in the United States tend to increase the demand for catheters, which drives the overall growth of the market in the region.
