Global urinary catheter market was valued at USD 2212.97 Million in 2021, and it is expected to reach a value of USD 3085.80 Million by 2028, at a CAGR of more than 4.86% over the forecast period (2022–2028).
Westford, USA, July 27, 2022 (GLOBE NEWSWIRE) -- Urinary tract infections are by far the most prevalent infections for patients across the globe. According to a recent a recent study by WHO, it's estimated that there are over 15 million cases of UTIs annually in the US alone. Urinary tract infections (UTIs) are a common problem. About 1 in 3 people will develop an infection in their lifetime. And, about 50% of people who have a UTI in the global urinary catheter market will develop a serious complication like bladder cancer. According to the United Nations, the global elderly population (over the age of 65) is projected to double to 1.5 billion by 2050. People aged 60 and older make up 12.3% of the global population, and by 2050, that number will rise to almost 22%. Hence, such an increased prevalence of the severe disease is likely to create a wide scope for the growth of the market in the upcoming years.
There is no denying that the cost of urinary catheterization is a major factor in its demand. In fact, recent studies by SkyQuest have shown that patients are more likely to choose a urinary catheter if it is cheaper than other forms of treatment. This is likely due to the fact that urinary catheters are often considered less invasive and more convenient than other treatments.
Urinary catheters are efficient and effective at relieving UTI symptoms. However, they come with a price tag – typically costing between $1,000 and $4,400 per year across global urinary catheter market. As per SkyQuest Technology, most of the people in developing countries face difficulties in affording the year long supply. On the other hand, patients in the developed courtiers especially in North American and European region don’t have to worry much about the cost because of higher income level.
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The cost of a urinary catheter can vary significantly depending on the model, brand, and type of material used. A tube made from silicone can cost as little as $3, while a more expensive option may cost up to $20. The price also depends on the country where the catheter is being bought. In some cases, government-subsidized healthcare programs may be available that make the device more affordable. In order to help offset the cost of this procedure, many patients turn to third-party payers, such as Medicare and Medicaid.
While not everyone who elects to use a urinary catheter will be covered by a third-party payer in the urinary catheter market, the cost of these devices is steadily on the rise, which is having an impact on the demand for urinary catheters. According to recent study by SkyQuest Technology, the average price of a urinary catheter has increased by 133% over the past five years. This increase in prices has left a negative impact on the overall demand for urinary catheters, as less patients are able to afford them.
Pricing is always a delicate balance - too high and customers will go elsewhere; too low and profits will suffer. In the case of urinary catheters, it is also important to consider the reimbursement rates from insurance companies. This can have a big impact on how much profit a company can make on each sale.
SkyQuest Technology has published a report on urinary catheter market that offers in-depth analysis of cost and demand ratio. It also provides complete analysis of the consumers’ behavior and how it changes from brand to brand and external factors influencing their buying decisions.
Apart From Pricing, Manufacturers are Focused on Establishing their Identity to Become Go-to Brand
The urinary catheter market is highly competitive, with a large number of manufacturers vying for market share. In China alone, more than 125 urinary catheter producing companies are active. Wherein, local players are found to competing with international players on the pricing point. In order to compete effectively, producers of urinary catheters need to offer products that are superior in terms of quality and performance to those of their competitors. They also need to be able to price their products competitively.
There are many companies that produce urinary catheters across the globe, and each one has its own unique features. Some of the most popular brands include: Coloplast, Abbott, and Siemens. Each company produces a different type of catheter, which can make choosing the right one difficult.
Coloplast is known for its soft silicone catheters. They are gentle on the bladder and are often used in women who are pregnant or have recently given birth. Abbott is known for its hard plastic catheters. They are tougher and more durable, making them better suited for men. Siemens is known for its hybrid catheters. They combine the best features of both types of catheters, making them a popular choice for those who want the best of both worlds.
SkyQuest Technology has analyzed the over 30 players active in the global urinary catheter market in terms of growth strategies, marketing strategies, SWOT analysis, market penetration, and market share analysis, among others. This company profile analysis will help you make the right decision and help you understand what competitors are doing and how to overcome the challenges to enter and expand in the market. To get a detailed overview of the report,
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Disposable Urinary Catheter are Popular Across Healthcare Facilities
This is due to the fact that they are less likely to cause infection, are more comfortable to use, and are easier to care for than their reusable counterparts. Additionally, disposable catheters are often covered by insurance plans, making them more affordable for patients. Also, the growth of the disposable urinary catheter market is driven by the rising prevalence of urinary incontinence and other urological disorders, growing awareness about product safety and efficacy, and advancements in manufacturing technology.
The hospital segment accounted for the largest share of the global disposable urinary catheter market in 2021, followed by home care and long-term care facilities. This trend is expected to continue during the forecast period as hospitals offer a wide range of services for patients with incontinence or other urological disorders. In addition, most hospitals have their own urology departments that use disposable urinary catheters on a regular basis.
The silicone material segment held the largest share of the global disposable urinary catheter market in 2021 due to its superior biocompatibility and softness, which reduces friction between the device and surrounding tissue. Moreover, silicone has low protein binding capacity and does not support bacterial growth, making it an ideal material for manufacturing medical devices such as catheters. However, latex materials are gradually gaining popularity due to their biocompatibility and resistance to bacterial growth. The latex segment is expected to grow at a faster rate than the silicone segment during the forecast period, owing to the increasing awareness about the health risks associated with silicone-based products.
Top Players in Urinary Catheter Market
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Related Reports in SkyQuest’s Library:
Global Silicone Foley Catheter Market
Global Blood Collection Tubes Market
Global Medical Equipment Rental Market
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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