In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSJuly 8th, 2021: Medline Industries, Inc., an organization which offers customers a broad range of Foley catheter tray options, announced that it has come into a distribution partnership with RenalSense Ltd. for the distribution of its patient monitoring system, Clarity RMS. This monitoring system by Medline is known for measuring the urine flow of patients continuously.
March 3rd, 2021: Boston Scientific Corporation announced that it would acquire the surgical business of Lumenis LTD, a company whose business line includes premier laser systems, fibers and accessories used for urology and otolaryngology procedures.
The global urinary collection device market is estimated to garner a revenue of USD 4469.6 Million by the end of 2030 by growing with a CAGR of 5.40% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market registered a revenue of USD 2655.0 Million. The growth of the market can be attributed to the rising utilization of these devices amongst patients suffering from urinary incontinence, and for the increasing prevalence of chronic disorders amongst individuals worldwide. Several chronic conditions and environmental factors increase the risk of urinary incontinence in older people. Chronic diseases that are associated with urinary incontinence include diabetes mellitus, Parkinson’s disease, dementia, stroke, prostatic cancer, COPD and arthritis among others. The rising incidences of these diseases is expected to raise the risk of urinary incontinence, and in turn, drive the demand for urinary collection devices. According to a report by the World Health Organization (WHO), the prevalence of urinary incontinence reported in population-based studies ranged from 9.9% to 36.1%. Moreover, the prevalence was higher in older women as in older men.
Besides this, the growing geriatric population worldwide, along with the increasing number of surgeries performed, and the advancements in medical device technologies are some of the additional factors projected to drive the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
Regionally, the global urinary collection device market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is expected to garner the largest revenue of USD 2143.1 Million by the end of 2030, up from a revenue of USD 1295.6 Million in the year 2020. Rising concern for the increasing prevalence of chronic disease in countries, such as the United States, along with the presence of a strong healthcare network in the region are some of the major factors anticipated to drive the market growth. According to the statistics by the United States Centers for Disease Control and Prevention (CDC), 6 in 10 adults in the United States were known to have a chronic disease.
The market in Europe, on the other hand, is expected to generate the second-largest revenue of USD 1061.6 Million by the end of 2030. The market in the region is further divided by country into Germany, UK, France, Italy, Spain, Russia, Netherlands, and the Rest of Europe. Out of these, the market in Germany is expected to generate the largest revenue of USD 198.7 Million by the end of 2030, up from a revenue of USD 113.7 Million in the year 2020.
The study further incorporates Y-O-Y Growth, market opportunities, demand & supply and forecast future opportunity in North America (United States, Canada, Mexico), South America, Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global urinary collection device market is segmented by product into urine sample system, urinary catheter, urine bags, and accessories. Out of these, the urinary catheter segment is expected to generate the largest revenue of USD 1704.0 Million by the end of 2030, up from a revenue of USD 1029.1 Million in the year 2020. By materials, the market is segmented into silicone, latex, rubber, and others. Out of these, the latex segment is expected to generate the largest revenue of USD 1642.9 Million by the end of 2030, up from USD 992.9 Million in the year 2020. By gender, the market is segmented into male and female. Out of these, the female segment is expected to generate the largest revenue by the end of 2030, while the male segment is expected to grow with the highest CAGR of 5.49% during the forecast period. By end-user, the market is segmented into hospitals, clinics, home care settings, and others. Out of these, the hospitals segment is expected to generate the largest revenue of USD 2227.9 Million by the end of 2030.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global urinary collection device market that are included in our report are Teleflex Incorporated, Hollister Incorporated, Amsino International, Inc., Boston Scientific Corporation, B. Braun Melsungen AG, Medline Industries, Inc., Becton, Dickinson and Company (BD), Wihuri Packaging Oy, and others.
FREQUENTLY ASKED QUESTIONS
The growing prevalence of urinary incontinence, and the rising incidences of chronic disorders are some of the major factors anticipated to drive the market growth.
The market is anticipated to attain a CAGR of 5.40% over the forecast period, i.e., 2021 – 2030.
The complications with the use of catheter device and the shortage of clinical experts and professional physicians are estimated to hamper the market growth.
The market in North America region is expected to garner the largest revenue of USD 2143.1 Million by the end of 2030 and display significant business opportunities.
The major players in the market are Teleflex Incorporated, Hollister Incorporated, Amsino International, Inc., Boston Scientific Corporation, B. Braun Melsungen AG, Medline Industries, Inc., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, materials, gender, end-user, and by region.
The urinary catheter segment is expected to generate the largest revenue of USD 1704.0 Million by the end of 2030 and display significant growth opportunities.
Global Urinary Collection Device Market TOC
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