One of the major trends witnessed by the healthcare vertical is that of the key stakeholders going for service-oriented business models. These “all-in-one” models are bound to rejuvenate the healthcare vertical on the whole. The Indwelling Catheters Market is on the replenishment plank and gives insights on the same count.
Advancements in material used for the manufacturing of indwelling catheters plays a significant role in the success of clinical catheterization and high patient convenience. Leading industry players are developing innovative material for manufacturing indwelling catheters of superior quality, performance, and patient ease. Material properties such as high resistance to collapse, minimal trauma to lumen wall, and low accumulation and occlusion are significantly focused attributes during the development and commercialization of indwelling catheters by key industry players. In addition, technological advancements such as 3– and 4-way indwelling urinary catheters provide simultaneous systemic and distal perfusion.
Key players operating in the indwelling catheters market offer a wide range of urinary incontinence products such as long-term and short-term indwelling catheters. Increase in prevalence of surgeries in hospitals is expected to boost the demand for indwelling catheters in the global market. Demand for urinary incontinence products has increased to prevent infection spread in hospitals, home care centers, surgical centers, etc., creating an absolute opportunity for the growth of the indwelling catheters market.
PMR predicts that the global indwelling catheters market is expected to reach US$ 12.7 Bn in 2030, and is expected to exhibit a CAGR of over 6% during the forecast period (2020–2030).
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Companies covered in Indwelling Catheters Market Report
- Teleflex Incorporated
- Cardinal Health
- Braun Melsungen AG
- ConvaTec, Inc.
- Sterimed Group
- Becton, Dickinson and Company
- McKesson Medical
- Poiesis Medical
- COOK Medical
- Smiths Medical
- Rocket Medical plc.
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Key Takeaways from Indwelling Catheters Market Study
- By product, peripheral intravenous catheters are expected to gain traction in the global indwelling catheters market during the forecast period.
- There is extensive use of peripheral intravenous catheters in hospitals and surgical centers for intravenous therapy during or after a surgery.
- In terms of material, the Tetrafluorethylene-hexafluoropropylene (Teflon) segment is expected to gain more than half of the market value share during the forecast period.
- Based on packaging segment, single strip packs are expected to hold nearly one-third of the market share due to higher demand for single strip packs over kit packs.
- As per end user, hospitals lead the segment and are expected to collectively gain more than half of market share value in the indwelling catheters market during 2020-2030.
- North America holds the highest revenue share by region due to high rate of hospitalizations, and contributes around 1/3 of the market share, owing to rise in number of patients and higher adoption of indwelling catheters. Europe is expected to offer lucrative opportunities owing to rise in demand for indwelling catheters across hospitals, nursing homes, and surgical centres.
“Rising prevalence of urological disorders and technological advancements are expected to drive growth of the global indwelling catheters market,” says a PMR analyst.
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Innovative Product Approvals – Key Strategy Embraced by Industry Players
Development and approval of technologically-advanced indwelling catheters with multiple functionalities are focused on by specialized developers and suppliers in the indwelling catheters market to strengthen their product portfolios in this time of high competitiveness. In addition, inorganic growth strategies such as acquisitions and product in-licencing are targeted by leading players in the indwelling catheters market.
COVID-19 Pandemic to Reduce Demand for Indwelling Catheterization at Healthcare Facilities
The outbreak of the novel coronavirus is expected to hamper indwelling catheterization procedures in hospitals, ambulatory surgical centers, and clinics. This short-term considerable decline in the number of indwelling catheterization is likely to hit demand in the indwelling catheters market. This highly-transmissible respiratory disease has significantly reduced hospitalization cases and surgical procedures due to fear of infection among hospitalized patients.
For instance, in 2020, a study was conducted in Italy to understand the impact of COVID-19 on hospitalization rates for acute coronary syndrome (ACS) in Northern Italy. The study found that, hospitalization rates decreased significantly by 10-30%. This significant reduction in hospitalization and subsequent catheterization procedures are expected to hamper the growth of the indwelling catheters market during the COVID-19 crisis.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the indwelling catheters market in its latest study, presenting historical demand assessment of 2015 – 2019 and projections for 2020 – 2030, on the basis of product (indwelling urinary catheters, indwelling pleural catheters, indwelling peritoneal catheters, indwelling nephrostomy catheters, and peripheral intravenous catheters), material (latex, PVC, silicone, Tetrafluorethylene-hexafluoropropylene [Teflon], and others), packaging (single strip packs and kit packs), and end user (hospitals, ambulatory surgical centres, long-term care centres, and home care), across seven key regions.
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