Albany, NY, May 21, 2018 (GLOBE NEWSWIRE) -- According to TMR’s estimations, the worldwide urinary catheters market was worth US$3.13 bn in 2016. Progressing at a CAGR of 5.30% during the period from 2017 to 2025, the market’s opportunity is projected to reach US$5.0 bn by the end of the period of the forecast. Intermittent catheters, male external catheters, and foley catheters are the key products available in this market. Among these, the demand for intermittent catheters is relatively higher. In 2016, this segmented held a share of 44% of the overall market and the scenario is likely to remain more or less the same over the next few years, notes the market study.
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North America to Retain Leadership
The global market for urinary catheters has been regionally geographically into North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa in this research report. North America, among these, has surfaced as the key contributor to this market, thanks to the presence of a well-established biotech and pharmaceutical industries. In 2016, the North America market for urinary catheters held a share of nearly 45% in the overall market. Experts project this region to retain its position over the period from 2017 to 2025. The continual rise in the research and development activities and the increase in the prevalence of neurovascular disorders are likely to support this regional market in the years to come.
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Europe closely followed North America in 2016 and it is expected to retain its second position in the global market over the forthcoming years. The surge in research initiatives by local vendors for the development of technologically advanced urinary catheters is anticipated to boost the growth of the Europe market for urinary catheters in the near future, states the market report.
Rise in Medical Devices, Pharmaceutical, and Biotechnology Industries to Support Market’s Growth
“The global market for urinary catheters has been witnessing steady growth and it is projected to continue doing so in the near future too,” says a TMR analyst. The substantial rise in the medical devices, pharmaceutical, and the biotechnology industries is the key driving force behind the growth of this market. Over the coming years, the global market is anticipated to benefits from the rising geriatric population, augmenting prevalence of urinary incontinence, and surging level of awareness regarding health and hygiene in emerging countries, reports the research study.
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The worldwide market for urinary catheters demonstrates a highly competitive landscape with a number of established players operating globally, notes a new research report by Transparency Market Research (TMR). The presence of regional participants in large numbers points towards intensifying competition within the global market. The leading companies are depending heavily on product differentiation to gain an edge over their peers. TE Connectivity Corp., B. Braun Melsungen AG, C.R. Bard Inc., Coloplast, Boston Scientific Corp., Cook Medical, Medtronic Plc, ConvaTec Inc., Hollister Inc., Teleflex Inc., and CURE MEDICAL LLC are some of the prominent vendors of urinary catheters across the world, states the research report.
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