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ESOMAR-certified consulting firm Future Market Insights' report projects an impressive growth in the global urinary bag market throughout the forecast period 2021-2031. Growing geriatric population and rising cases of urinary incontinence among the old age population are the factors underpinning the market growth.
The global urinary bags market grew at a moderate rate of over 3.5% CAGR between 2016 and 2020, owing to the surging demand of adult urinary bags within hospitals. Rising incidence of urinary incontinence, retention and spinal cord injuries, especially among older population, have bolstered the market demand.
According to a report by World Health Organization, out of 3000 older women across the globe, 21.8% women are recorded with problem of urinary incontinence. Every 24 hours there's an incidence of urinary urgency. The report also stated, about 33 million older men and women have overactive bladder. A quarter to a third of older population in U.S. surfer from urinary incontinence.
Rising burden of this condition among older population have stimulated the demand of adult urinary bags across the U.S., India, the U.K., and China. As per FMI's analysis, the adult urinary bag segment is anticipated to exhibit a growth at over 4% CAGR between 2021 and 2031.
"There has been a significant increase in the healthcare investment due to the expanding geriatric population across the globe. Hence, manufacturers are focusing on research activities to develop advanced products to assist in the treatment of surging cases of urinary incontinence," says the FMI analyst.
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Key Takeaways from FMI's Urinary bag Market Study
In terms of product type, drainage bags will be account for maximum market share of over 52% during the forecast period
Hospitals are anticipated to be the leading end user, accounting for 40% of market sales
Surging demand for 1000 ml capacity urine bags will spur the sales over the forecast period
Disposable urine bags will witness an impressive growth through 2021, accounting for more than 75% of market share
Adult urine bags segment is one of the most lucrative segment, covering 90% of global market sales
U.S. is leading the North America's urinary bag market, accounting for over 90% of market sales
Germany's urinary bag market is poised to expand at 5% CAGR through 2031 to reach a valuation of US$ 270 million
Increased expenditure on healthcare infrastructure and development across UK will spur the urinary bag market sales
China being the second largest pharmaceutical market, increased capital investment will provide growth opportunities for market players in the country
Competitive Landscape
With the market being consolidated in nature, leading players are primarily focusing on research & development activities for urine incontinence, urinary retention and gynecological or urological surgeries. .
In addition to this, market players are reliant on other strategies such as collaborations and mergers to maintain the competitive edge and expand their global footprints.
For instance, in April 2021, Analytica LTD., the Australian developer of the Enhanced Infusion System (EIS) and PeriCoach® pelvic floor exercise system for the treatment of stress urinary incontinence, announced an agreement with Marwa's Office for Export & Import Medical Supplies to distribute and sell the EIS to hospital systems in Middle East & Africa.
Some of the leading companies profiled by Future Market Insights include:
Medline Industries, Inc.
Cardinal Health, Inc.
Hollister Incorporated
Teleflex Incorporated
Cook Medical
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More Insights on the Global Urinary bag Market
In its latest report, FMI sheds an in-depth analysis on the global urinary bag market, providing historical data for the period of 2016-2020 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of:
Product
Leg Bag
Belly Bags
Large Capacity Bags
Drainage Bags
Capacity
Less than 500 ml
500 ml
1000 ml
2000 ml
4000 ml
Usage
Reusable Urinary Bags
Disposable Urinary Bags
Patient Age
Pediatric
Adult
End User
Hospitals
Clinics
Ambulatory Surgical Centers
Long Term Care Centers
Home Care Settings
Region
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East & Africa (MEA)
Key Questions Covered in the Report
How will the market for urinary bag will expand through 2031?
Which top companies are leading the global urinary bag market?
What are the key drivers and trends that will stimulate the urinary bag sales?
What are the challenges that will affect the sales of urinary bag market?
Which region will remain the most lucrative throughout the forecast period?
What is the impact of Covid-19 on urinary bag market?
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Contact Info:
Name: Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/urinary-bag-market
Release ID: 89032917
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