Urinary Incontinence Devices Market to Reach $3.41 Bn, Globally, by 2023 at 11.3%, Says Allied Market Research
PORTLAND, Oregon, November 20, 2018 /PRNewswire/ --
Technological advancements in novel urinary incontinence devices, surge in geriatric population suffering from urological disorders, and rise in healthcare expenditure in developing countries are expected to boost the growth of the global urinary incontinence devices market
Allied Market Research published a report, titled, "Urinary Incontinence Devices Market by Product (Urinary Catheters, Vaginal Slings, Electrical Stimulation Devices, Artificial Urinary Sphincters, and Other Devices), Category (External Urinary Incontinence Devices, and Internal Urinary Incontinence Devices), Incontinence Type (Stress Incontinence, Urge Incontinence, Overflow Incontinence, and Functional Incontinence) and End User (Hospitals, Clinics, and Other): Global Opportunity Analysis and Industry Forecast, 2017-2023". The report offers comprehensive analyses of the industry trends; dynamic factors such as drivers, restraints, challenges, & opportunities; competitive landscape; top investment strategies; and key growth strategies. According to the report, the global urinary incontinence devices market was pegged at $1.80 billion in 2017 and is expected to garner $3.41 billion by 2023, registering a CAGR of 11.3% during the forecast period.
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Rapid developments in innovative urinary incontinence devices and increase in urological disorders among the geriatric population drive the growth of the global urinary incontinence devices market. However, lack of awareness about the benefits of urinary incontinence devices and post-operative complications associated with such devices hamper the market growth. On the other hand, growing healthcare expenditures in developing countries are expected to create lucrative opportunities in future.
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Vaginal slings segment to portray highest demand through 2023
The vaginal slings segment held the largest share of the market in 2017, contributing about 40% of the total revenue. In addition, the segment is expected to grow at the fastest CAGR of 14.4% during the forecast period, owing to the growing preference for vaginal slings for the treatment of urinary incontinence. The other segments analyzed in the report include urinary catheters, electrical stimulation devices, artificial urinary sphincters, and other devices.
Stress incontinence segment to lead the market through 2023
The stress incontinence segment held the largest share in 2017, contributing more than half of the total market share, owing to the steep increase in the number of women suffering from urinary incontinence with symptoms of stress incontinence. However, the urge incontinence segment is expected to witness the fastest CAGR of 12.6% during the study period, owing to high prevalence of neurological diseases that leads to urinary tract dysfunction, which eventually leads to urge incontinence. The report analyzes other segments such as overflow incontinence and functional incontinence.
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Internal urinary incontinence devices segment to manifest fastest growth by 2023
Internal urinary incontinence devices segment accounted about two-thirds share of the market, and is expected to register the fastest CAGR of 12.3% from 2017 to 2023. In addition, the external urinary incontinence devices segment would manifest a gradual growth during the study period.
Major end users in the market
The report includes the analysis of the major end users in the global urinary incontinence devices market, such as hospitals, clinics, and others. In 2017, the hospitals segment contributed the largest share, accounting for about half of the total revenue, because majority of the pregnant women suffer from urinary incontinence as well as a large patient pool who are admitted in hospitals suffer from chronic conditions. However, the clinics segment is expected to register the fastest CAGR of 11.9% during the forecast period.
North America to retain largest market share by 2023
North America dominated the global urinary incontinence devices market in 2017, contributing about one-third share of the total revenue. This is attributed to the early adoption of novel urinary incontinence devices along with growing prevalence of stress urinary incontinence among women in this region. However, Asia-Pacific region is expected to register 12.9% CAGR during the forecast period, owing to its high population base, growing disposable incomes, and improvement in patient awareness about advanced urinary incontinence management. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).
Major market players
The report analyzes several leading players in the market, including Coloplast, C. R. Bard, Inc., Ethicon, Inc., Cook Medical, Prosurg, Inc., Boston Scientific Corporation, ConvaTec Group Plc, Caldera Medical Inc, Covidien plc (Medtronic), and Cogentix Medical Inc.
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