The Indwelling Catheters Market is slated to witness an exhilaration In Upcoming Years. The current situation calls for creating value and novel services for numerous stakeholders through innovation and acquisition of capabilities for rapidly adapting to the altering circumstances. As such, the profoundness of transformation concerning organizations’ and businesses’ activities, competencies, processes, and models is expected to be seen all through in the forecast period.
Advancements in the material used for the manufacturing of indwelling catheters play a significant role in the success of clinical catheterization and high patient convenience. Leading industry players are developing innovative materials for manufacturing indwelling catheters of superior quality, performance, and patient ease.
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Material properties such as high resistance to collapse, minimal trauma to the 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. An increase in the prevalence of surgeries in hospitals is expected to boost the demand for indwelling catheters in the global market.
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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).
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.
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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.
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