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.
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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
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.
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Key Questions Answered in Urinary Bag Market Study
- Market estimates and forecast 2015-2031
- Key drivers and restraints impacting market growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Urinary Bag Market and How to Navigate
- Recommendation on Key Winning Strategies
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