A rise in the geriatric population is projected to boost the global urinary drainage bags market during the forecast period. According to a published report by Fortune Business Insights, titled, “Urinary Drainage Bags Market Size, Share & Industry Analysis, By Product (Leg Bags and Large Capacity Bags), By Capacity (0-500 ml, 500-1000 ml, 1000-2000 ml, and more than 2000 ml), By Number of Chambers (Single Chamber, 2 Chamber, 3 Chamber), End-user (Hospitals, Clinics, Ambulatory Surgical Centers, Home Care, and Others) and Regional Forecast, 2019-2026,” the market is projected to reach USD 1,475.60 Million by 2026, exhibiting a CAGR of 4.9% during the forecast period. However, the market was valued at USD 1,007.81 Million in 2018.
The report predicts and analyzes the urinary drainage bags market size in terms of value and volume. It provides elaborate information regarding all the segments and doesn’t fail to mention the leading segments separately. It further highlights the competitive developments, such as mergers, expansions, new product launches, and acquisitions.
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Increasing Healthcare Expenditure to Propel Growth in Europe
The urinary drainage bags market is geographically divided into North America, Asia Pacific, the Middle East and Africa, Latin America, and Europe. Amongst these regions, Europe is anticipated to lead the market throughout the forecast period. It would likely occur due to the rising prevalence of bladder cancer and increasing healthcare expenditure in this region. The Nation Health Service (NHS) and European Union of Medical Association (EMEA) are smoothly managing the cost burden of pharmaceutical products and medical devices experienced by the consumer and the patient. It is one of the vital urinary drainage bags market trends.
Single Chamber Bags to Lead Market Owing to Rising Number of Surgical Procedures
In terms of number of chambers, the urinary drainage bags market is categorized into single chamber, 2 chambers, and 3 chambers. Out of these, the single chamber bags would be in the dominant position in the coming years. It would occur mainly due to the availability of wider product offerings by renowned players and the increasing number of surgical procedures. Combined with these, a rise in the number of consumer awareness campaigns regarding the product would contribute to growth. Besides, the 2 chamber segment would grow at a fast pace due during the forthcoming years due to better wearability and more comfort of this type of bag.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
Alzheimer’s Disease and Pelvic Organ Prolapse to Skyrocket Demand for Urinary Drainage Bags
The Alzheimer’s Disease Facts and Figures recently published a report. It states that approximately 5.8 million Americans are affected by Alzheimer’s dementia at present. They assume that this number will rise rapidly in the coming years due to increasing number of aging population in the U.S. that belong to the group of 65 years and above. Patients suffering from Alzheimer’s disease have issues with urinary incontinence. Furthermore, several women around the world are affected by pelvic organ prolapse every year. The condition causes the woman’s pelvic organ to shift out of its usual position. It disables the function of urethra. These two diseases cause urine leakage and hence, it increases the urinary drainage bags market sales.
Moreover, the European countries house numerous non-profit organizations. They are helping in creating awareness about various urinary incontinence products, such as urinary collection bags and urinary catheters. All these factors are expected to propel the urinary drainage bags market growth in this region in the coming years. Asia Pacific, on the other hand, is likely to exhibit notable growth due to rising cases of hospitalization and increasing demand for cost-effective urinary collection bags. Additionally, a rise in the incidence of chronic diseases, namely, diabetes would augment market growth here.
Fortune Business Insights profiles some of the most prominent companies operating in the urinary drainage bags market. They are as follows:
- Coloplast A/S
- ConvaTec Group PLC
- Clinisupplies Ltd. (Healthium Medtech)
- Flexicare Medical Limited
- Teleflex Incorporated
- BD
- Medline Industries, Inc.
- Hollister Incorporated
- Manfred Sauer GmbH
- Other key market players
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