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Urinary Incontinence Devices Market
Urinary incontinence device market was valued at $2.1 billion in 2020 and is projected to reach $6.2 billion by 2030 registering a CAGR of 11.8%
Rise in shift from conventional solutions to novel urinary incontinent products are some factors which drive the growth of the market.” — Onkar Sumant
PORTLAND, OREGON, UNITED STATES, August 16, 2022 /EINPresswire.com / -- The global Urinary Incontinence Device Market generated $2.09 billion in 2020, and is estimated to reach $6.17 billion by 2030, witnessing a CAGR of 11.8% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
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Development of innovative urinary incontinence devices, surge in demand for minimally invasive procedures, and rise in risk of urological disorders drive the global urinary incontinence device market. However, lack of awareness regarding novel developments in the urinary incontinence devices, underreported cases of urinary incontinence, and post-operative complications associated with the devices hinder the market growth. On the other hand, increase in healthcare expenditures in the developing countries present new opportunities in the coming years.
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.
Development of innovative urinary incontinence devices and rise in demand for minimally invasive procedures, increase in aging population coupled with high risk of urological disorders, and rise in shift from conventional solutions to novel urinary incontinent products are some factors which drive the growth of the market. Furthermore, growth in healthcare expenditures in the developing economies create a lucrative opportunity for market growth.
COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has limited the industry growth significantly, as the demand for urinary incontinence device decreased owing to decline in diagnostics and surgical procedures in the first half of 2020. According to the study published in the British Journal of Surgery, around 28.4 million elective procedures were cancelled or postponed in May 2020, based on a 12-week period of peak disruption to hospital services due to COVID-19. Thus, the outbreak of COVID-19 has negatively impacted the urinary incontinence device market.
Covid-19 Scenario:
Outpatient clinics for female urinary incontinence, infertility and sexual medicine, benign prostatic hyperplasia, renal stone, benign scrotal conditions, and bladder stone were affected significantly.
In 2020, there was a considerable reduction in different types of outpatient tests and surgical treatments for female urinary incontinence, kidney stones, infertility, and bladder stones. These treatments had the greatest rates of cut-down services. In addition, many market players underwent a revenue drop in the urology platform.
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Based on end user, the hospitals segment accounted for the highest share in 2020, contributing to around half of the global urinary incontinence device market, and is expected to continue its dominant share in terms of revenue during the forecast period. However, the clinics segment is estimated to witness the fastest CAGR of 12.3% from 2021 to 2030.
By end user, the hospital segment dominated the global urinary incontinence device market in 2020 and is anticipated to continue this trend during the forecast period. This was attributed to the fact that, urinary incontinence most commonly affects women and the prevalence is high among hospitalized older adults. Thus, hospitals have displayed maximum adoption of the urinary incontinence devices a lot of patients suffering from chronic conditions or pregnancy are associated with urinary incontinence.
The key players in this market have adopted product launch as one of their key developmental strategies such as acquisitions and product launches. The major companies profiled in this report include Becton, Dickinson and Company (C.R. Bard Inc.), Boston Scientific Corporation, Caldera Medical, Coloplast A/S, ConvaTec Group plc, Cook Group Inc. (Cook Medical Inc.), Johnson & Johnson (Ethicon Inc.), Laborie Medical (Cogentix Medical Inc.), Medtronic plc, and Teleflex Incorporated.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
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