|By PR Newswire||
|February 26, 2014 10:00 AM EST|
BURLINGTON, Mass., Feb. 26, 2014 /PRNewswire/ -- Decision Resources Group finds that the global market for urinary incontinence (UI) devices will grow to nearly $3.7 billion by 2022, supported by the aging population and rising incidence of obesity. A notable trend in this market is the increasing popularity of UI devices that are minimally invasive, offer greater convenience and discreetness as well as reduction in cases of subsequent infection, lowering costs of further treatment. This has resulted in a shift toward intermittent catheters in the United States and Europe and, to a lesser extent, Brazil, Russia, India and China (BRIC).
Although the UI device market is fairly mature, opportunities exist for expansion, particularly in the less-penetrated BRIC markets. In these countries, some UI devices such as vaginal slings were only recently widely introduced, and increasing exposure to these products will ultimately propel market.
Competitive dynamics also differ in the emerging BRIC markets. While the more-developed UI device markets in the U.S. and Europe are largely dominated by multinational corporations, smaller local players have been able to establish a strong presence in BRIC countries. This is especially true of the markets for urinary catheters and drainage bags because the devices are simple to produce, making it easy for domestic competitors to offer low-cost products of sufficient quality. Overall, because the global UI device market is highly competitive and many devices in this space are largely commoditized, companies will need to employ a number of strategies to capture revenue share.
"UI devices such as urinary catheters are purchased in large volumes, and some are used by patients on a long-term basis, so establishing brand loyalty is crucial to generating unit sales," said Decision Resources Group Analyst Jason Lau. "Companies need to get their products into training and rehabilitation facilities to familiarize physicians and nurses with these devices, which will encourage them to recommend these options to their patients in the future. Furthermore, minimal innovation in some segments means that companies will need to offer attractive pricing and product bundling to remain competitive through 2022."
Decision Resources Group's Global Markets for Urinary Incontinence Devices 2014 report includes procedure, unit, average selling price and revenue information, along with market drivers and limiters and a competitive landscape for urinary catheters, urine drainage bags and vaginal slings in the United States, Belgium, France, Germany, Italy, Netherlands, Spain, Sweden, Switzerland, United Kingdom, Brazil, Russia, India and China.
About Decision Resources Group
Decision Resources Group is a cohesive portfolio of companies that offers best-in-class, high-value information, and insights on important sectors of the healthcare industry. Clients rely on this analysis and data to make informed decisions. Please visit Decision Resources Group at www.DecisionResourcesGroup.com.
All company, brand or product names contained in this document may be trademarks or registered trademarks of their respective holders.
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