A number of factors such as the surging incidence of chronic diseases, improving healthcare infrastructure, increasing volume of surgeries, soaring government initiatives for public healthcare are expected to drive the drainage consumables market at a CAGR of 2.8% during the forecast period (2020–2024). According to P&S Intelligence, the market revenue will grow from $1,604.0 million in 2019 to $1,823.1 in 2024. Moreover, the rising disposable income and growing prevalence of infectious diseases will facilitate market growth in the foreseeable future.
Access Report Summary – Drainage Consumables Market Growth Forecast Research Report
One of the key factors behind the drainage consumables market growth includes the burgeoning cases of chronic ailments. Drainage consumables, such as catheters and drainage bags, are vital for patients undergoing treatment for diseases related to the urinary system and kidney diseases. These diseases are usually caused due to diabetes. The spurring incidence of diabetes is expected to drive the drainage consumables demand in the immediate future. According to the World Health Organization (WHO), approximately 422 million people in the world are currently living with diabetes.
In recent years, surging product launches have become a prominent trend in the drainage consumables market. Large scale manufacturers of the U.S. are making huge investments in the development of novel and advanced products to widen their customer base and improve their market positions. For example, in December 2019, Merit Medical Systems Inc. announced the introduction of the ReSolve Mini locking drainage catheter to drain fluids from body cavities. With this product, the market player aims to enhance the standards of patient safety and care.
Categories under the product type segment of the drainage consumables market include catheters, reservoirs, drainage bags, high/low-vacuum consumables, and others. Among these, the drainage bags category accounted for the largest market share in 2019, and it is expected to retain its position throughout the forecast years. This can be credited to the growing need for replacing the used drainage bags at periodic intervals, to prevent urinary tract infections (UTIs) among patients. According to the National Institute of Health, UTIs are the most common form of outpatient infections in the U.S.
Geographically, North America dominated the drainage consumables market in 2019 and it will also hold the dominating position during the forecast period. This can be primarily owed to the burgeoning number of chronic kidney disease (CKD) cases. As per a 2021 report by the Centers for Disease Control and Prevention (CKD), approximately 37 million people in the U.S. are suffering from CKD. According to CDC, more than 1 in 7 adults suffer from this disease.
Thus, the growing prevalence of chronic illnesses and the escalation number of product launches will facilitate market growth in the foreseeable future.
