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.
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.
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.
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