The growing geriatric population, increasing government initiatives for the healthcare sector, high demand for the change of drainage consumables to prevent the occurrence of infectious diseases, rising disposable income, and increasing prevalence of chronic diseases are the key factors driving the growth of the global drainage consumables market. On account of this, the market for drainage consumables is projected to reach $1,823.1 million by 2024, advancing at a CAGR of 2.8% during the forecast period (2020–2024).
The drainage consumables market is categorized into drainage bags, catheters, high/low-vacuum consumables, reservoirs, and others, based on product type. Out of these, drainage bags held the largest share in the market during the historical period (2015–2019), and they are expected to maintain the lead in the coming years. This will be due to the surge in the prevalence of urinary tract infections (UTIs).
The drainage consumables market is categorized into urinary, wound, pleural, ventricular, biliary, and others, based on application. Out of these, the wound category will witness the fastest growth in the coming years be due to the increasing number of road accidents and burn injuries across the globe.
Geographically, North America led the global drainage consumables market during the historical period, and it is likely to continue maintaining this trend during the forecast period. This is ascribed to the high-volume demand for drainage consumables in the U.S., primarily due to the rise in the number of chronic kidney disease (CKD) cases.
Product Launches Are Most-Effective Strategic Measure Adopted by Market Players Players in the drainage consumables industry are involved in product launches to gain a significant position. For instance, in June 2020, Cook Medical announced that the Advance Serenity Hydrophilic PTA Balloon Catheter is available to physicians in the U.S. Advance Serenity is a hydrophilic-coated angioplasty balloon catheter designed to meet the technical needs of clinicians for treatment of patients who suffer from PAD, which includes below-the-knee disease. The catheter portfolio includes both 0.014-inch and 0.018-inch diameter wire guide platform.
Major players operating in the drainage consumables market include Johnson & Johnson, Smith & Nephew PLC, Stryker Corporation, Zimmer Manufacturing Company, ConvaTec Group plc, McKesson Corporation, and B. Braun Melsungen AG.