Drainage Consumables Market Revenue Worth $1,823.1 Million by 2024 Says P&S Intelligence

NEW YORK, May 18, 2021 /PRNewswire/ -- As per National Kidney Foundation Inc., in 2017, 500,000 patients in the U.S. underwent dialysis, 200,000 of whom had already received a kidney transplant previously. Moreover, 17.9 million people die of cardiovascular diseases every year, says the World Health Organization (WHO). As a result of the high prevalence of chronic diseases, which is only increasing, the global drainage consumables market size is predicted to grow from $1,604.0 million in 2019 to $1,823.1 million by 2024, at a 2.8% CAGR between 2020 and 2024.

This is because chronic diseases and many of the acute ones often lead to a dangerous accumulation of fluids and gases inside the body, which regularly need to be removed. For instance, respiratory diseases and cancer often cause pleural effusion, a buildup of fluid in the lungs, which makes it difficult and painful to breathe. Similarly, the rising incidence of many other diseases the diagnosis and management of which involve the removal of blood, lymphatic fluid, pericardial effusion, urine (straight from the bladder), or cerebrospinal fluid for analysis is propelling the drainage consumables market advance.

Key Findings of Global Drainage Consumables Market

• Catheters witnessing fastest-growing demand worldwide
• Rising chronic disease prevalence strongest market growth driver
• Wounds to be fastest-growing application area of drainage consumables
• North America is largest buyer of drainage consumables
• Government support propelling product demand
• Market investment opportunities galore in APAC

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During the coronavirus pandemic, lockdowns, social distancing measures, and movement restrictions have become the new normal. Most of the hospital departments have been closed, with healthcare professionals being pulled into COVID care, thus negatively impacting the demand for drainage consumables. Additionally, the shutdown of manufacturing plants and difficulties being faced by the representatives of medical device companies in interacting with healthcare givers has hurt product sales. Moreover, the drainage consumables market has been negatively hurt by the deferment of clinical trials and product approvals by most of the regulatory authorities.

In the past, the largest share in the drainage consumables market was held by the drainage bags category, under segmentation by product type. Drainage bags are frequently replaced at hospitals in order to prevent the transmission of urinary tract infections (UTIs) from one patient to another.

The urinary category is predicted to continue dominating the drainage consumables market in the years to come, under the application segment. Drainage bags and catheters are widely used on patients suffering from chronic kidney diseases (CKDs); thus, with an increase in the prevalence of these conditions, the usage of drainage consumables for urinary applications will also rise.

Browse detailed report with COVID-19 impact analysis on Drainage Consumables Market Research Report: By Type (Drainage Bags, Catheters, High/Low-Vacuum Consumables, Reservoirs), Application (Urinary, Wound, Pleural, Ventricular, Biliary) - Global Industry Revenue Forecast to 2024 @ https://www.psmarketresearch.com/market-analysis/drainage-consumables-market-outlook

Till now, North America has contributed the highest revenue to the drainage consumables market on account of the surging prevalence of CKDs, especially in the U.S. Similarly, the growing incidence of CKDs and other chronic diseases and booming population of the elderly are projected to drive the industry in the Asia-Pacific (APAC) region at the highest CAGR in the near future.

Major companies in the global drainage consumables market are Johnson & Johnson, Stryker Corporation, Smith & Nephew PLC, Zimmer Biomet Holdings Inc., McKesson Corporation, ConvaTec Group plc, B. Braun Melsungen AG, Medline Industries Inc., Becton, Dickinson and Company, Cardinal Health Inc., Cook Medical LLC, Medtronic plc, Baxter International Inc., Boston Scientific Corporation, and Teleflex Incorporated.

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Browse Other Related Reports

Catheters and Bands Market Forecast Report - The catheters and bands market in Nepal, Bangladesh, Sri Lanka, and India is projected to attain $96.5 million by 2024, increasing from $65.3 million in 2018, registering a 6.6% CAGR during 2019–2024.

Catheter Market Report - The North American catheter market generated the highest revenue in 2019, because of the presence of leading market players, growing prevalence of chronic disease, increasing number of government and private initiatives to create awareness about the application of catheters, increasing healthcare expenditure, and growing number of aging people.

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SOURCE P&S Intelligence