Urometer Market Expected to Reach US ~$762.35 Million and CAGR 6.5% by 2030 – Polaris Market Research
The global urometer market size is expected to reach USD 762.35 million by 2030 according to a new study by Polaris Market Research.
The factors such as the rising investment to develop new devices and the rising diseases which require urometer systems are boosting the market growth. Patients suffering from spinal cord injury or illness, neurological disorders, Parkinson’s disease, cerebrovascular accident, or enlarged prostate experience long-term urinary retention and, as a result, require a urometer device.
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According to the National Institute of Diabetes and Digestive and Kidney Diseases, urinary retention in males gets more common as they get older. The total incidence of urinary retention in men aged from 40 to 83 yrs. The total incidence rises to 100 per 1,000 men in their 70s. The prevalence of acute urinary incontinence in men in their 80s is 300 per 1,000 males. Furthermore, urine retention is more common in older people due to bladder neck obstruction, neurological issues, and posterior urethral stricture.
Further, in April 2021, Rapha Capital Management, LLC, a wealth management business based in Miami, led a Phase A investment for FIZE Medical, Inc. with Rapha Capital Investment IX, LLC. The USD 5.3 million would be used even further to develop the novel device, the iUO, the very first precise and reliable, automatic, digital, and cost-effective sensor is used to measure urine output instantaneously, replacing the current, manual process managed, urometer bag connected to the Foley catheter, and would be made accessible to the hospitals.
Based on the end-use, the home hospitals segment accounted for the leading share in the urometer industry. The increasing number of surgical procedures and cases of End-Stage Renal Disease (ESRD) are two of the segment’s primary drivers. Furthermore, an increase in hospital admissions, particularly elderly patients, due to the current COVID-19 outbreak is expected to drive segment growth over the projection period. Older individuals usually require a urometer to avoid frequent movement upon hospital admission. Thus, this is growing the segmental growth.
Market players such as Teleflex, Convatec Inc., Fannin Ltd., Cardinal Health, Forlong Medical Co., Ltd., Laborie, Medline Industries, BD, Observe Medical, and Hitec Medical Co., Ltd. are some key players operating in the global market.
In February 2021, Observe Medical announced a stronger presence in Norway in partnership with Norwegian Medtech organization Yellow Life Science and a reinforced engagement with Norway Health. Observe Medical introduces the Sippi automated digital urine meter in a few European markets. Thus, the key players are taking strategic initiatives through the urine meter launches in the market, and the expansion of locations is propelling the growth.
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Polaris Market Research has segmented the urometer market report based on product, application, end-use, and region:
Urometer, Product Outlook (Revenue – USD Million, 2018 – 2030)
- 100 ml
- 200 ml
- 400 ml
- 450 ml
- 500 ml
Urometer, Application Outlook (Revenue – USD Million, 2018 – 2030)
- Operative Procedures
- Emergency Trauma
- Palliative Care
- Others
Urometer, End-Use Outlook (Revenue – USD Million, 2018 – 2030)
- Hospital
- Clinics
- Home Healthcare
- Others
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