Artificial Urinary Sphincters Market Analysis, Size, Growth, Share, Outlook & Forecast to 2026
The global artificial urinary sphincters market size is anticipated to reach USD 643.4 million by 2026, expanding at a CAGR of 6.6%, according to a new report by Grand View Research, Inc. Increasing prevalence of urinary incontinence (UI), rising healthcare expenditure, and technological advancements in artificial urinary sphincters is anticipated to boost the market growth. As per European Association of Urology, UI affects around 200 million people worldwide. Stress and urge incontinences are the major diseases affecting older women due to the hormonal changes during menopause. According to The Canadian Continence Foundation, the total cost of UI and fecal incontinence is around USD 4.0 billion annually. Artificial urinary sphincter is one of the safest and most reliable treatments for incontinence. In addition, in 2014, around 3.5 million people in Canada had suffered from some type of incontinence. Thus, increasing prevalence of UI is expected to drive the artificial urinary sphincters market growth. Government spending on healthcare is increasing faster in developing countries than rest of the global economy. In the middle income countries, government per capita healthcare expenditure has doubled since 2000. According to the WHO, government spends around USD 60 on per person health in the lower middle-income countries whereas USD 270 in upper middle-income countries, which reduces inequities and stimulates economic growth.