Foley catheters are hollow, flexible tubes used to drain and collect urine from the bladder. They are inserted through the urethra and into the bladder. Foley catheters are majorly used after surgeries of prostate, uterus, and bladder. They help drain urine continuously from the bladder and help monitor urine output.
The global foley catheters market is estimated to be valued at US$ 1.64 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising prevalence of urinary incontinence is a major driver fueling growth of the foley catheters market. Urinary incontinence affects people of all ages and often becomes more common as people age. It is estimated that nearly 25 million Americans experience urinary incontinence daily. Female population is more prone to urinary incontinence as compared to male. Moreover, growing incidence of prostate cancer in men also contributes to the increasing use of foley catheters during and post-surgery. According to the National Cancer Institute, in 2022, there will be 268,490 new cases of prostate cancer in the US. Technological advancements in foley catheters with aim to provide more comfort to patients also supports market growth over the forecast period.
SWOT Analysis
Strength: Foley catheters are safe, convenient, and cost effective for many patients requiring urinary catheterization. There is minimal risk of infection compared to other invasive procedures. Patients find Foley catheters provide relief and allow simple urine drainage. The materials used for Foley catheters like latex, silicone are durable and flexible to facilitate smooth insertion and removal with minimal discomfort.
Weakness: Long term use of indwelling Foley catheters can increase risk of complications like urinary tract infections. Improper insertion technique or unhygienic handling may also lead to infections. Catheter blockade due to encrustations is another issue impacting long term users.
Opportunity: Rising geriatric population susceptible to urinary problems offer significant market opportunities. Increasing awareness about catheter associated infections promotes development of novel antibiotics and infection resistant catheter materials. Demand for user-friendly catheters will boost innovations in catheter design, coating and insertion kits.
Threats: Stringent regulations for new products increase approval time and costs. Reusable catheters face risk of replacement by one time use variants. Low diagnosis and treatment rates in developing nations pose challenges.
Key Takeaways
The global Foley Catheters market is expected to witness high growth. It was valued at USD 1.64 billion in 2023 and is forecast to reach USD 1.75 billion by 2030, registering a CAGR of 5.7% during the forecast period.
Regional analysis related content comprises North America dominates the global market due to advanced healthcare facilities and availability of skilled professionals for catheterization. However, Asia Pacific expected to grow at fastest pace supported by rising medical tourism, healthcare investments and growing focus on quality care in regions like India and China.
Key players related content comprises Key players operating in the Foley Catheters market are C.R. Bard, Inc., Teleflex Incorporated, Medtronic, Inc., ConvaTec, Inc., Medline Industries, Inc., B. Braun Melsungen AG, Create Medic Co. Ltd., Fuji Systems Corporation, and Cook Medical Group, Inc. These established manufacturers focus on introducing innovative product variants to strengthen market hold.
Foley Catheters Market OverviewA foley catheter is commonly known as a flexible urinary drainage tube that passes through the urethra and subsequently into the bladder with the aid of a tiny water-inflated balloon.
The rising incidence of urologic diseases across the globe is the primary driver pushing the market growth of foley catheters.The global Foley Catheters Material market was analyzed by Market Research Future (MRFR) and it was projected that a decent CAGR of 7.8% will be attained by the market over the forecast period of 2014 to 2023.
The valuation of the foley catheters market was further stated to surpass its previous valuation to reach USD 987.3 million by 2023.Competitive LandscapeThe global Foley Catheters Market comprises a host of key players.
This includes names like Medline Industries Inc. (US), Cook (US), Teleflex (US), B. Braun Melsungen AG (Germany), Coloplast Ltd (Denmark), and Medtronic (Republic of Ireland).Market Segmentation The global foley catheters market has been segmented in terms of type, end-user, and material.By material, the market includes silicone elastomer coated latex, silicone, silicone elastomer coated latex, latex, polytetrafluoroethylene PTFE (Teflon) coated latex, hydrophilic polymer coated latex, and others.
The 2-way catheters segment leads the global market with the largest percentage of share to its name.
The segment is anticipated to grow at a considerable pace to attain a revenue worth USD 527.4 by 2023.By end-users, the market divides into medical research center, hospitals, and ambulatory surgery centers.Browse More Information @ https://www.marketresearchfuture.com/reports/foley-catheter-market-922 Regional AnalysisThe global foley catheters market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).The North American region is estimated to be the leading contributor for Foley catheters in the coming years.
Transparency Market Research (TMR) has published a new report titled ‘Foley Catheters Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027.’ According to the report, the global Foley catheters market was valued at approximately US$ 1.0 Bn in 2018.
It is projected to expand at a CAGR of 5.8% during the forecast period from 2019 to 2027.
The global market is anticipated to be driven by a rise in the population suffering from urinary disorders, rapid utilization of Foley catheters in hospitalized patients in developed regions, and increase in focus on new product launch by industry players.
The Foley catheters market in Asia Pacific is expected to expand at a high CAGR of 6.6%, due to a rise in geriatric patient pool with urinary retention, thereby driving the demand for indwelling catheters in emerging countries such as India and China.Request Brochure –https://www.transparencymarketresearch.com/sample/sample.php?flag=B_id=40913Increase in prevalence of urologic diseases globally drives the marketRise in the prevalence of urologic diseases, such as urinary retention, benign prostate hyperplasia (BPH), bladder obstruction, urinary incontinence, prostate cancer, and bladder cancers, is expected to fuel the demand for Foley catheters during the forecast period.
Urinary retention is a chronic condition, wherein the patient is unable to voluntarily urinate and has an increased volume of residual urine in his bladder.
Increase in number of baby boomers with urologic diseases requiring long-term care in countries such as India and China is expected to provide lucrative opportunities to the market in the near future.
