Foley catheters are urinary catheters inserted into the urinary bladder through the urethra to drain urine from the bladder. They are commonly used after surgeries related to prostate, urethra and bladder, and are also used for patients with urinary incontinence or retention. The growing geriatric population, which is more prone to urological conditions, and the increasing number of surgeries are some of the key factors driving the demand for Foley catheters.
The global Foley Catheters Market is estimated to be valued at US$ 1.64 billion 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:
The high growth of the Foley Catheters Market owing to the rising geriatric population, which is more susceptible to urological disorders. As per statistics, the world's geriatric population, aged 65 years and above, is projected to reach 1.5 billion by 2050 from 703 million in 2019. Chronic diseases related to prostate, urological cancers and urinary incontinence are highly prevalent in the aged population. Thus, with the expansion of the elderly demographic, the demand for treatments using Foley catheters will increase substantially over the forecast period. The growth is further accentuated by the increasing number of surgical procedures involving the urinary system and consequent use of catheters.
SWOT Analysis
Strength: Foley catheters provide an effective sterile drainage solution for patients suffering from urinary retention or bladder surgery. Their placement by medical professionals helps ensure accuracy and avoids unnecessary pain or discomfort. Standardizing on trusted brand name products helps ensure quality and reliability.
Weakness: Occasional reports of infections, especially in patients with long-term indwelling catheters, are a concern. Deterioration of catheters left indwelling for extended periods may also lead to blockages or leakage. Maintaining sterile technique during insertion and care is critical to minimize risks.
Opportunity: A growing and aging global population contributes to higher rates of urological conditions treated using catheters. Expanding access in developing areas and educating more medical professionals can help address urinary issues affecting quality of life. Novel coating or impregnation technologies may further reduce infection risks.
Threats: Cost-cutting pressure on hospitals and providers could impact purchasing decisions and preference for cheaper alternative products. Shift towards less invasive options or timing of catheter removal where clinically appropriate may also affect long-term market potential.
Key Takeaways
The global Foley Catheters market is expected to witness high growth. The market size is projected to reach USD 1.64 billion by 2024, growing at a CAGR of 5.7% during the forecast period.
North America is currently the largest and fastest growing regional market for Foley catheters due to advanced healthcare infrastructure and widespread medical reimbursements supporting procedures and devices in this region. The Asia Pacific region is expected to be the fastest growing market for Foley catheters due to improving access to healthcare services, rising medical tourism, and increasing awareness about urological conditions in heavily populated countries like China and India.
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.
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.
