Market Scenario
Market Research Future (MRFR) postulates that the global Foley catheters market is predicted to garner USD 6.87 billion, grabbing a CAGR of 7.80% during the forecast period (2022-2030). Augmenting incidences of urologic diseases is estimated to favor the market growth. A Foley catheter is referred to as a flexible urinary drainage tube which passes through the urethra into the bladder with the help of a small water-inflated balloon. They are improving at a consistent pace in terms of their scope of application and technology. They are usually recommended by the healthcare providers for people who are suffering from bladder disorders like urinary retention and urinary incontinence.
Market Potential and Pitfalls
With the augmenting incidences of urological disorders, new product development, hospitalization, wide acceptance of Foley catheters, new product launches, and augmenting demand from the emerging markets, the global Foley catheters market is estimated to flourish. Major market giants are highly investing in R&D activities and innovative product development in order to improve the existing structure and utilization of such catheters. Such factors are contributing to the market growth to a large extent. Catheters are constantly improving in terms of technology. With technological advancements, the scope of application in the healthcare industry is increasing throughout the appraisal period.
There has been significant growth in the prevalence of chronic diseases, urological ailments, cardiovascular diseases, and diabetes, which has further triggered the demand for Foley catheters across the globe. The market is also witnessing growth owing to the increasing occurrence of target diseases such as bladder obstruction, urinary incontinence, benign prostate hyperplasia (BPH), urinary retention, and bladder cancers. Moreover, neurological disorders like multiple sclerosis, cerebral palsy, spina bifida, and others result in bladder dysfunction which requires catheters for the urine to drain out of the body. With the geriatric population being prone to such conditions, the market is expanding throughout the assessment period. Additional factors gearing up the market growth are the high availability of improved catheters, rising cases of genital surgeries, and accelerating awareness among the global population. Reimbursement policies provided by the Center for Medicare and Medicaid in the U.S. has helped the market to expand.
On the contrary, the presence of alternative treatments for urinary incontinence combined with the potential risks associated with the use of Foley catheters is some of the top barriers likely to vitiate the market growth in the coming years.
Global Foley Catheters Market: Segmental Analysis
The global Foley catheters market has been segmented on the basis of material, type, and end-user.
By mode of material, the global Foley catheters market has been segmented into silicone, latex, hydrophilic polymer coated latex; silicone elastomer coated latex, polytetrafluoroethylene PTFE (Teflon) coated latex, and others.
By mode of type, the global Foley catheters market has been segmented into 3-way catheters, 2-way catheters, 4-way catheters, and others.
By mode of end-users, the global Foley catheters market has been segmented into hospitals, medical research center, and ambulatory surgery centers.
Regional Insights
Geographically, the Foley catheters market span across regions namely, Europe, Asia Pacific, North America, and the Middle East & Africa.
Considering the global scenario, the North American region is predicted to be the major contributor for Foley catheters. The growth is credited to a large amount of money invested in the research and development activities coupled with product development. The North American region also comprises sophisticated healthcare facilities along with attractive reimbursement policies which highly influence the market growth.
The European region is estimated to occupy the second largest market due to the high adoption of the latest and advanced products and technologies. While the U.K. is considered to experience the fastest growth rate, Germany dominates the region.
The Asia Pacific region is estimated to experience a rapid growth rate and is likely to retain its dominance in the coming years. The growth is credited to the growing incidences of several urological diseases coupled with the increasing expenditure on healthcare. Emerging economies such as China and India are estimated to be lucrative regions owing to the rising incidences of chronic diseases, growing geriatric population, and augmenting demand for advanced therapies and products.
Competitive Dashboard
The prominent global Foley catheters market players operating the industry are Teleflex (US), Cook (US), Coloplast Ltd (Denmark), B. Braun Melsungen AG (Germany), Medline Industries Inc. (US), and Medtronic (Republic of Ireland).
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