Foley Catheter Market Eyeing Substantial Growth due to Rising Incidence of Urologic Diseases
Global Foley Catheter Market Size is anticipated to touch USD 987.3 million at a 7.8% CAGR between 2014-2023, states the latest Market Research Future (MRFR) report. A foley catheter, simply put, is a flexible, soft urinary catheter that is utilized in various urological diseases to aid ease urination in people with conditions including prostate cancer, nerve-related bladder dysfunction, narrowing of the urethra, and prostate hypertrophy. Also, popularly referred to as an indwelling catheter, it can be used for prolonged periods such as weeks or even months. It comes in different balloon capacities and sizes to cater to the different needs of different patients.
Various factors are propelling the foley catheter market growth. Such factors, according to the latest Market Research Future report, include increasing incidence of various urologic diseases such as bladder cancers, prostate cancer, urinary incontinence, bladder obstruction, benign prostate hyperplasia, and urinary retention, growing demand from emerging markets, and wide acceptance of foley catheters. Additional factors that are adding to the foley catheters market share include large product portfolio, new product development as well as launches, availability of foley catheters with anti-bacterial coatings, and advancements in foley catheters that provide improved patient comfort.
On the contrary, escalating healthcare costs and catheter associated urinary tract infections are factors that may restrict the foley catheter market growth during the forecast period.
Notable players profiled in the foley catheter market report include Medtronic (Republic of Ireland), Coloplast Ltd (Denmark), B. Braun Melsungen AG (Germany), Teleflex (US), Cook (US), and Medline Industries Inc. (US). Key players have incorporated multiple strategies to stay head and shoulders above others in the competition, such as partnerships, acquisitions, mergers, joint ventures/collaborations, new product launches, research and development activities, and more.
November 2019: Leading provider of foley catheter fixations, CATHETRIX has recently signed an agreement with renowned worldwide distributor of medical products, Pro-Lab Diagnostics exclusively for the distribution of CATHETRIX Foley Catheter Securement Device especially in the UK, the US, and Canada.
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The Market Research Future report provides an all-inclusive segmental analysis of the foley catheter market based on material, end user, and type.
By material, the foley catheter market is segmented into hydrophilic polymer-coated latex, polytetrafluoroethylene PTFE (Teflon) coated latex, latex, silicone elastomer coated latex, and silicone. Of these, the latex segment will dominate the market during the forecast period, followed by the hydrophilic polymer-coated latex segment.
By type, the foley catheter market is segmented into 2-way catheters, 3-way catheters, 4-way catheters, and others. Of these, the 2-way catheter segment will lead the market during the forecast period. It is predicted to touch USD 527.4 by 2023.
By end users, the foley catheter market is segmented into ambulatory surgery centers, hospitals, and medical research center.
By region, the foley catheter market report covers the latest trends and growth opportunities across North America, the Asia Pacific, Europe, and the Rest of the World. Of these, North America will command the largest share in the market during the forecast period. Various factors propelling the growth of the foley catheter market in the region include huge investments in R&D activities, rising product development, the presence of established healthcare facilities, and attractive reimbursement policies.
The foley catheter market in Europe will have the second-largest share in the market during the forecast period for the increasing adoption of the most advanced and latest technologies and products. The UK and Germany are the major contributors in the region.
The foley catheter market in the APAC region will grow at the fastest pace during the forecast period. Various factors propelling the growth of the foley catheter market in the region include rising expenditure in the healthcare industry, widespread prevalence of urological diseases, increasing geriatric population, the incidence of chronic diseases, and burgeoning demand for advanced products and therapies.
The foley catheter market in the Rest of the World will have steady growth during the forecast period.
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