Foley Catheter Market Report Covers Trends, Demand, Growth, and Forecast 2030
Future Market Insights (FMI) latest research reports on the Foley Catheter Market is anticipated to grow at CAGR of about 5% during 2020-2030. According to the study, the growing geriatric population and the high prevalence of urinary incontinence are the major drivers of the global foley catheter market. Similarly, the rising prevalence of urinary retention, a chronic condition in which people are unable to urinate voluntarily, is increasing demand for foley catheters, which aid in the easy drainage of urine.
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“With catheter-acquired infections being a foremost challenge to the acceptance of foley catheters, producers are focusing on developing products with coatings and materials that assist in decreasing bacteria accumulation, therefore restraining the probability of catheter-acquired infections amid patients,” remarks FMI analyst.
Foley Catheter Market- Key Takeaways
- In terms of type, 2-way catheters will continue to be in high demand, accounting for more than half of total value between 2020 and 2030.
- Both silicon and latex-based foley catheters account for a significant market share in roughly equal proportions, with the latter slightly larger.
- Based on indication, urethral stricture and urinary incontinence will account for more than half of the market value, with the former accounting for more than one-third of the global value.
- Because of the increasing number of hospitalizations and high reliability, hospitals will continue to be the most important revenue source.
Foley Catheter Market – Key Trends
- As the incidence of urinary diseases rises in direct proportion to the ageing population, the demand for foley catheters will rise over the assessment period.
- Due to Benign Prostatic Hyperplasia (BPH), an increasing number of surgical procedures are performed each year, resulting in an increase in the demand for foley catheters.
- The need for foley catheters is fueled by neurological disorders that lead to urological disorders.
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- During the forecast period, North America, dominated by the United States, leads the global market.
- Europe is expected to be the second largest market, owing to the increasing prevalence of urinary ailments and government support for the development of new medical aids.
- Due to the increasing burden of urinary diseases in the region, South Asia, East Asia, and Oceania will dominate the APAC market share.
Foley Catheter Market – Competitive Landscape
Major companies active in the global foley catheter market include Cardinal Health, Teleflex Incorporated, C.R Bard, Coloplast A/S, B. Braun Melsungen AG, Medtronic plc, ConvaTec Group, Flume, VOTG Medical, Ribbel International Limited, Sterimed Group, Angiplast Private Limited, JK Medirise, and Mais India Medical Devices Private Limited.
Key growth strategies implemented by market players to remain afloat amongst aggressive competition are the development of new product designs and limiting the occurrence of catheter-associated infections in an effort towards innovative designs. In this vein, C.R Bard, an American medical technology manufacturer, has added antimicrobial coatings and silver-ion to its foley catheter product portfolio in order to reduce the frequency of catheter-associated infections when used for extended periods of time.
Producers are looking for regulatory approvals to increase brand visibility and revenue prospects.
Safe Medical Design Inc., a US-based business, obtained FDA approval for the commercialization of its latest product, signal catheter. The catheter is designed to limit urethral trauma due to premature balloon inflation amid placement. Such approvals and innovations will keep on boosting the market growth.
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Foley Catheter Market – Segmentation
- 2 Way
- 3 Way
- 4 Way
Latex Foley Catheter
- Hydrogel-Coated Latex Foley Catheters
- Silicon-Coated Latex Foley Catheter
- Silver-Coated Latex Foley Catheters
- “PTFE (polytetrafluoroethylene) (teflon)
- Coated Latex Foley Catheters
Silicon Foley Catheter
- Hydrogel-Coated Silicone Foley Catheters
- Pure Silicone Foley Catheters
- Silver Coated Silicon Foley Catheters
- Urinary Incontinence
- Urethral Stricture
- Chronic Obstruction
- Neurogenic Bladder
- Enlarged Prostate Gland/BPH
- Prostate Cancer