DUBAI, U.A.E, Sept. 29, 2020 /PRNewswire/ — 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 research, the developing base of the geriatric population and the high prevalence of urinary incontinence is the major contributor to the global foley catheter market. Similarly, the rising burden of urinary retention, a chronic condition wherein people are not able to voluntarily urinate, is boosting demand for foley catheters to help easily drainage of urine.
“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.
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Foley Catheter Market- Key Takeaways
In terms of type, 2-way catheters will remain higher in demand and will hold over 50% of overall value during 2020-2030.
Based on materials, both silicon and latex-based foley catheters account for a notable market share of about-equal proportions with the later will be slightly bigger.
Based on indication, urethral stricture and urinary incontinence will cumulatively attain over 50% of the market value, with the former accounting for over one-third of worldwide value.
Hospitals will remain the biggest channel with the majority of revenue due to the increasing number of hospitalizations and high reliability.
Foley Catheter Market – Key Trends
Increasing incidences of urinary diseases keep on rising in direct proportion with the increasing geriatric population, the demand for foley catheters will triumph over the assessment period.
Growing surgical procedures are performed annually due to Benign Prostatic Hyperplasia (BPH), which consequently transmutes into the demand for foley catheters.
Neurological disorders leading to urological disorders fuels the requirement for foley catheters.
North America, majorly dominated by the US, spearheads the global market during the forecast period.
Europe is likely to be the second biggest market fuelled by the increasing occurrence of urinary ailments and the support of the governments to develop new medical aids.
South Asia, East Asia, and Oceania will dominate market share APAC market due to the increasing burden of urinary diseases in the region.
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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. On these lines,
C.R Bard, an American medical technology producer, hires antimicrobial coatings and silver-ion to its product portfolio of foley catheters to eradicate the frequency of catheter-associated infections when utilized for long periods.
Producers are looking for approvals of regulatory bodies to increase their brand visibility and revenue prospects. On this premise,
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.
Foley Catheter Market – Segmentation
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
Middle East & Africa
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Get Valuable Insights into the Foley Catheter Market
Future Market Insights, in its new offering, provides an unbiased analysis of the global foley catheter market, presenting historical demand data and forecast statistics for the period from 2020-2030. The study divulges compelling insights on the foley catheter market, allowing readers to glean qualitative and quantitative information which will enable them to make informed market decisions in the upcoming forecast period.
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