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Foley catheters are hollow flexible tubes inserted through the urethra into the bladder to drain urine from the body. They are majorly used in hospitals where patients require continuous bladder drainage during surgical procedures or with prolonged bed rest. Foley catheters assist in emptying urine from the bladder and prevent urinary retention. The catheters find wide usage in post-surgery care, critical care, and long-term care centers. The devices help manage urinary incontinence, prostate problems, and provide relief from continuous bladder drainage.
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:
Rising prevalence of urinary incontinence and prostate problems across the globe is expected to fuel demand for Foley catheters over the forecast period. As per the Global Forum on Incontinence, it is estimated that over 350 million people worldwide are living with urinary incontinence. Medical treatment involving usage of Foley catheters aids in managing the ongoing bladder issues. Another driver for the market is the increasing geriatric population globally who are at higher risk of developing prostate problems which require urinary catheterization. According to World Population Ageing Report 2019 by United Nations, the number of people aged 65 years and above is projected to be 16% of the global population by 2050 which will favor the industry growth. Foley catheters ensure effective bladder drainage during surgical interventions and prolonged hospital stays thereby minimizing risks of urine retention. This further proliferates the adoption of these devices across healthcare facilities.
Segment Analysis
The global foley catheters market is dominated by the 2-way catheters sub-segment. This sub-segment holds around 70% market share owing to high prevalence of urinary incontinence among geriatric population and high preference of 2-way catheters by surgeons and caregivers for intermittent catheterization. The 2-way catheters are simple, affordable and economical options for self-catheterization.
PEST Analysis
Political: The market is positively impacted by various government initiatives and funding for aging population and promotion of better healthcare facilities.
Economic: Rise in per capita healthcare expenditure and disposable income is fueling the market growth. Dominant patient pool from developing nations is also contributing to market revenue.
Social: Growing geriatric population and increasing awareness about urinary incontinence is driving the demand.
Technological: Development of advanced catheters made of silicone material having minimum friction during insertion and removal is witnessing high acceptance. Players are also focusing on innovations to reduce risks of complications.
Key Takeaways
The global foley catheters market is projected to grow at a CAGR of 5.7% during the forecast period of 2023 to 2030. Regional analysis shows that North America dominates with around 40% market share due to growing awareness, favorable reimbursement policies and presence of key players. Asia Pacific is expected to witness fastest growth owing to increasing healthcare spending, expanding patient pool and rapid urbanization.
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. These players are focusing on new product launches, partnerships and strengthening their distribution networks across world to gain higher market share. Key players are also investing significantly in research and development to develop innovative catheters made of advanced materials.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.
