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The Foley Catheters market has witnessed significant growth over the past decade. Foley catheters are gel-coated tubes inserted through the urethra into the bladder to drain urine from the bladder. They are usually made of silicone or latex and are used following surgeries and for patients suffering from urinary incontinence or retention. Advancements in catheter materials and designs have made them more comfortable for long-term use. The growing prevalence of urinary incontinence and other urological conditions among the geriatric population is a major factor driving the demand for Foley catheters.
The Global Foley Catheters Market is estimated to be valued at US$ 1.64 billion in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Key Takeaways
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 and geographical expansion to gain market share.
The rising incidence of urinary incontinence worldwide presents significant growth opportunities in the market. Technological advancements in catheter materials to reduce the risk of infections and improve patient comfort will further boost demand.
Major players are expanding their presence in emerging economies of Asia Pacific and Latin America. Increasing healthcare spending and large untapped markets in countries like India, China, and Brazil will drive the global expansion of the Foley catheters market during the forecast period.
Market Drivers
The growing geriatric population is a key driver boosting the Foley catheters market. Age-related conditions like Benign Prostate Hyperplasia (BPH) and urinary incontinence are highly prevalent among the elderly, necessitating the frequent use of indwelling catheters. According to the United Nations, the population aged 60 years and above will increase from 900 million in 2015 to nearly 2.1 billion by 2050. This rising geriatric demographic will propel market growth.
PEST Analysis
Political: Foley catheters market is governed by stringent regulations and standards regarding production quality and healthcare waste management. FDA regulations need to be complied with.
Economic: Rising healthcare spending worldwide has supported the growth of the market. Aging population and increasing cases of urinary incontinence have also created demand.
Social: Growing awareness about urinary incontinence and related treatment options are key drivers. Foley catheters provide improved care and convenience to patients suffering from UI.
Technological: Advancements have led to development of more comfortable and safer Foley catheters made of silicone and other materials. Anti-infective coatings have helped reduce risks of CAUTI. Telehealth is also being explored.
The North American region currently holds the largest share of the Foley catheters market in terms of value. This can be attributed to factors such as high healthcare spending, sophisticated healthcare infrastructure and rising prevalence of urological diseases in countries like the US and Canada.
The Asia Pacific region is poised to grow at the fastest rate during the forecast period. This is due to rapid economic development, expanding medical tourism industry, growing middle class population and improvements in public healthcare systems across many Asian nations including India, China and Japan. Increased awareness of urinary incontinence and rising discretionary incomes are also supporting market growth.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
