Wilmington, Delaware, United States, Transparency Market Research Inc. – The demand within the global foley catheters market is projected to rise at a stupendous pace over the forthcoming phases.
Wilmington, Delaware, United States, Transparency Market Research Inc. – The demand within the global foley catheters market is projected to rise at a stupendous pace over the forthcoming phases. Rising incidence of prostate hypertrophy has created increased demand within the global market. Investments in prostate-related research have increased by leaps and bounds, mainly due to growing cases of urinary discharge complications. Men are more prone to suffering from urinary strains; therefore, several research lines to resolve this biological anomaly have emerged across the globe. In light of these factors, it is safe to predict that the global foley catheters market would move along a lucrative trajectory.
It is worthwhile to note urinary hesitancy is a recognised medical disorder, originating out of several other medical conditions including excessive stress and anxiety. This factor, coupled with the need for managing urinary strains in men, has given an impetus to the growth of the global foley catheters market.
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Bladder dysfunctions amongst men and women are a growing concern across the medical industry. Medics researchers emphasise on the need to develop effective and safe catheters that can help in proper urinary discharge. Furthermore, the vitality of preventing bladder infections has also created increased demand within the global foley catheters market.
Urine output monitoring has emerged as an important domain within nephrology. Several medical practitioners have given a seal of credibility to this technique. This has played a central role in driving sales across the global foley catheters market. Moreover, the collection of urinary specimens for testing and research is also accomplished with the help of Foley catheters.
The quest of the medical industry to minimise the incidence of bladder infections is at the forefront of growth across the global foley catheter market. Besides, development of new research lines to study about prostate cancer has also propelled market demand.
Global Foley Catheters Market - Snapshot
A Foley catheter is a soft, flexible urinary catheter that is used in urological diseases to help ease urination in patients with conditions such as prostate hypertrophy, narrowing of the urethra, nerve-related bladder dysfunction, and prostate cancer. It is also known as an indwelling catheter, which is introduced into the bladder through the urethra in order to drain urine. It includes a balloon that holds the catheter in the bladder at one end. The urine is drained into a collection bag by using a catheter tube. Foley catheters can be utilized for prolonged periods; for weeks or even a month. Foley catheters are available in various sizes and balloon capacities. Surge in the geriatric patient pool suffering from urinary diseases is expected to boost the demand for Foley catheters in the next few years. The global Foley catheters market was valued at US$ 1.02 Bn in 2018. It is projected to expand at a CAGR of 5.8% from 2019 to 2027.
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The global Foley catheters market has been segmented based on product, material, end-user, and region. In terms of product, the global market has been classified into 2 way, 3 way, and 4 way catheters. The 3 way catheters segment is anticipated to expand at a rapid pace during the forecast period, owing to an increase in the demand for 3 way catheters with an extra lumen, which helps instill medications and enables continuous bladder irrigation post urological surgeries.
Based on material, the global Foley catheters market has been categorized into latex and silicone. The latex segment held a significant share of the global market in 2018. Latex catheters, when coated with hydrogel, silicone, and Teflon are soft, lubricious, and flexible and offer advantages such as reduced urethral irritation and minimized encrustation, which makes them a preferred choice for clinicians. In terms of end-user, the global market has been segregated into hospitals, long term care facilities, and others. The hospitals segment is expected to account for a significant share of the global market during the forecast period.
In terms of region, the global Foley catheters market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for major share of the global market in 2018. Rise in urological surgeries performed in the U.S., leading to increase in demand for Foley catheters, is a major factor boosting the market in the country. The market in Europe is anticipated to expand at a considerable growth rate in the near future, owing to the presence of local as well as well-established market players and an increase in the demand for indwelling catheters in hospitals and nursing homes in Europe. The market in Asia Pacific is likely to expand at a significant CAGR during the forecast period. Presence of large geriatric patient pool with urinary disorders in developing countries and increase in usage of latex coated catheters in developed countries of the region are projected to propel the market in Asia Pacific in the next few years.
Key players operating in the global Foley catheters market include Coloplast Corp., C.R. Bard (Becton, Dickinson & Company), Teleflex Incorporated, Bactiguard, Cardinal Health, Inc., Cook, SunMed, Medline Industries, and B. Braun Melsungen AG. These companies have diverse product portfolio of Foley catheters along with strong geographic presence across the globe.
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Increasing Prevalence of Urinary Continence Disease to Help in Increasing the Growth Prospects of the Foley Catheters Market
The adoption of Foley catheters on a massive scale can be attributed to factors such as the escalating prevalence of diseases like urinary continence and the increase in the number of surgeries. The heightening adoption of Foley catheters in acute care units will further add extra stars of growth. The growing geriatric population is also an important factor affecting the growth of the Foley catheters market.
Foley catheters are sterile, flexible, and thin tubes. They are a type of urinary catheter. They are made of latex or silicone. These catheters are one of the most-used types of urinary catheters. They are used for draining urine in patients having reduced ambulation or are immobile. The benefits etched with these devices may bring immense growth opportunities for the Foley catheters market during the assessment period of 2020-2030.
The emergence of urine output monitoring has gathered considerable traction over the years. The monitoring by these catheters helps in the identification of certain disorders and diseases. The monitoring is also useful for research. Thus, all these factors invite tremendous growth opportunities for the Foley catheters market.
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Strategic collaborations and intense focus on research and development activities are proving to be growth boosters. Intense research and development activities lead to the discovery of novel insights. These insights help in increasing the revenues of the players. The same goes for strategic activities. The collaborations help the players to cement their foothold, eventually increasing the growth rate of the Foley catheters market.
The novel coronavirus pandemic has impacted the growth of the Foley catheters market to a considerable extent. The growing threat of the virus forced many countries to go into lockdown for a brief period. The lockdown impositions led to the disruption of supply chain management. However, the lockdown relaxations are assisting in eliminating the negative aspects affecting growth.
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