New York, USA, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Foley Catheters Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), "Foley Catheter Market Information by Type of Material, Type, End User and Region - Forecast till 2030”, the market is expected to reach USD 6.87 billion by 2030 at 7.80% CAGR during the forecast period 2022-2030.
Market Synopsis
The most popular kinds of urinary catheters are thin, sterile, flexible tubes called "Foley catheters." Latex or silicone is used in their production. Foley catheters are used to drain urine from individuals who are immobile or have limited mobility as well as for a number of chronic and acute disorders, including urinary incontinence.
Depending on the patient's condition and requirements, these devices may be used for a brief length of time or for a longer amount of time. There are two-way and three-way Foley catheters available. In acute care institutions, these catheters are frequently used on an as-needed basis to monitor and control urine drainage during surgery and post-operative rehabilitation. Foleys feature a little balloon at the end that is placed into the bladder through the urethra.
Urinary incontinence is becoming more common, and there are more surgeries performed across the globe to treat it, according to producers of urinary catheters. Additionally, there has been a sharp increase in the body's tendency to acquire prostate cancer. This has further increased the market's enormous demand. For patients undergoing this type of treatment, many well-known companies around the world provide reimbursement options.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 6.87 Billion |
| CAGR | 7.80% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type of Material, Applications, Type and End-users. |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The high prevalence of issues related to urinary incontinence |
| Development of healthcare infrastructure along with the increase in the number of surgeries |
Foley Catheters Market Competitive Landscape:
The important participants in the foley catheters industry include
- B. Braun Melsungen AG (Germany)
- Coloplast Ltd (Denmark)
- Cook (US)
- Teleflex (US)
- Medline Industries Inc. (US)
- Medtronic (Republic of Ireland)
In order to gain a more prominent position, a large number of company giants in the critical illness insurance sector engage in competitive strategies such as new product launches, collaborations, acquisitions, mergers, and agreements. As a result, there is a fierce level of competition throughout the global market.
- In July 2022, in order to promote its visible light infection prevention technology for off-the-shelf catheters, Light Line Medical Inc. signed a "know-how" License Agreement with Mayo Clinic. The collaboration will concentrate on peritoneal dialysis catheter technology, Foley (urinary) catheter technology, endotracheal tube technology, and vascular catheter technology.
Foley Catheters Market Dynamics:
Market Drivers:
Globally, the demand for and acceptance of foley catheters in acute care institutions are being mostly driven by an increase in surgical operations combined with longer hospital stays. For instance, according to information released by the NCBI in 2017, between 12.0% and 16.0% of adult patients receiving acute care in U.S. hospitals used Foley catheters. During the projected period, these trends are anticipated to fuel the market expansion for indwelling catheters.
Additionally, the demand for indwelling catheters is anticipated to increase between 2019 and 2026 due to the increased prevalence of BPH and urine incontinence globally. For example, the NHS reports that the prevalence of BPH in the U.K. has been expected to rise from 50% among males between the ages of 50 and 60 to 90% among men over the age of 80. Additionally, according to the US Department of Health & Services, incontinence related to the urinary system affected 13 million Americans in 2015. As a result, one of the key factors projected to accelerate the adoption of the Foley catheter for long-term catheterization in healthcare settings globally is the increased prevalence of urine incontinence among the global population.
Market Restraints:
The procedure hurts. Poorly lubricated catheters are used for the procedure's insertion and removal, which causes friction to build up between the device's surface and the urethral walls. These might not initially hurt, but continued usage could cause the urethra to constrict, increasing the risk of bleeding and infection. To avoid the negative outcomes in the form of UTIs and CAUTIs, more caution is necessary.
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COVID-19 Analysis
People's daily lives have been negatively impacted by the COVID-19 pandemic. People are dealing with both financial and health issues as a result of the rise in COVID-19 cases. The economies are currently being forced into a recession by this circumstance. The supply chain network was disrupted and there were financial issues both during and after the lockdown, which caused a sharp decline in the sales revenue of the critical illness insurance firm.
But it's anticipated that by the conclusion of the upcoming year's third quarter, the critical illness insurance market would have recovered from this pandemic condition.
With the government across nations having removed the imposed limits and relieved the lockdown impositions, the market for foley catheters is seeing normalcy once again. Surgeries for the patients have started yet again. The major market participants are working on creating product portfolios that would help the target market and alleviate their suffering. the period during which procedures are postponed because of to a lack of ICUs, beds, and other medical supplies for those who have the coronavirus.
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Foley Catheters Market Segmentation
By Material Type
The market is segmented into Plastic, Latex, Silicone, Natural Rubber.
By Type
The market is segmented into Coude Catheter, Councill Tip Catheters, 2-Way Foley Catheters, 3-Way Foley Catheter.
By End User
The market is segmented into Clinics, long term care centers and Hospitals
By Application
The applications of foley catheters are benign prostatic hyperplasia, general surgery, urinary incontinence, and others that are related to multiple sclerosis, Parkinson's disease, spinal cord injuries, and many more.
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Foley Catheters Market Regional Insights
The largest proportion might be attained by the North American market, followed by the countries of Europe. The key factors contributing to this extensive rise in the US and Canadian markets are an increase in the incidence of diseases, an increase in the population of seniors, the development of the healthcare infrastructure, and an increase in the number of surgeries carried out in the region.
By 2030, there is plenty of room for APAC-based companies to build their way to global growth. To ensure their companies maintain global leadership in this industry, the businesses in the rising nations of APAC are making a lot of efforts to improve healthcare and create chances for investment and expansion through mergers and acquisitions. The result of these mergers will be improved products and increased competition for better healthcare infrastructure and amenities.
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