New York, July 20, 2022 (GLOBE NEWSWIRE) -- Chronic kidney disease (CKD) affects 10% of the population, and in the absence of accessible, inexpensive care, millions of people worldwide perish each year. Although more than 2 million people required dialysis or a kidney transplant to stay alive, this figure only represents 10% of those who require treatment to survive. The demand for treatment for kidney failure is rapidly increasing globally.
Research Nester has published a detailed market report on ‘Global Latex Foley Catheters Market’ for the forecast period i.e., 2022 – 2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
It was observed that globally, more than 404.6 million people had urinary tract infections (UTIs) in 2019, and about 236 786 of these cases resulted in death. From 4715.0 per million people in 1990 to 5229.3 per million people in 2019, the age-standardized incidence rate for UTIs increased. The global latex foley catheters market is estimated to grow at a CAGR of ~6% over the forecast period. The growth can be ascribed to the rising prevalence of kidney diseases and other chronic diseases namely diabetes, hypertension, and high blood pressure. The transport of urine from the bladder is made easier by the use of foley catheters. Patients who underwent any type of invasive surgery on the urinary system, mainly on the kidney and bladder are typically advised to use it. More than 80% of kidney failure patients receive treatment in wealthy nations with widespread access to healthcare and sizable senior populations. Moreover, the increasing awareness among people regarding prostate surgery and usage of catheters after prostate surgery is estimated to drive the market growth over the forecast period. As per the one of the research reports, in the UK, 52,224 new cases of prostate cancer were reported between 2016 and 2018 and surgery to remove the lump has been the primary cancer treatment for 15% of men who have been diagnosed with prostate cancer.
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Furthermore, with the need for more advanced treatments and medical equipment to combat chronic diseases, the majority of the regions across the globe are predicted to significantly invest in research and development activities, which is further estimated to drive the market growth over the ensuing years. It was noticed that global research and development spending has more than tripled in real terms since 2000, rising from USD 677 billion to USD 2.2 trillion in 2019. In addition to this, the rising expenditure on healthcare across the globe on account of the growing need for surgeries and the rising need for high-tech and complete care units in the hospitals are expected to boost the market growth over the forecast period. As per the World Health Organization, global health spending has increased overall during the previous 20 years, doubling in real terms, reaching USD 8.5 trillion in 2019 and 9.8% of GDP (up from 8.5% in 2000).
On the basis of geographical analysis, the global latex foley catheters market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Out of these, the market in the Asia Pacific region is estimated to hold a noteworthy market share over the forecast period on the back of the growing burden of the rising geriatric population who are more prone to chronic diseases mainly, kidney diseases and diabetes. It is believed that by 2050, one in four people in the Asia Pacific region is estimated to be older than 60, and between 2000 and 2035, type 2 diabetes is predicted to climb by more than 150% in South Asia, aging and accompanying lifestyle changes are the main causes of the rapid increase. In addition to this, the doubling disposable income and increasing cost of treating these chronic diseases in the region are estimated to drive the market growth over the forecast period.
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On the other hand, the market in the North America region is estimated to hold the largest market share throughout the forecast period owing to the rising prevalence of kidney diseases in the region. As per the Centers for Disease Control and Prevention adults in the US are thought to have chronic kidney diseases (CKD) in about 37 million cases, most of which go untreated and around 360 people start receiving dialysis for kidney failure every 24 hours. In addition to this, the patient-friendly healthcare policies to treat CKD and end-stage renal diseases (ESRD) and advancements in the healthcare sector in the region are estimated to drive the market growth over the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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The global latex foley catheters market is segmented by application into urinary incontinence, benign prostatic hyperplasia, prostate gland surgery, and others. Out of these, the urinary incontinence segment is predicted to hold significant market share over the forecast period owing to the rising prevalence of urinary tract infection and urological infection which is capable to infect various other organs mainly the urethra, bladder, uterus, and kidney. It was noted that urinary incontinence (UI) affects nearly 25 million adult Americans, either temporarily or permanently. Although UI can happen at any age, it is more prevalent in women over 50. In addition to these, the increasing cases of stress and high blood pressure which in turn are capable of causing UI and kidney diseases are estimated to drive the segment growth over the forecast period.
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Further, the global latex foley catheters market is segmented by end user into critical care units, hospitals, nursing homes, homecare, and others. Out of these, the hospitals segment is estimated to hold the largest market share over the forecast period owing to the increasing patient pool in the hospital and rising awareness among the people regarding the importance of proper diagnosis and treatment of kidney diseases and other chronic diseases. This in turn is estimated to increase individual spending on healthcare. According to one of the expenditure reports, around 930 million or more individuals spend 10% of their family income on healthcare. In addition to this, the provision of patient-friendly medical policies and advancements in healthcare sectors are estimated to boost the segment growth over the forecast period.
The global latex foley catheters market is also segmented on the basis of type and patient type.
Global Latex Foley Catheters Market, Segmentation by Type
- 2-Way
- 3-Way
- 4-Way Foley Catheters
Global Latex Foley Catheters Market, Segmentation by Patient Type
- Geriatric
- Adults
- Others
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Some of the prominent key players and their company profiling mentioned in the global latex foley catheters market research report include C.R. Bard, Inc., Teleflex Incorporated, Medtronic plc, ConvaTec Group plc, Medline Industries, LP, B. Braun Melsungen AG, Create Medic Co. Ltd., Fuji Systems Corporation, Coloplast A/S, Cook Group Incorporated, and other key market players. The profiling enfolds growth opportunities, challenges, and market trends prevalent for the growth of the market during the forecast period.
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