Foley catheters Market Trends
According to Market Research Future, the global Foley catheters market outlook report expects the industry to reach USD 6.87 billion by 2030, growing at a CAGR of 7.80%. (MRFR). (2022-2030). Rising urologic illness rates are predicted to drive market growth for Foley catheters. A Foley catheter is a tiny water-filled balloon that guides a flexible urine drainage tube into the bladder. In terms of technology and application, they are always evolving. They are typically prescribed to those who have bladder issues such as urinary retention or incontinence.
Global Foley Catheters Market: Segmental Analysis
The global Foley catheters market has been segmented on the basis of material, type, and end-user.
By mode of material, the global Foley catheters market has been segmented into silicone, latex, hydrophilic polymer coated latex; silicone elastomer coated latex, polytetrafluoroethylene PTFE (Teflon) coated latex, and others.
By mode of type, the global Foley catheters market has been segmented into 3-way catheters, 2-way catheters, 4-way catheters, and others.
By mode of end-users, the global Foley catheters market has been segmented into hospitals, medical research center, and ambulatory surgery centers.
Geographically, the Foley catheters market span across regions namely, Europe, Asia Pacific, North America, and the Middle East & Africa.
Considering the global scenario, the North American region is predicted to be the major contributor for Foley catheters market. The growth is credited to a large amount of money invested in the research and development activities coupled with product development. The North American region also comprises sophisticated healthcare facilities along with attractive reimbursement policies which highly influence the market growth.
The European region is estimated to occupy the second largest market due to the high adoption of the latest and advanced products and technologies. While the U.K. is considered to experience the fastest growth rate, Germany dominates the region.
The Asia Pacific region is estimated to experience a rapid growth rate and is likely to retain its dominance in the coming years. The growth is credited to the growing incidences of several urological diseases coupled with the increasing expenditure on healthcare. Emerging economies such as China and India are estimated to be lucrative regions owing to the rising incidences of chronic diseases, growing geriatric population, and augmenting demand for advanced therapies and products.
Market Potential and Pitfalls
With rising urological problems, new product development, hospitalization, widespread acceptance of Foley catheters, new product releases, and rising demand from emerging economies, the worldwide Foley catheters market is expected to thrive. Major market players are heavily investing in R&D and creative product development to improve the current structure and utilization of such catheters. Such elements are significantly contributing to market expansion. In terms of technology, catheters are continually developing. The breadth of applicability in the healthcare industry is expanding as technology advances during the assessment period.
On the contrary, the presence of alternative treatments for urinary incontinence combined with the potential risks associated with the use of Foley catheters is some of the top barriers likely to vitiate the market growth in the coming years.
The prevalence of chronic diseases, urological problems, cardiovascular diseases, and diabetes has increased significantly, due to which Foley catheters market share, around the world, has increased. The market is also expanding as the prevalence of target disorders such bladder blockage, urine incontinence, benign prostate hyperplasia (BPH), urinary retention, and bladder malignancies rises. Furthermore, neurological illnesses such as multiple sclerosis, cerebral palsy, spina bifida, and others cause bladder malfunction, necessitating the use of catheters to drain urine from the body. Because the senior population is predisposed to such illnesses, the market is expected to grow over the assessment period. Additional factors gearing up the market growth are the high availability of improved catheters, rising cases of genital surgeries, and accelerating awareness among the global population. Reimbursement policies provided by the Center for Medicare and Medicaid in the U.S. has helped the market to expand.
Teleflex (US), Cook (US), Coloplast Ltd (Denmark), B. Braun Melsungen AG (Germany), Medline Industries Inc. (US), and Medtronic (Republic of Ireland), are the leading worldwide Players mentioned in the Foley catheters market insights report.
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