Wilmington, Delaware, United States, Aug. 01, 2023 (GLOBE NEWSWIRE) -- The global foley catheters market stood at US$ 1.14 billion in 2021, and the global market is projected to reach US$ 2.2 billion by 2031. The global industry is anticipated to record a CAGR of 7.1% between 2022 and 2031.
The value of the foley catheters market is increasing, owing to the rising prevalence of urinary prevalence of urinary incontinence and urinary retention among the elderly population and individuals with certain medical conditions. Age-related factors, neurological disorders, and post-surgical complications can lead to difficulties in urinary control, necessitating the use of indwelling catheters for effective management.
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Rising geriatric population, is another significant factor contributing to the market growth. The global population is aging rapidly, and the elderly population is more susceptible to various urological issues, including urinary incontinence and urinary retention. The demand for foley catheters is expected to rise, fueling market growth, as the number of elderly individuals increases.
The market prospects have been driven by factors such as advancements in catheter design and materials. Advancements in medical technology have led to the development of innovative foley catheters with improved design features and materials. Manufacturers are incorporating materials that reduce the risk of infection and enhance patient comfort, such as silicone-coated latex and hydrogel-coated catheters. The advancements are expected to drive the adoption of foley catheters in clinical settings.
Key Findings of the Market Report
- On the basis of product, the two-way catheters segment is expected to hold a significant share, and is likely to be most preferred, attributed to the high prevalence of urinary incontinence, as well as post-operative care.
- By material, the silicone segment is anticipated to hold a significant share, and is expected to augment the market growth, attributed to the factors including biocompatibility and reduced allergic reactions, and advancements in silicone technology.
- By end-users, the hospitals segment is expected to account for a significant share, owing to factors such as increasing hospital admissions, and prevalence of urinary disorders.
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Global Foley Catheters Market: Growth Drivers
- The global foley catheters market is projected to expand at a steady pace from 2022 to 2031, owing to the increasing number of surgeries and hospitalizations, as well as rising awareness about catheter-associated infections.
- Other factors that are projected to augment the market growth include preference for home healthcare, and reimbursement and insurance coverage.
- Increasing incidence of chronic diseases, and technological innovations and product customization, are the major factors that are anticipated to fuel the market prospects in the near future.
Global Foley Catheters Market: Regional Landscape
- The foley catheters market in North America is expected to hold a significant share, attributed to increasing aging population, and rising prevalence of chronic diseases in the region.
- The regional market is witnessing an increase, due to the factors such as advanced healthcare infrastructure, as well as favorable reimbursement policies.
- Technological advancements, and increasing adoption of minimally invasive procedures in the region, are also anticipated to escalate the growth of the regional market over the analysis period.
Global Foley Catheters Market: Key Players
Some of the key market players in the global foley catheters market are:
- Teleflex Incorporated
- Coloplast Corp.
- C.R. Bard (Becton, Dickinson & Company)
- Cook Medical
- B. Braun Melsungen AG
- SunMed
- Medline Industries
- Romsones
- Cardinal Health Inc.
Competitive Landscape
Prominent players in the foley catheters industry are taking advantage of the rapidly increasing demand for foley catheters. To further their outreach, players are relying on collaborations, partnerships and acquisitions with existing small, medium and large-scale providers. Some prominent market developments are as follows:
- In May 2023, Medline Industries, Inc. announced the launch of its new SureSeal Foley Catheter. The SureSeal Foley Catheter is a catheter that is designed to prevent urinary leakage. The catheter has a unique balloon design that helps to create a seal around the urethra, preventing urine from leaking out.
- In April 2023, B. Braun Melsungen AG announced the launch of its new SensiCath Foley Catheter. The SensiCath Foley Catheter is a catheter that is designed to be more comfortable for patients to wear. The catheter has a soft, smooth tip that minimizes friction and discomfort.
- In March 2023, Coloplast Corp. announced the launch of its new SureGrip Foley Catheter. The SureGrip Foley Catheter is a catheter that is designed to stay in place more securely than traditional catheters. The catheter has a unique grip design that helps to prevent it from slipping out of the bladder.
- In February 2023, UroDev Medical announced the launch of its new MicroCath Foley Catheter. The MicroCath Foley Catheter is a small, flexible catheter that is designed for patients with smaller urethras. The catheter is made from a soft, pliable material that makes it comfortable for patients to wear.
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Global Foley Catheters Market: Segmentation
Product
- Two-way catheters
- Three-way catheters
- Four-way catheters
Material
- Latex
- Silicone
End-user
- Hospitals
- Long-term Care Facilities
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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