Foley Catheters Market is estimated to Witness High Growth Owing to Technological Advancements in Material Engineering
Foley catheters are hollow flexible tubes inserted into the bladder through the urethra to drain urine from the bladder. They are commonly used after surgery, for patients with limited mobility or suffering from incontinence. Advancements in material engineering have led to the development of soft, biocompatible materials like silicone that provide greater patient comfort. Foley catheters ensure accurate monitoring of urinary output, help relieve pressure in the bladder, and prevent bacterial infections. The Global Foley Catheters Market is estimated to be valued at US$ 1.64 billion in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the Foley Catheters market are C.R. Bard, Inc., Teleflex Incorporated, Medtronic, Inc., ConvaTec, Inc., Medline Industries, Inc., B. Braun Melsungen AG, Create Medic Co. Ltd., Fuji Systems Corporation, and Cook Medical Group, Inc. The rising incidence of urinary incontinence due to age, obesity, and neurological conditions is presenting lucrative growth opportunities in the market. Technological advancements like the development of silicone catheters providing superior biocompatibility and comfort to patients are boosting demand and aiding market growth.
Market Drivers
The high prevalence of urinary incontinence due to age-related weakening of pelvic floor muscles is a key driver propelling market revenue. It is estimated that nearly 25 million adults in the United States suffer from some form of urinary incontinence. The condition is more common in women and rises sharply after menopause. Growing geriatric population worldwide susceptible to incontinence will augment demand for Foley catheters over the forecast period.
Current challenges in foley catheters market:
The foley catheters market faces several challenges currently. Healthcare regulators constantly change standards and quality certifications required for medical devices. This forces manufacturers to spend on R&D and testing to develop newer versions that meet evolving standards. Lack of proper training for nurses and doctors also increases the risks of catheter-associated urinary tract infections which can negatively impact the market. Additionally, availability of alternative drainage devices and growing preference for non-invasive practices are restricting the market growth to some extent.
SWOT Analysis
Strength: Foley catheters are a reliable and cost-effective solution for urinary drainage. They ensure accurate monitoring of urinary output.
Weakness: Catheter placement requires expertise and risks infection if not done aseptically. Patients also experience discomfort.
Opportunity: Growing geriatric population prone to urinary disorders increases demand. Developing easier insertion techniques can boost the market.
Threats: Strict regulations on approval and usage pose compliance challenges for players. Alternatives like external catheters are gaining traction.
North America accounts for the major share in foley catheters market value currently due to the large patient base undergoing surgeries or suffering from urinary disorders. The Asia Pacific region is estimated to be the fastest growing market during the forecast period owing to factors such increasing healthcare expenditures, rising medical tourism, and growing awareness.
In terms of value, hospitals are expected to remain the largest end user segment for foley catheters over 2023-2030. This is because catheter insertions are commonly performed during surgeries and for post-operative care of patients in hospitals. Ambulatory surgical centers will exhibit the fastest value growth as they are increasingly preferred for minor procedures.
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