Foley Catheters Market Overview
With the increase in various chronic diseases, diabetes, cardiovascular, and urological ailments, the market for Foley catheters is anticipated to witness growth over the assessment period. Besides, new product development, hospitalization, new launches, wide acceptance, large product portfolio, and high demand from emerging markets are driving the market growth. Moreover, the increasing number of surgeries, demand for disposable and sterile catheters supplements the market growth. Also, technological advancements and increase in reimbursement level are likely to fuel the market growth.
The increased hospital budgets intended to ensure quality care and improved equipment availability to patients is expected to influence the Foley Catheters Market positively in the upcoming period. A foley catheter is commonly known as a flexible urinary drainage tube that passes through the urethra and subsequently into the bladder with the aid of a tiny water-inflated balloon.The occurrence of diseases like urinary incontinence, bladder cancers, benign prostate hyperplasia (BPH), bladder obstruction, and urinary retention are spurring the market growth. Moreover, the geriatric population is more prone to such diseases which are further contributing to the growth of the market.Meanwhile, the price competition at domestic levels coupled with inadequate quality assurance is anticipated to hinder the market growth over the assessment period. Potential risks associated with the use of such catheters and the presence of alternative treatments are anticipated to restrain the global market growth over the assessment period.
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Industry News
Catheter manufacturers have started implementing electronic sensing functionality into catheters which are termed Sensing Catheters. Foley Catheter Sensors help clinicians to monitor the temperature of the bladder and urinary output accurately along with facilitating urine drainage. It is also used to monitor the body temperature of a patient during surgery.
Foley Catheters Market Segmentation
The Foley catheters market can be segmented into 2- way Foley catheters, 3- way Foley catheters, and 4- way Foley catheters based on type. Among these, the 2-way Foley catheters segment is likely to dominate in terms of revenue, owing to their relatively low price, mass acceptance in hospitals, reusability, and outpatient settings.
The market has been segmented into hydrophilic polymer coated latex, silicone elastomer coated latex, Polytetrafluoroethylene PTFE (Teflon) coated latex, silicone, and others based on material latex. Among these, the latex type accounts for the largest market share. The hydrophilic polymer coated latex market is expected to expand at 8.3% CAGR over the assessment period.
Foley Catheters Market Regional Analysis
Europe accounts for the second largest market share owing to the adoption of advanced technologies. The market is predicted to reach USD 306.1 million by 2023. While the UK is the fastest growing market in Europe, Germany is dominating the market and is expected to maintain its dominance over the forecast period.
Meanwhile, Asia Pacific is also experiencing rapid growth due to the rising expenditure on healthcare and increasing prevalence of several urologic diseases. The market is expected to experience 9.3 % CAGR over the assessment period.
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