Foley Catheter Market to Reach USD 987.3 million by 2023
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. They technology for the same is improving at a continuous pace and is bringing forward new opportunities in the market. These products are usually recommended by healthcare experts and providers for individuals who suffer from bladder-related issues like urinary incontinence and urinary retention. The rising incidence of urologic diseases across the globe is the primary driver pushing the market growth of foley catheters.
The global Foley Catheters Market Analysis by Market Research Future (MRFR) and it was projected that a decent CAGR of 7.8% will be attained by the market over the forecast period of 2014 to 2023. The valuation of the foley catheters market was further stated to surpass its previous valuation to reach USD 987.3 million by 2023.
The global foley catheters market comprises a host of key players. This includes names like Medline Industries Inc. (US), Cook (US), Teleflex (US), B. Braun Melsungen AG (Germany), Coloplast Ltd (Denmark), and Medtronic (Republic of Ireland).
The global foley catheters market has been segmented in terms of type, end-user, and material.
By material, the market includes silicone elastomer coated latex, silicone, silicone elastomer coated latex, latex, polytetrafluoroethylene PTFE (Teflon) coated latex, hydrophilic polymer coated latex, and others. The latex segment holds the largest share in the global market of foley catheters. Whereas, the hydrophilic polymer coated latex segment is anticipated to grow during the forecast period at a notable pace of 8.3%.
By type, the market is segmented into 4-way catheters, 3-way catheters, 2-way catheters, and others. The 2-way catheters segment leads the global market with the largest percentage of share to its name. The segment is anticipated to grow at a considerable pace to attain a revenue worth USD 527.4 by 2023.
By end-users, the market divides into medical research center, hospitals, and ambulatory surgery centers.
The global foley catheters market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
The North American region is estimated to be the leading contributor for Foley catheters in the coming years. The growth of the regional market can be credited to the large pool of money being invested in research and development activities and increasing product development being made herein. Back in 2016, the market in North America stood at a valuation of USD 228.8 Million and is expected to surpass the same by the end of the ongoing assessment period. The region also includes established healthcare facilities alongside attractive reimbursement policies, which are collectively influencing the growth of the market.
The European region is reported to maintain its second position in the global foley catheters market. This is due to the rising adoption of some of the latest and advanced products as well as technologies in this region. The market is reported to reach a valuation of USD 306.1 million by the end of the forecast period. In Europe, the U.K. is slated to experience the fastest growth percentage, while Germany is expected to dominate the regional market.
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The Asia Pacific region holds an important position in the market of foley catheters globally. The regional market is said to experience rapid growth rate in the coming years. The growth of the Asia Pacific market can be attributed to the widespread incidence of various urological diseases and the increasing expenditure in the healthcare sector. Emerging nations like China and India are primed to be higly lucrative areas for the market due to the prevalence of chronic diseases, expanding geriatric population, and accelerating demand for advanced therapies as well as products.