Rising prevalance of urinary incontinence among geriatic population, and increasing investments by healthcare companies in research development are driving market revenue growth
The global Foley catheters market size is expected to reach USD 30.09 Billion in 2028 and register a revenue CAGR of 8.3% over the forecast period, according to latest report by Reports and Data. Foley catheters market revenue growth is expected to be driven by rising prevalence of various chronic diseases leading to need for surgical procedures using Foley catheters, and increasing demand for device owing to benefits offered including high success rate in various cardiovascular procedures such as angioplasty, angiography, and balloon septostomy.
A catheter is a tube that is either inserted into the body through a narrow opening or surgically placed inside the body, and is used for several functions such as to drain fluids or pus that has collected in cavities. Foley catheters can also be connected to infusion pumps to administer medications and chemotherapy to cancer patients and insulin to patients with diabetes. Increasing global geriatric population, increasing rate of urinary incontinence and urinary retention issues in aged people, and rising awareness regarding benefits of Foley catheters in treatment of these chronic conditions as well as for conducting several tests in diagnostic centers are factors boosting demand for Foley catheters, thus, driving market revenue growth.
Key companies profiled in the report include
Edward Lifesciences Corporation, Boston Scientific Corporation, Teleflex Incorporated, Abbott Laboratories, Johnson Johnson Services, Medtronic Inc, B.Braun Melsungen AG, Becton, Dickinson and Company, ConvaTec Group, Stryker Corporation, Smiths Medical Inc., Cardinal Health Inc., Terumo Corporation, and Merit Medical Systems.
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The report is an investigative study that determines market growth and market scope on the basis of market trends, consumer behavior shifts, consumption and production patterns, product portfolio offered by the market, growth rate, drivers and constraints, financial positions, and existing challenges and limitations of the Foley catheters market.
The report discusses in detail the global production capacity, demand and supply ratio, market dynamics, and comprehensive analysis of the competitive landscape. It provides an industry-wide analysis of the market share of each players along with their business portfolio, production and manufacturing capacity, product portfolio, business expansion plans, financial standing, and strategic alliances such as mergers and acquisitions, joint ventures, and collaborations, among others.
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The regional bifurcation of the market analyzes key market segments such as North America, Latin America, Europe, Asia Pacific, and Middle East Africa. The report discusses in detail the market growth, market size, revenue growth, market share, production and consumption, demand and supply, current and emerging trends, and technological developments in each region.
The key geographical regions analyzed in the market report are:
- North America (U.S.A., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Foley catheters Market Segmentation based on Types:
Type Outlook (Revenue, USD Billion; 2018–2028)
- Temperature Monitoring
End-Use Outlook (Revenue, USD Billion; 2018–2028)
- Long Term Care Facilities
- Diagnostic Imaging Centers
- Other End Users
Lumen Type Outlook (Revenue, USD Billion; 2018–2028)
Shape Type Outlook (Revenue, USD Billion; 2018–2028)
- Judkins Left
- Judkins Right
Application Outlook (Revenue, USD Billion; 2018–2028)
Some Key Highlights from the Report
- By type, intermittent Foley catheters segment accounted for largest revenue share in 2020. This catheter type is generally used for a short period of time after surgery to empty the bladder. This catheter is also termed ‘in and out catheter’. Rising cases of urinary conditions among women, increasing global geriatric population, as well as increasing number of FDA approvals, and rising government initiatives for urinary incontinence female devices are fueling revenue growth of this segment.
- Catheter is made of soft durable polyvinyl chloride, rubber, and silicone. The material used for making catheter should be biocompatible, antimicrobial, and antifouling. According to CDC, 75% of urinary infections acquired in hospitals are related to the use of urinary catheter, and about 15-25% of hospitalized patients undergo catheterization. Hence, market players are focusing on improving the quality of Foley catheters to reduce infection risks, and in turn, boost product adoption.
- By application, the cardiology segment accounted for largest revenue share in 2020. Rising prevalence of cardiovascular diseases is leading to need for various surgeries such as angioplasty or stent placement. Use of different types of Foley catheters in cardiology is expected to grow in the coming years, as cardiovascular diseases are affecting people in different age groups across the globe. Foley catheters are not only used in surgeries, but also in diagnosing heart conditions such as in calculating the pressure of heart chambers or oxygen level in the heart.
- The Foley catheters market in North America accounted for largest revenue share in 2020 due to presence of a significantly large number of healthcare companies and rising government expenditure on healthcare. Increasing preference for minimally invasive procedures is also supporting revenue growth of the Foley catheters market in North America.
- In December 2021, the Government of India has given approval to 8 more medical device manufacturers under PLI scheme to increase focus on reducing imports from foreign companies and allowing companies to manufacture in India in order to reduce the cost of medical devices. These medical devices include balloon Foley catheters and stents.
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