Foley catheters are medical devices inserted through the urethra into the bladder to drain urine from the body. They are used when patients undergo surgery or are unable to urinate naturally due to various medical conditions such as urinary incontinence, prostate infections and obstruction.
The global Foley Catheters Market is estimated to be valued at US$ 1.64 billion in 2023 and is expected to exhibit a CAGR of 5.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: Increasing incidence of urinary incontinence is driving the growth of the global Foley catheters market. Urinary incontinence affects people of all ages and becomes more common with age. According to the National Association for Incontinence, more than 25 million Americans experience urinary incontinence yearly. Rise in geriatric population prone to urinary incontinence is consequently expected to increase the demand for Foley catheters for effective management of urine drainage over the forecast period.
SWOT Analysis
Strength: Foley catheters have low risk of complications and infection compared to other urinary catheters. They are easy to insert and remove with minimal pain or discomfort to patients.
Weakness: Prolonged use of Foley catheters can increase the risk of urinary tract infections. The catheter material is also susceptible to encrustations and blockages if not properly maintained.
Opportunity: Growing geriatric population worldwide who are more prone to urinary problems provide significant market opportunities. Increasing awareness about catheter-associated infections also boosts demand for advanced catheters.
Threats: Presence of various alternative urinary drainage products poses threat to market growth. Stringent regulations for new product approvals also restrict entry of new players.
Key Takeaways
The global Foley Catheters market is expected to witness high growth at a CAGR of 5.7% during the forecast period of 2023 to 2030. The market size is projected to reach USD 1.64 billion by 2024.
Regional analysis: North America currently dominates the global market due to advanced healthcare infrastructure and rising prevalence of urinary incontinence. However, Asia Pacific is expected to grow at the fastest pace owing to large patient pool, increasing healthcare spending and growing medical tourism in countries like India and China.
Key players: 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. C.R. Bard holds the top position with wide product portfolio and global presence. The other major players are focusing on new product launches and geographical expansion to increase their market share.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it