Foley catheters are hollow, flexible tubes used to drain and collect urine from the bladder. They are inserted through the urethra and into the bladder. Foley catheters are majorly used after surgeries of prostate, uterus, and bladder. They help drain urine continuously from the bladder and help monitor urine output.
The global foley catheters market is estimated to be valued at US$ 1.64 Bn or Mn 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 Dynamics:
Rising prevalence of urinary incontinence is a major driver fueling growth of the foley catheters market. Urinary incontinence affects people of all ages and often becomes more common as people age. It is estimated that nearly 25 million Americans experience urinary incontinence daily. Female population is more prone to urinary incontinence as compared to male. Moreover, growing incidence of prostate cancer in men also contributes to the increasing use of foley catheters during and post-surgery. According to the National Cancer Institute, in 2022, there will be 268,490 new cases of prostate cancer in the US. Technological advancements in foley catheters with aim to provide more comfort to patients also supports market growth over the forecast period.
SWOT Analysis
Strength: Foley catheters are safe, convenient, and cost effective for many patients requiring urinary catheterization. There is minimal risk of infection compared to other invasive procedures. Patients find Foley catheters provide relief and allow simple urine drainage. The materials used for Foley catheters like latex, silicone are durable and flexible to facilitate smooth insertion and removal with minimal discomfort.
Weakness: Long term use of indwelling Foley catheters can increase risk of complications like urinary tract infections. Improper insertion technique or unhygienic handling may also lead to infections. Catheter blockade due to encrustations is another issue impacting long term users.
Opportunity: Rising geriatric population susceptible to urinary problems offer significant market opportunities. Increasing awareness about catheter associated infections promotes development of novel antibiotics and infection resistant catheter materials. Demand for user-friendly catheters will boost innovations in catheter design, coating and insertion kits.
Threats: Stringent regulations for new products increase approval time and costs. Reusable catheters face risk of replacement by one time use variants. Low diagnosis and treatment rates in developing nations pose challenges.
Key Takeaways
The global Foley Catheters market is expected to witness high growth. It was valued at USD 1.64 billion in 2023 and is forecast to reach USD 1.75 billion by 2030, registering a CAGR of 5.7% during the forecast period.
Regional analysis related content comprises North America dominates the global market due to advanced healthcare facilities and availability of skilled professionals for catheterization. However, Asia Pacific expected to grow at fastest pace supported by rising medical tourism, healthcare investments and growing focus on quality care in regions like India and China.
Key players related content comprises 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. These established manufacturers focus on introducing innovative product variants to strengthen market hold.
