Foley Catheter Market Overview:
Foley Catheter Market worldwide was worth $ 1.7 billion US dollars. AMR Group projects that the market will reach US$ 7.5 billion by 2031, growing at a CAGR of 6 percent between 2022 and 2031.
Foley catheters are latex or silicone tubes that are flexible, slender, and sterile. They are introduced into the bladder to facilitate the outflow of urine, meeting a variety of acute and chronic medical demands. To keep the Foley catheter from escaping the body, a little balloon at one end is inflated with water. Foley catheters can be used for brief or long periods of time, depending on the needs and state of the patient. There are various types of these catheters, including two-way, three-way, and four-way models, each intended for a particular medical use.
Foley catheters are essential in urological operations such as urethral constriction, prostate cancer, and benign prostatic hyperplasia.
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Market Drivers:
The rising demand for urological procedures is fuelling an increased need for Foley catheters globally, consequently driving up the market for these devices. Major players are resorting to new product launches and strategic partnerships as key strategies to stay competitive, thereby stimulating category growth. For example, in March 2019, Valiant Inc., a Texas-based company, granted Poises Medical, a Florida-based manufacturer of urine drainage devices, an innovative technology contract for their Duets twin balloon indwelling urinary catheters.
The combination of technical developments with product introductions targeted at improving procedural efficiency, safety, and cost-effectiveness is a primary driver of market expansion. For example, in December 2018, the New York-based medical device manufacturer Nano Vernix, Inc. expanded the scope of its distribution partnership with MDS Pharm Ltd. for Uri Shield. A product called Uri Shield uses ultrasonic technology and was created specially to stop bacterial infections.
Market Segments:
By Product Type
- 2-way Foley Catheters
- 3-way Foley Catheters
- 4-way Foley Catheters
By Material
- Silicone Foley Catheters
- Latex Foley Catheters
By Indication
- Urinary Incontinence
- Enlarged Prostate Gland/BPH
- Spinal Cord Injury
By End User
- Hospitals
- Long Term Care Facilities
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COVID-19 Effect
The business market for Foley Catheters was negatively impacted by the COVID-19 epidemic. The COVID-19 pandemic turned into a global health emergency, causing a noticeable increase in disease and financial difficulties for a number of international economic sectors. The first half of 2021 saw a considerable transformation in a number of industries, notably the healthcare sector. Numerous medical treatments have been delayed as a result of the pandemic. An online telemedicine platform was used by a number of orthodontists and patients to communicate during the pandemic due to disruptions in urology practice and quarantine. In terms of product acceptance, the COVID-19 pandemic’s explosion reduced the sector to a disruptor, a tendency that is predicted to improve in the years to come.
Market Regional Analysis:
Geographically speaking, North America held the greatest revenue share of 31.83% in 2021 and led the Foley Catheter market. The need for Foley catheters, which are used in urological treatments, is being driven by the aging of the population and the increasing prevalence of chronic kidney disease (CKD) in developed nations.
The Foley Catheter market is anticipated to exhibit remarkable prospects in the Asia Pacific region owing to the prevalence of renal disease, the development of medical facilities, and the accessibility of insurance policies. Additionally, a sizable patient base and the rising need for affordable, high-tech healthcare solutions are anticipated to create ample opportunity for regional market expansion.
Some Major Key Companies Include in this market are:
Abbott, Adwa Care Pharma, Adin Health Care, Angioplasty Pvt Ltd, B. Braun Melsungen AG, BACTIGUARD AB, Balti guard AB, BD, Boston Scientific Corporation, C. R. Bard (BD), Cardinal Health., Coolest Corp., Connate Inc., Cook, CREATE MEDIC., Edwards Lifesciences Corporation., Fuji Systems, GWS Surgical LLP, Terumo Corporation, and VOGT MEDICAL among other.
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