Foley catheters are medical devices that are inserted through the urethra and bladder to drain urine from the bladder. They are generally used after surgeries to monitor urine output or when a patient is unable to urinate. The increasing prevalence of urinary incontinence especially among the geriatric population globally is driving the demand for Foley catheters. 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:
The increasing prevalence of urinary incontinence is one of the major factors augmenting the growth of the Foley catheters market. Urinary incontinence affects people of all ages and becomes more common with aging. It is estimated that nearly 25 million people in the US alone suffer from urinary incontinence. The prevalence of urinary incontinence increases with age with more than half of women over 80 suffering from urinary incontinence. Thus, the rising geriatric population worldwide susceptible to urinary incontinence is expected to drive the demand for Foley catheters during the forecast period.
SWOT Analysis
Strength: Foley catheters have fewer risks of infection compared to intermittent catheters due to its closed drainage system. It provides continuous drainage of urine from the bladder.
Weakness: Risk of urethral trauma and potential complications such as urinary tract infection. Improper insertion and maintenance of Foley catheters can lead to injuries.
Opportunity: Rising geriatric population worldwide who are more prone to urinary incontinence drives the growth of the Foley catheters market. Increasing adoption of home healthcare also creates new opportunities.
Threats: Presence of other alternatives like intermittent catheters poses competition in the market. Stringent regulations for approval of catheters adds to challenges.
Key Takeaways
The global Foley catheters market is expected to witness high growth. The market size is estimated to reach USD 2.36 billion by 2030 from USD 1.64 billion in 2023, rising at a CAGR of 5.7% during the forecast period.
Regional analysis: North America currently dominates the market attributed to growing aging population and rising prevalence of urinary incontinence. The region accounts for over 40% share of the global market. Asia Pacific is anticipated to witness fastest growth owing to increasing healthcare expenditure and large patient pool in China and India.
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. These players are focusing on new product launches, collaborations and geographic expansions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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