The report titled “Foley Catheters Market -Forecast to 2023″ is a direct appreciation by Market Research Future of the market potential of the Foley Catheters Market. The report intends to provide accurate and meaningful insights, both quantitative as well as qualitative. It can be said with high confidence level, that this report will satisfy the need for comprehensive insights needed to compete and beat other players in today’s winner takes all market! Global Foley catheters market is expected to grow at the CAGR of ~7.8% during the forecast period and is estimated to reach USD 987.3million by 2023.
MarketResearchFuture.com adds “Foley Catheters Market -2018 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2023” reports to its database.
Regional analysis of global Foley catheters market:
Considering the global scenario of the market, North America is the top contributor for foley catheters. Due to large amount of money invested in R&D and advanced products development, the North American Foley catheters market was valued USD 228.8 million in 2016. Europe is not far behind and accounts for the second largest market share owing to adoption of new and advanced technologies and products; it is expected to reach USD 306.1 million by 2023.Germany is dominating this market while UK is the fastest growing Foley catheters market in Europe. Asia Pacific is witnessing rapid growth in this market which is mainly due to rapidly increasing prevalence of various urologic diseases and rising healthcare expenditure. Asia Pacific Foley catheters market is expected to grow at a CAGR of 9.3% during the forecast period. China Foley catheters market is expected to grow at a CAGR of 10.0% during the forecast period. Middle East & Africa is expected to have limited growth. Middle East is dominating this market by holding 69.3% of the market share.
Key players for global Foley catheters market:
Some of the key players in this market are: B. Braun Melsungen AG (Germany), Coloplast Ltd (Denmark), Cook (US), Teleflex (US), Medline Industries, Inc. (US), and Medtronic (Republic of Ireland).
Becton, Dickinson and Co. is expected to acquire C. R. Bard Inc. for $24 billion in one of the largest merger of medical-supplies manufacturers. This merger is expected to create a monopoly and may harm competition. However this also means that the merged company will benefit from the reduced competition which will reflect in increased revenues. The merger however will create opportunities for smaller players due to potential price increase. Thus low manufacturing cost is a key benefit that will lead to greater premium on price. Taking advantage of low manufacturing cost using global supply chains is expected to benefit individual players.
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Market synopsis of Foley catheters market:
A Foley catheter is a flexible urinary drainage tube that passes through the urethra and into the bladder by a small, water-inflated balloon. Urinary tract infection (UTI) are the most common type of healthcare-associated infections. According to Centres for Disease Control and Prevention, 15-25% of hospitalized patients receive urinary catheters during their hospital stay.
Market dynamics of Foley catheters market:
The market drivers for Foley catheters are increasing prevalence of urologic diseases, hospitalization, wide acceptance and use, and increasing demand from emerging market and others. The market constraints are discomfort and pain associated with the use of catheters, rising number of comatose and chronic diseases, rising research and development such as development of three way and four way products and others. According to Centres for Disease Control and Prevention among hospitals acquired infections, approximately 75% are associated with a urinary catheter. Major players of this market are investing in research and innovative product development to improve existing structure and usage of the Foley catheters.
Technological developments such as microbial coating catheter will lead to a market premium. Material developments such as silicon catheters also will yield greater growth due to superior properties.
Segments of Foley catheters market:
Global Foley catheters market has been segmented on the basis of type of material latex, silicone, silicone elastomer coated latex, hydrophilic polymer coated latex, Polytetrafluoroethylene PTFE (Teflon) coated latex, and others. Latex type of material segment accounts for the largest market share in the global foley catheters market while hydrophilic polymer coated latex segment is projected to grow at a CAGR of 8.3% during the forecast period from 2017 – 2023. On the basis of type, it is segmented into 2-way catheters, 3-way catheters, 4-way catheters, and others. 2-way catheters segment accounts for the largest market share in the global foley catheters market by type, this market is expected to reach USD 527.4 in 2023. On the basis of end user, it is segmented into medical research center, hospitals, and ambulatory surgery centers.
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