The American Academy of Family Physicians (AAFP) estimates that the overall incidence of urinary retention is 4.5 to 6.8 per 1,000 men annually. Urological diseases, such as urinary retention, benign prostate hyperplasia (BPH), bladder obstruction, urinary incontinence and prostate cancer, have become increasingly prevalent throughout the world.
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Neurological disorders such as multiple sclerosis, cerebral palsy, spinal trauma and strokes also generate urological disorders, which in turn is leveraging the demand for foley catheters. On the back of these demand trends, the foley catheter market is set to experience steady growth during the forecast period (2020-2027), registering a CAGR of 5.9%.
Key Takeaways of Foley Catheter Market Study
- 2-way catheters are anticipated to hold a major chunk of the foley catheter market share, comprising more than three-quarters of the total market. Greater flexibility, long-term usage and easy drainage of urine are attributed as key drivers behind the segment’s growth.
- Latex-based catheters shall find maximum usage among urologists during the forecast period. This is because latex catheters are coated with hydrogel silicone, silicone elastomer and PTFE teflon material which reduce urethral irritation and encrustations. They also lower surface friction and improve patient comfort. The segment is expected to expand at a CAGR of 5.8%.
- However, Silicone-based catheters are set to be leveraged, owing to their longevity and reduced risk of urinary tract infections when inserted. The segment is expected to register an impressive CAGR of 7.5% during the forecast period.
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- North America is expected to retain market hegemony with respect to foley catheters. Increased prevalence of diseases like Benign Prostate Hyperplasia (BPH) is expected to drive market expansion. The region is set to account for almost half of the total foley catheters market.
- Asia-Pacific shows promising growth prospects for the foley catheters market, projecting a staggering CAGR of 6.7%. Increasing geriatric population and entry of leading market players are anticipated to boost market share of foley catheters in Asia-Pacific.
“The global foley catheters market is set to register positive growth during the forecast period. Growing incidence of urological diseases is pushing leading market players to invest in research and development of new catheters, which is expected to drive future growth,” concludes a Fact.MR analyst.
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Product Launches to Remain Key Growth Lever by Players
The prominent market players in the foley catheter market are C.R. Bard (Becton, Dickinson & Company), Coloplast Corp, Cardinal Health, Inc., Bactiguard and Cook. These companies are constantly involved in developing new catheters to address growing urological problems. Cardinal Health offers latex foley Catheters which include hydrogel coated, silicone and silicone elastomer coated catheters. Examples of such catheters are the DoverTM Hydrogel Coated Latex Foley Catheters (5 mL 2-way, 30 mL 2-way. 5 mL 3-way and 30 mL 3-way).
Coloplast Corp offers catheter products such as the Folysil 2-way Coude Indwelling Catheter, the Folysil 2-way Open Tip Indwelling Catheter, Semi-rigid Latex Foley Catheters and Soft Latex Foley Catheters. The company focuses on research and development activities to broaden its portfolio by manufacturing innovative products. Another important market player, Bactiguard, manufactures foley catheters which include products such as BIP latex foley Catheters, BIP pediatric latex foley Catheter and BIP silicone foley atheter.
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The research study on the foley catheters market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global foley catheters market over 2020-2027. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2027. Market statistics have been presented on the basis of Product (2 way catheters, 3 way catheters and 4 way catheters) Material (Latex & Silicone) and End-user (Hospitals, Long-term Care Facilities and Others) across five major regions.
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