Foley catheters are medical devices that are inserted through the urethra into the bladder to drain urine from the bladder. Foley catheters find applications in drainage of urine from the bladder during surgeries and in patients suffering from urinary incontinence. The growing prevalence of urinary incontinence and an increasing number of surgeries are expected to drive the growth of the foley catheters market.
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:
Technological advancements in catheter materials is one of the major trends contributing to the growth of foley catheters market. Traditional foley catheters were made of latex or rubber which caused irritation and discomfort to patients. However, manufacturers are increasingly focusing on developing catheters made of silicone and hydrogel materials which are softer, flexible and cause minimal irritation and infection. The increasing adoption of advanced catheter materials is expected to boost the foley catheters market over the forecast period.
Segment Analysis
The global Foley Catheters market is dominated by the two-way catheters sub-segment, which holds more than half of the overall market share. Two-way Foley catheters are preferred by healthcare professionals for procedures like urinary incontinence as they allow drainage of urine and also inflation of the balloon through the same lumen. This eases the insertion process and prevents cross-contamination associated with manipulating two tubes.
Key Takeaways
The global Foley Catheters market is expected to witness high growth. 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.
Regional analysis: North America holds the largest share in the global Foley Catheters market owing to rising prevalence of urinary incontinence and other urological conditions in the region. The Asia Pacific market is expected to grow at the fastest pace during the forecast period owing to growing healthcare infrastructure, increasing healthcare spending, and rising awareness regarding urinary conditions in countries like India and China.
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. C.R. Bard dominate the market owing to their wide product portfolio and strong distribution network across major markets.
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