March 01, 2022 14:30 ET | Source: FACT.MR FACT.MR
ROCKVILLE, Md., March 01, 2022 (GLOBE NEWSWIRE) -- Newly published data by Fact.MR establishes that the global foley catheters market is expected to exhibit a steady expansion trajectory, growing at a compounded annual growth rate of 5.9% to reach US$ 7.1 Bn across the 2021-2031 forecast period. Rising prevalence of urinary disorders is majorly sustaining expansion prospects for the market.
From 2016 to 2020, foley catheters sales expanded at a CAGR of 5%, closing in at over US$ 4 Bn by the end of the said historical period. Amidst the COVID-19 pandemic, priority to coronavirus infected patients led to the relegation of elective surgeries, including those for urinary disorders. This stalled demand for foley catheters to a significant extent in the first half of 2020.
According to the American Academy of Family Physicians (AAFP), urinary retention affects 4.5 to 6.8 males per 1,000 men each year. The American Academy of Family Physicians says (AAFP). The market is developing steadily in 2021, and with key players adopting more tactics, the market is predicted to rise throughout the forecast period. The growing innovations in foley catheters that result in increased patient comfort are projected to propel the foley catheters market forward.
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How are Numerous Innovations Spurring Foley Catheters Industry Growth? Growing innovations in foley catheters resulting in increased patient comfort is projected to generate tailwinds to the foley catheters industry. Foley catheter demand will be fueled even more by antibacterial coatings that minimize the prevalence of catheter-associated urinary tract infections.
Furthermore, the worldwide foley catheters market is expected to benefit greatly from the rising prevalence of urine incontinence and occurrences of kidney stones.
Fact.MR has studied the foley catheters market with detailed segmentation on the basis of product, material, end-users and key regions.
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Key Takeaways of Foley Catheter Market Study
Competitive Landscape Prominent foley catheters manufacturers are leveraging such key strategies as introducing technologically advanced product lines, mergers and acquisitions and strategic collaborations.
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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Following Questions Answers Covered in the Report are:
How are Numerous Innovations Spurring Foley Catheters Industry Growth? Growing innovations in foley catheters resulting in increased patient comfort is projected to generate tailwinds to the foley catheters industry. Foley catheter demand will be fueled even more by antibacterial coatings that minimize the prevalence of catheter-associated urinary tract infections.
Furthermore, the worldwide foley catheters market is expected to benefit greatly from the rising prevalence of urine incontinence and occurrences of kidney stones.
How is Rising Prevalence of Urological Diseases Spurring Adoption? Rising incidences of urethral obstructions, benign prostate hyperplasia, and other urinary problems caused by a poor diet, sedentary lifestyle, and lack of exercise in patients ranging from adults to the elderly.
Furthermore, the Centers for Disease Control and Prevention (CDC) estimates that 15-25 percent of hospitalized patients receive a foley catheter each year. Similarly, 5-10% of nursing home residents (about 75,000 to 150,000 people) require foley catheters.
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