June 07, 2022 06:28 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, June 07, 2022 (GLOBE NEWSWIRE) -- The global Foley catheter market size is anticipated to reach USD 1.65 billion by 2026. Driven by the variations in product offerings, the market will rise considerably in the coming years. According to a report published by Fortune Business Insights, titled “Foley Catheters Market Size, Share & Industry Analysis, By Product Type (Two-way, Three-way, and Four-way), By Material (Latex, and Silicone), By Application (Urinary Incontinence, Benign Prostatic Hyperplasia, Surgery, and Others) By End User (Hospitals & Specialty Clinics and Long-term Care Centres) and Regional Forecast, 2019-2026,” the Foley Catheter market was worth USD 1.02 billion in 2018 and will exhibit a CAGR of 6.2% during the forecast period, 2019-2026.
December 2017: BD completed the acquisition of C. R. Bard, Inc. with the aim to include Bard’s diverse products. Through this acquisition, the company plans to expand in the global Foley Catheter market and establish a strong presence brand presence.
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A Foley catheter is used for draining urine from the bladder in cases of urinary incontinence. The properties of urinary catheter make it suitable for longer periods. Recent advancements in catheters have offered more comfort and convenience to the patients, as a result of which they are being widely used and consulted by doctors across the world. The product is designed with materials that cater to treatment in the internal parts of the body. The high prevalence of BPH and urinary incontinence will create a platform for widespread product adoption.
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Increasing Number of Product Launches Will Aid Market Growth
The report encompasses several factors that have contributed to the growth of the Foley Catheter market in recent years. Among all factors, the increasing number of product launches that are introduced to cater to the high demand, will have a huge impact on the growth of the market in the coming years. In October 2019, Cathetrix announced the launch of FoleySafe. The company unveiled the product at MEDICA 2019. The device is said to prevent possible damage to the bladder or uthera. The report highlights some of the major product launches of recent times and gauges their impact on the growth of the Foley Catheter market.
The global pandemic has stagnated the growth of several markets and industries. Healthcare systems are on the verge of collapsing in many nations. However, the coronavirus pandemic has augmented the healthcare analytics market share due to the grave need for effective vaccine development and the continuous monitoring of the coronavirus. Investments in the research activities, the utilization of big data, and Internet of Things (IoT), etc., for developing effective COVID-19 treatment are augmenting the Foley Catheter market growth. For instance, IBM and Oracle introduced block-chain to assimilate Covid-19 data from the World Health Organization in 2020.
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The report provides a thorough analysis of the global Foley catheters market across five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. It analyzes the ongoing trends in each of these regions and highlights the products that have witnessed the highest demand. Besides this, it highlights the factors that have had the highest impact on the Foley Catheter market in recent years. The competitive landscape has been discussed in detail and predictions have been made with respect to leading companies and the strategies adopted by these companies. Moreover, the report includes Foley Catheter market figures for a forecasted period of 2019-2026.
Market in North America to Derive Growth from the High Prevalence of Urinary Incontinence
Among all the regions that have been analyzed in the report, the Foley Catheter market in North America will witness considerable growth in the coming years. The high prevalence of urinary incontinence will create several opportunities for the growth of the companies operating in this Foley Catheter market. According to the Society for Healthcare Epidemiology of America, in 2014 around 25% of the total patients in the United States were treated by Foley catheters at some time during their hospital stays.
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Some of the leading companies that are operating in the global Foley catheters market are:
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