Indwelling Catheters Market Recording Impressive Growth in Response to Demand for Improved Patient Care amidst COVID-19 Outbreak: Fact.MR
Published : 23 Oct 2020 Industry: Healthcare
Indwelling catheters, also called Foley catheters, are flexible tubes used for urinary catheterization. Surging incidence of urinary incontinence caused due to various ailments and rising number of surgeries performed across the world have been aiding the expansion of the indwelling catheters market.
Rising demand for quality patient care has also been aiding the growth of the indwelling catheters market. According to a recent study by Fact MR, the market is likely to showcase growth at an impressive CAGR of 6% from 2020 and 2030, doubling its value in the process. With patients and their caretakers becoming more willing to spend on advanced healthcare, demand is expected to surge significantly over the coming years.
Analysts at Fact.MR believe that, the move to a value- from volume-based system will offer price control and competitive tendering. These measures have been welcomed by the healthcare sector, especially since they will help improving healthcare outcomes as well as enable companies to achieve maximum value for their investments.
Key Takeaways from Indwelling Catheters Market Study
- 2-way catheters will account for a leading share in the indwelling catheters market among the products. These catheters are cost-effective and available widely, which have been helping expansion of the segment.
- Latex will emerge as a more preferred material. Catheters made from latex score on reduced urethral irritation and minimal encrustation, which is why their demand is significantly higher.
- In terms of coating type, hydrogel coated indwelling catheters are highly popular.
- Hospitals will remain the leading end user in the indwelling catheters market through the course of the forecast period.
- North America is forecast to remain dominant among regional markets through the forecast period.
- Need for improved patient care to avoid infections, especially with the outbreak of COVID-19, is aid the growth of the indwelling catheters market.
Rising Use in Prostate Gland Treatment Fuelling Demand
Urinary catheters are frequently used in prostate gland medical procedures, especially for patients experiencing BPH. In one of its studies, the American Academy of Family Physicians (AAFP) found that, nearly 250,000 surgeries are conducted in the U.S. for BPH treatment, with nearly 2 million office visits.
The condition might as well emerge by virtue of damage or injury to the urethra, bladder, or penis, and is often associated with pregnancy in women. Use of urinary catheters in prostate gland surgery also is pretty common. Considering the surging demand witnessed in the market, some of the leading players in the indwelling catheters market are focusing on the development of technologically-advanced products to curb the incidence of urinary tract infections (UTIs), while allowing urologists to offer improved patient care. This has led to the launch of intermittent urinary catheters, produced using hydrophilic technology, which helps in enhancing their antibacterial properties. Some producers are even experimenting with diverse kinds of coatings to meet the needs of physicians. Spurred by these factors, the indwelling catheters market will surge positively over the coming years.
More Valuable Insights on Indwelling Catheters Market
Fact.MR, in its new offering, presents an unbiased analysis of the global indwelling catheters market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges essential insights into the market on the basis of product, material, coating type, application, and end user, across major regions of the world (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
About the Healthcare Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations – the healthcare team at Fact.MR assists clients with unique business intelligence needs on a global level. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the healthcare industry lucidly in 50+ countries for over a decade. The healthcare team at Fact.MR assists clients in their business expansion as well as new ventures, through hawk-eyed analysis and strategic recommendations.