Latex Foley Catheters to Account for 9 out of 10 sales until 2031: Fact.MR Study
Published : 31 Aug 2021 Industry: Healthcare
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.
Key Takeaways from the Market Study
- By type, 2-way foley catheters to account for over 3/4th of the global revenue
- Latex foley catheters to grab major eyeballs, accounting for over 90% of the market share
- A CAGR of 7.2% is projected for silicone-based foley catheters from 2021 to 2031
- Over 3 out of 5 sales of foley catheters will be across hospitals through 2031
- U.S likely to reach a market value worth US$ 726 Mn by 2031, with a CAGR of 5.8%
- Asia to exhibit a CAGR of nearly 7%, reaching US$ 286 Mn by the end of the forecast period
- Europe to account for 2/5th of the global foley catheters market
“As lifestyle induced diseases become frequent, incidence of urinary disorders is becoming overt, prompting patients to opt for advanced treatment alternatives which cause minimal discomfort, thus impelling foley catheters sales,” says a Fact.MR analyst.
ConvaTec Inc., Becton, Dickinson and Company, Cardinal Health, B. Braun Melsungen AG, Coloplast Corp., Teleflex Incorporated, Bactiguard, Cook Medical, Medline Industries, SunMed and Wellspect HealthCare AB are some prominent foley catheters manufacturers.
- GentleCathTM Uncoated Intermittent Urinary Catheter from Convatec is designed to make catheter insertion and removal as painless as possible for the patient. It has polished and rounded eyelets to reduce friction and a soft, rounded tip to make insertion easier.
- Similarly, Romsons' Uro Cath is a two-way Foley catheter designed for adult patients. The latex-bonded silicone elastomer of the two-way foley catheter prevents encrustation.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the global foley catheters market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study indulges essential insights on the market on the basis of type (2-way catheters, 3 way catheters and 4 way catheters), material (latex and silicone) and end user (hospitals, long-term care facilities and others) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
Fact.MR’s Domain Knowledge in Healthcare
Our healthcare consulting team guides organizations at each step of their business strategy by helping you understand how the latest influencers account for operational and strategic transformation in the healthcare sector. Our expertise in recognizing the challenges and trends impacting the global healthcare industry provides indispensable insights and support - encasing a strategic perspective that helps you identify critical issues and devise appropriate solutions.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant - Healthcare