Foley Catheter Market To Witness A Significant Growth Of USD 2.57 Billion By 2030


 San Francisco, 28 July 2023: The Report Foley Catheter Market Size, Share & Trends Analysis Report By Product Type (2-way, 3-way, 4-way), By Material (Silicone, Latex), By Indication (Urinary Incontinence, Enlarged Prostate Gland/BPH) , By End-user, By Region, And Segment Forecasts, 2023 - 2030

The global foley catheter market size is expected to reach USD 2.57 billion by 2030, expected to expand at a CAGR of 5.81% during the forecast period, according to a new report by Grand View Research, Inc. The demand for foley catheters is anticipated to increase owing to the rising prevalence of urological diseases such as urinary incontinence, neurogenic bladder, growing incidence of spinal cord injuries, increasing elderly population, and favorable reimbursement policies.

The worldwide patient population faces a substantial healthcare challenge as a result of the COVID-19 pandemic. Patients suffering from different diseases have received subpar care as a result of limited access to medical services. The pandemic negatively affected sales of foley catheters. To stop the illness from spreading, surgeries are frequently delayed or even canceled. For instance, open and minimally invasive operations, endoscopic surgeries, clinic visits, and diagnostic procedures all fell by 40-100% in Italy, according to urology residents' research published in August 2021.

Additionally, residents in India reported a 90% drop in surgical volume, and more than 80% of them believed their education had been affected. According to the same source, a survey of urology residents in Latin America and Spain found that 15% had their urological service closed, with all activity devoted to COVID-19 patients. As a result, with the advent of the COVID-19 pandemic in 2020, foley catheter sales plummeted.

The majority of nations across the world have started to loosen lockup regulations and restart some elective surgeries, thus the market is anticipated to bounce back and expand over the projected period. Additionally, a high frequency of urologic disorders, technological improvements, strategic actions made by various players, and an increase in the elderly population are the primary drivers of the foley catheters industry expansion.

For instance, in June 2022, Sanford Health licensed its technology to InnoCare Urologics LLC. A Stanford health practitioner invented a urinary catheter for reducing damage from accidental pullout injuries. InnoCare has finished the necessary testing and has finalized the design with a manufacturer. Its next step is submission to the U.S. FDA to obtain market clearance.

Access Research Report of Foley Catheter Market @ https://www.grandviewresearch.com/industry-analysis/foley-catheters-market-report

Foley Catheter Market Highlights

  • By product type, 2-way foley catheters accounted for the largest market share of 51.84% in 2022. The growth of the segment is due to the increasing prevalence of urological disorders such as urinary tract infections (UTIs), kidney and ureteral stones, rising preference for minimally invasive surgeries coupled with the rising geriatric population
  • Based on the end user, the hospital segment captured the largest market share with around 53.14% in 2022. The growth of this segment can mainly be attributed to a consequent rise in surgical procedures and an increase in the number of patients suffering from various chronic ailments.
  • Asia Pacific is expected to become the fastest-growing market for foley catheters with a growth rate of 6.49% during the 2022-2030 period, due to a large number of surgical procedures and the growing geriatric population in the region

Foley Catheter Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 1.73 billion

Revenue forecast in 2030

USD 2.57 billion

Growth Rate

CAGR of 5.81% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

List of Key Players in the Foley Catheter Market

  • Sterimed Group.
  • Angiplast Pvt Ltd
  • HEMC (Hospital Equipment Manufacturing Company)
  • Cardinal Health
  • Advin Health Care
  • AdvaCare Pharma
  • Teleflex Incorporated
  • GWS Surgicals LLP
  • BACTIGUARD AB
  • Medtronic
  • Convatec Inc.
  • Braun
  • VOGT MEDICAL
  • Ribbel International Limited 
  • R. Bard (BD)
  • Hollister Incorporated
  • Coloplast

Access Press Release of Foley Catheter Market @ https://www.grandviewresearch.com/press-release/global-foley-catheters-market

 

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