According to a new report published by UnivDatos Markets Insights, the Foley Catheters Market was valued at more than USD 3 billion in 2020 and is expected to grow at a CAGR of around 6% from 2022-2028. The analysis has been segmented into Type (2-way Foley Catheters, 3-way Foley Catheters, and 4-way Foley Catheters); Material (latex Foley Catheters and Silicone Foley Catheters); End-User (hospitals, ambulatory surgery centers, long-term care centers, and others) Region/Country.
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The foley catheters market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the foley catheters market. The foley catheters market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the foley catheters market at the global and regional levels.
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Market Overview
The foley catheters market is expected to witness a CAGR of around 6% during the forecast period. Flexible tubes called foley catheters are a type of a urinary catheter that are inserted through the urethra and bladder to make it easier to drain urine. They are regarded as essential in the field of urology because they make it easier for patients with dysfunctional bladders to empty urine bags and reduce complications associated with urology. Foley catheters are typically used in patients with urinary incontinence, urinary retention, or prostate or genital surgery, among other conditions, to assist in the release of urine.
The primary factor behind the demand for foley catheters is the high prevalence of urinary disorders. The prevalence of urinary incontinence ranges from 25 to 45 percent, and it can reach 50 percent in the middle-aged and older population, according to numerous studies. Foley catheters will be in high demand for a long time to come as the prevalence of urinary diseases continues to rise in tandem with the aging population.
Some of the major players operating in the market include Becton, Dickinson, and Company, Cardinal Health, B. Braun Melsungen AG, Coloplast Corp., Teleflex Incorporated, Bactiguard, Cook Medical, Medline Industries, SunMed, and Wellspect HealthCare AB.
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COVID-19 Impact
Businesses, their production units, and the economy as a whole have been severely impacted by the global pandemic's emergence, spread, and various waves. However, this negative effect is thought to be a weakness in the market for foley catheters. Because these are components used in surgical procedures, the pandemic's impact has only delayed surgeries for a brief period of time. This is because treating patients who have contracted the coronavirus disease requires more resources and manpower. The global Foley Catheters Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on type, the market is segmented into 2-way foley catheters, 3-way foley catheters, and 4-way foley catheters. Among them, the 2-way foley catheters category witnessed a significant CAGR during the forecast period owing due to its low cost and widespread acceptance of the two-way Foley catheter for both short-term and long-term catheterization.
· On the basis of material, the market is categorized into latex foley catheters and silicone foley catheters. Among these, the silicone foley catheters to hold a significant share of the market in 2020. This is mainly due to its biocompatibility, rigidity, and longer shelf life. As a result, silicone's advantages are expected to drive demand for silicone foley catheters over the forecast period.
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Foley Catheters Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
For a better understanding of the market adoption of the foley catheters industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the availability of sophisticated interventional products including urinary catheters as well as an increase in the number of surgical procedures carried out in the region which are all contributing to the rapid growth of foley catheters. Other factors include a rising geriatric population and a high prevalence of diseases. The market in North America is also expected to expand due to rising expenditures and awareness regarding the treatment of urinary incontinence.
The major players targeting the market include
· Becton, Dickinson, and Company
· Cardinal Health
· B. Braun Melsungen AG
· Coloplast Corp.
· Teleflex Incorporated
· Bactiguard
· Cook Medical
· Medline Industries
· SunMed
· Wellspect HealthCare AB
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Foley Catheters Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the foley catheters market?
• Which factors are influencing the foley catheters market over the forecast period?
• What are the global challenges, threats, and risks in the foley catheters market?
• Which factors are propelling and restraining the foley catheters market?
• What are the demanding global regions of the foley catheters market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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