The need for foley catheters will reign strong for years to come as the prevalence of urinary diseases continues to escalate in direct proportion to the growing geriatric population
DUBAI, UAE / ACCESSWIRE / February 25, 2021 / FMI states in its recent study that the Foley catheter market will record an impressive CAGR through 2030. Demand for foley catheter s is anticipated to continue surging particularly due to the increase in difficulties associated with the release of urine such as urinary incontinence, urinary retention,
"The development of new product designs has been recognized as the major growth strategy adopted by market players to stay afloat amid cutthroat competition. manufactures are seeking approvals of regulatory bodies to boost their revenue prospects and brand visibility." says the FMI analyst.
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Foley catheter Market - Important Highlights
- It is predicted that 2-way catheters will remain the most desired form of catheters and will account for more than half of the total value by the end of the forecast period.
- During the forecast period, the hospital segment is projected to channel the bulk of sales to the foley catheter industry.
- Both latex and silicon-based foley catheters hold a share in near-equal proportions based on content, with the former accounting for a marginally greater share.
- North America led by the US is estimated to be the major shareholder in the market owing to its expansion in healthcare spending.
Foley catheter Market - Drivers
- The rapid increase in urinary problems like heart diseases around the world
- The increase in the geriatric population is driving the growth of the market.
- Also, as a side effect of treatment and other risks, some medical problems, such as spinal cord injury, dementia, and multiple sclerosis, among others, are likely to induce urinary disorders which are boosting the growth of the market.
- Favorable government policies like an increase in healthcare spending are further driving the market.
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Foley catheter Market - Restraints
· More than 40 percent of hospital-acquired infections are caused by urinary tract infections, mainly caused by the inappropriate use of catheters. This is one the key market restraint which is hindering the growth of the market.
· The fluctuating prices also pose a major challenge, with the price of foley catheters being a key differentiating factor.
COVID-19 Impact on Foley catheter Market
During this time there has been a disruption in the supply and demand chain which has caused an impact on the revenue of the foley catheter s in a negative way. However, this is estimated to be a temporary effect and the market is expected to have a turnaround. The pandemic has led to a decrease in the patient's flow in the hospitals, and doctor chambers. This has caused a reduction in the number of cardio surgeries and that in turn has affected the foley catheter s market.
Competitive Landscape
Key market players are aiming at strategic alliances with service providers to address the requirements of an expanding patient base. Similarly, reducing the prevalence of catheter-related infections will remain a key innovation strategy as manufacturers focus their efforts on innovative designs. For instance, C.R Bard, an American manufacturer of medical technology, employs silver-ion and antimicrobial coatings in its foley catheter product line to eliminate the incidence of catheter-associated infections when used for long periods.
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Table Of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Technology Roadmap
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Inclusions and Exclusions
3. Key Market Trends
3.1. Key Market Trends
3.2. Key Product/Development Trends
4. Key Success Factors
4.1. Parent Market Overview
4.2. PEST
4.3. Regulations
4.4. Key Promotional Strategies, By Key Manufacturers
5. Global Foley catheters Market Demand (in Volume) Analysis 2015-2019 and Forecast, 2020-2030
5.1. Historical Market Volume Analysis, 2015-2019
5.2. Current and Future Market Volume Projections, 2020-2030
5.3. Y-o-Y Growth Trend Analysis
6. Global Foley catheters Market - Pricing Analysis
6.1. Regional Pricing Analysis By Drug Class
6.2. Pricing Break-up
6.2.1. Manufacturer Level Pricing
6.2.2. Distributor Level Pricing
6.3. Global Average Pricing Analysis Benchmark
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About the Study
The study offers readers a comprehensive assessment of the foley catheter market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (2, 3, and 4 way), material(latex, silicon), indication (Urinary Incontinence, Urethral Stricture, Chronic Obstruction, Neurogenic Bladder, Enlarged Prostate Gland/BPH, Prostate Cancer) end-users(hospitals, clinics, ambulances), and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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SOURCE: Future Market Insights