Big data and analytics will drive patient outcomes in a big way, and the coming years will witness a growing emphasis on healthcare service providers in the business of gathering and processing patient health data. Creating outcome-oriented financial models to maximize reimbursements in value-based healthcare will be a strategic shift from the traditional fees-for-services model. This implies that pharmaceutical companies will need to devise appropriate measures to optimize costs and improve the quality of patient care.
The recent study by Fact.MR on foley catheters market offers a 7-year forecast between 2020 and 2027. The study analyzes crucial trends that are currently determining the growth of foley catheters market. Neurological disorders such as multiple sclerosis, cerebral palsy, spinal trauma and strokes also generate urological disorders, which in turn is leveraging the demand for foley catheters. On the back of these demand trends, the foley catheter market is set to experience steady growth during the forecast period (2020-2027), registering a CAGR of 5.9%.
“The global foley catheters market is set to register positive growth during the forecast period. Growing incidence of urological diseases is pushing leading market players to invest in research and development of new catheters, which is expected to drive future growth,” concludes a Fact.MR analyst.
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Foley Catheters Market segmentation
Fact.MR has studied the foley catheters market with detailed segmentation on the basis of product, material, end-users and key regions.
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Key Takeaways of Foley Catheter Market Study
- 2-way catheters are anticipated to hold a major chunk of the foley catheter market share, comprising more than three-quarters of the total market. Greater flexibility, long-term usage and easy drainage of urine are attributed as key drivers behind the segment’s growth.
- Latex-based catheters shall find maximum usage among urologists during the forecast period. This is because latex catheters are coated with hydrogel silicone, silicone elastomer and PTFE teflon material which reduce urethral irritation and encrustations. They also lower surface friction and improve patient comfort. The segment is expected to expand at a CAGR of 5.8%.
- However, Silicone-based catheters are set to be leveraged, owing to their longevity and reduced risk of urinary tract infections when inserted. The segment is expected to register an impressive CAGR of 7.5% during the forecast period.
- North America is expected to retain market hegemony with respect to foley catheters. Increased prevalence of diseases like Benign Prostate Hyperplasia (BPH) is expected to drive market expansion. The region is set to account for almost half of the total foley catheters market.
- Asia-Pacific shows promising growth prospects for the foley catheters market, projecting a staggering CAGR of 6.7%. Increasing geriatric population and entry of leading market players are anticipated to boost market share of foley catheters in Asia-Pacific.
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Product Launches to Remain Key Growth Lever by Players
The prominent market players in the foley catheter market are C.R. Bard (Becton, Dickinson & Company), Coloplast Corp, Cardinal Health, Inc., Bactiguard and Cook. These companies are constantly involved in developing new catheters to address growing urological problems. Cardinal Health offers latex foley Catheters which include hydrogel coated, silicone and silicone elastomer coated catheters. Examples of such catheters are the DoverTM Hydrogel Coated Latex Foley Catheters (5 mL 2-way, 30 mL 2-way. 5 mL 3-way and 30 mL 3-way).
Coloplast Corp offers catheter products such as the Folysil 2-way Coude Indwelling Catheter, the Folysil 2-way Open Tip Indwelling Catheter, Semi-rigid Latex Foley Catheters and Soft Latex Foley Catheters. The company focuses on research and development activities to broaden its portfolio by manufacturing innovative products. Another important market player, Bactiguard, manufactures foley catheters which include products such as BIP latex foley Catheters, BIP pediatric latex foley Catheter and BIP silicone foley atheter.
Following Questions Answers Covered in the Report are:
- How will the global Foley Catheters Market perform during the forecast period? What will be the market size in terms of value and volume?
- Which segment will drive the global Foley Catheters Market? Which regional market will show extensive growth in the future? What are the reasons?
- How will the market dynamics change because of the impact of future market opportunities, restraints, and drivers?
- What are the key strategies adopted by players to sustain themselves in the global Foley Catheters Market?
- How will these strategies influence the market growth and competition?
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The research study on the foley catheters market by Fact.MR incorporates an unbiased assessment of key factors and trends responsible for shaping the landscape of the global foley catheters market over 2020-2027. It includes a detailed assessment of key parameters that are anticipated to exert influence during 2020-2027. Market statistics have been presented on the basis of Product (2 way catheters, 3 way catheters and 4 way catheters) Material (Latex & Silicone) and End-user (Hospitals, Long-term Care Facilities and Others) across five major regions.
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