Foley Catheter Market to Rise at 6.2% CAGR till 2026; Variations in Product Offerings Will Aid Market Growth

The global Foley catheter market size is expected to reach USD 1.65 billion by 2026. Driven by the variations in product offerings, the market will rise considerably in the coming years. According to a report published by Fortune Business Insights, titled “Foley Catheters Market Size, Share & Industry Analysis, By Product Type (Two-way, Three-way, and Four-way), By Material (Latex, and Silicone), By Application (Urinary Incontinence, Benign Prostatic Hyperplasia, Surgery, and Others) By End User (Hospitals & Specialty Clinics, and Long-term Care Centres) and Regional Forecast, 2019-2026,” the market was worth USD 1.02 billion in 2018 and will exhibit a CAGR of 6.2% during the forecast period, 2019-2026.

A Foley catheter is a thin and sterile tube that is inserted into the bladder to drain urine in patients suffering from urinary disorders. The device can be left inside the bladder for a long period of time. It is used in patients with disorders such as uneasiness in urinary stream, prostate cancer, hypertrophy, or simply for monitoring the urine output in a critically ill or injure person. The high prevalence of these disorders across the world will open up a huge potential for the growth of the market. Variations in product offerings will fuel the demand for the product across the world.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/foley-catheters-market-101417

BD Gets FDA Clearance for BARD Vertus Catheter; Regional Market to Benefit from the Increasing Product Sales

The increasing number of regulatory clearances will have a positive impact on the overall sales of Foley catheters across the world. Major companies are encouraged by growing regulatory approvals in emerging countries. The high demand for the product has encouraged competitors. In September 2018, BD announced that it received clearance from the US Food and Drug Administration for its BARD Vertus Foley catheter. BD, a global leader in medical technology hopes to extend its production sales in the coming years and subsequently establish a formidable position in the market. The report analyzes major regulatory clearances for major products in recent times and gauges their impact on the global market.

Increasing Prevalence of Urinary Incontinence to Create Several Opportunities for Market Growth

The report encompasses several factors that have contributed to the growth of the market. The increasing prevalence of urinary incontinence and other such disorders will emerge in favor of the companies operating in the market. According to data published by the NCBI, in 2017, an estimated 12% - 16% of adult patients in the acute care hospital units in the US were using Foley catheters. The high prevalence of BPH and urinary incontinence will fuel the demand for indwelling catheters across the world. According to the NHS, the incidence of BPH will increase from 50% among men between the age of 50 and 60. Moreover, the US Department of Health and Services states that approximately 13 million people in the US suffered from urinary incontinence in the year 2015. Such a high prevalence of the disease will ultimately lead to a high demand for the product.

Company Mergers are a Growing Trend Among Major Companies

BD’s acquisition of C.R. Bard was one of the highlights of the market of recent years. Through this acquisition, the company will establish a strong position in the market. Encouraged by BD’s success, several other companies are looking to acquire SMEs with attractive portfolios. Some of the leading companies that are currently operating in the market are:

• BD


• Coloplast Corp


• B. Braun Melsungen AG


• Teleflex Incorporated


• Cardinal Health


• Medtronic


• SunMed


• BACTIGUARD


• Other Players

Further Report Findings:

• Regional Segmentation: The market is segmented on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

• Market in North America was worth USD 406.6 million in 2018 and USD 384.4 million in 2017.


• Asia Pacific will register a significant CAGR

• Besides regional demographics, the market is segmented on the basis of product type, material, application, and end user.

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  • Latex led the material segment.
  
  
  • Surgery application segment accounts for the highest market share.
  
  
  
  

Noteworthy Industry Developments:

• October 2019: Cathetrix announced the launch of its first catheter securement device. The device named ‘FoleySafe’ was unveiled at MEDICA 2019.

The global Foley catheters market is segmented on the basis of: