Foley Catheters Market Size to Hit Around USD 3.00 Bn By 2033

As per the report from nova one advisor, the global foley catheter market is valued at USD 1.80 billion in 2024 and is projected to reach a value of USD 3.00 billion by 2033 at a CAGR (Compound Annual Growth Rate) of 5.58% between 2024 and 2033

?Key Takeaways:

• North America dominated the foley catheters industry with the highest share of 35.0% in 2023.
• Based on product type, the 2-way foley catheters segment captured the largest market share with around 51.84% in 2023.
• Based on material, the silicone foley catheters segment captured the largest market share with around 59.09% in 2023.
• Based on the indication, the urinary incontinence segment dominated the market with around 35.80% of the revenue share.
• The hospital segment dominated the market with a share of 55.0% in 2023.

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The growth of the foley catheters industry 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 in the Asia Pacific region, especially in countries such as Japan, India, and China. The forecast period will see potential opportunities for market participants as a result of the pandemic's short-term impact on the foley catheters industry. The short-term impact of the pandemic on the market for foley catheters is caused by a number of factors, including the need to reduce the number of beds available for urological patients to dedicate beds and staff to the new COVID-19 wards, the need to prevent hospital contamination from infecting elective patients, and the fact that 30% of the remaining urology medical staff were completely dedicated to managing the infected patients on the newly established COVID-19 ward.

According to the African Journal of Urology in 2021, all types of elective urological procedures have decreased significantly. In particular, ureteroscopic lithotripsy, percutaneous nephrolithotomy, transurethral resection of the prostate, urethroplasty, and renal transplant had the highest cut-down. For instance, according to early urologic recommendations issued in April 2021, from weeks 8-9 to weeks 11-13, the trend for 2020 urologic activity dropped steadily (Average weekly %age changes range -41 % to -29.9 %; p 0.001). Additionally, as per the same source mentioned above, one-third of uro-oncologic procedures may have been postponed. As a result, due to the outbreak of the COVID-19 pandemic in 2020, sales of foley catheters dropped dramatically.

However, in phase 2 of the pandemic, the market is expected to grow and rebound over the forecast period, most governments around the world have begun to ease lockdown restrictions and recommence some elective surgeries. Key players intend to expand their enterprises regionally, build new warehouses in new places, and run their operations through multiple channels in the worst-affected areas.

For instance, in February 2020, Integer Holdings Corporation announced that it has finalized the acquisition of Inomec, establishing its presence in Israel. With the acquisition, Integer will be able to develop a regional R&D and sales center, as well as add critical catheter design, clinical, and pilot production skills to its extensive portfolio, enhancing its position as a preferred partner for new medical solutions.

Additionally, sourcing from additional partners, rerouting logistics, and air freight delivery are among the strategies companies are employing to deal with supply chain interruptions. These characteristics are projected to create lucrative market growth prospects.

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Foley catheter Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall foley catheter market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

• Analysis of key drivers ( Prominent key players operating in the foley catheters market include 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., B. Braun, VOGT MEDICAL, Ribbel International Limited, C. R. Bard (BD), Hollister Incorporated, Coloplast & others. ), opportunities (Growth opportunities in emerging countries), restraints (High capital investments and low cost-benefit ratio and unfavourable regulatory and reimbursement scenario), and challenges (Operational barriers) influencing the growth of the foley catheter market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the foley catheter market.
• Market Development: Comprehensive information about lucrative markets – the report analyses the foley catheter market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the foley catheter market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings of leading players like Key factors that are driving the foley catheters market growth include a surge in the number of surgical procedures for urological diseases and increasing demand for minimally invasive surgeries. In addition, the rising geriatric population, and increasing various initiatives by major key market players such as acquisitions, mergers, product launches are anticipated to boost the market are further fuelling the growth of the foley catheters market

Regional Insights

North America dominated the foley catheters industry with the highest share of 35.0% in 2023. The increasing incidence of chronic kidney diseases (CKD) along with the rising aging population in developed economies is driving the demand for foley catheters for urological procedures. For instance, according to the Centers for Disease Control and Prevention in 2021, CKD is more common in those aged 65 and up (38%) than in those aged 18-44 years (6%), or 45-64 years (4%). Furthermore, CKD is significantly more common in women (14%) than in males (12%), which is predicted to boost the region's growth in the near future.

The U.S. dominated the market with the highest shares. This can be attributed due to the growing prevalence of urological disorders, the presence of a large number of urologists in the country, and the rising preference for minimally invasive surgeries. According to the American Urological Association (AUA) in 2020, the U.S. urologist population consists of a total of 13,352 practicing urologists, an increase of 2.4 % from 13,044 practicing urologists in 2019. Thus, this is expected to boost market growth.

Furthermore, the market growth in developed regions is primarily due to technological advancements in minimally invasive techniques. Rising price pressures and lower reimbursement are projected to stifle the overall increase in demand for these devices, particularly in developed regions such as Europe and North America. Furthermore, rising healthcare spending in the U.S. may encourage both new and old competitors to enter the market. According to the Centers for Medicaid and Medicare Services, healthcare spending in the U.S. would increase by 9.7% to USD 4.1 trillion in 2020, accounting for around 19.7% of GDP.

Asia Pacific is expected to register the fastest CAGR from 2023 to 2030. This can be attributed to the presence of a large population suffering from kidney diseases, improvement in medical facilities, and the availability of insurance policies. Moreover, the presence of a large patient pool and the growing need for technologically advanced & cost-efficient healthcare solutions are expected to present significant regional growth opportunities in the market. For instance, according to The Japan Times Ltd in September 2021, the number of people aged 65 and up in Japan had reached a new high of 36.4 million, resulting in hospitalization. The demand for foley catheters in the country is likely to increase as a result of this.

Table of Contents

• Market Summary
• Economic Impact Competition Analysis by Players
• Production, Revenue (Value) by geographical segmentation
• Kinesiology Muscle Tape Market Size by Type and Application
• Regional Market Status and Outlook
• Kinesiology Muscle Tape Market Analysis and Outlook
• Market Forecast by Region, Type, and Application
• Cost Investigation, Market Dynamics
• Marketing Strategy comprehension, Distributors and Traders
• Market Effect Factor Analysis
• Research Finding/ Conclusion
• Appendix
• Continue……

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