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Improved understanding of the treatment methods of various ailments has contributed to the need to develop appropriate medical equipment which aids in recovery. Reports that appraise the medical device industry have been presented by Market Research Future, which creates reports on industry verticals that assess the market development and prospects. The market is anticipated to gain a CAGR of 7.8%, which will lead to the market generating USD 987.3 million in earnings by 2023.The market for foley catheter is expected to benefit from the rise in hospitalization rate globally, especially for urological diseases. The increased hospital budgets intended to ensure quality care and improved equipment availability to patients is expected to influence the foley catheter market positively in the upcoming period.
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Competitive Analysis
The conducive nature of the monetary and fiscal policies is likely to lead to solid growth in the market. Moreover, the rise in International transactions is anticipated to bolster the expansion of the market considerably. The global economies are reacting to the market forces by implementing favorable policies and cutbacks so as prevent a slowdown in the progress of the market. The changes in the income levels globally are contributing to the growth of the market. The rise in individual discretionary spending is anticipated to lead to the progress of the market. The enhancement of the distribution channels is projected to motivate market growth relatively. The positive effect exerted by governments in the development of the market is expected to guide the market towards sound progress in the coming years. The disequilibrium noticed in the forces that are backing the growth of the market is expected to lead to a relatively slow pace of the growth.
The significant competitors in the foley catheter market are:
Coloplast Ltd (Denmark),
Cook (US),
B. Braun Melsungen AG (Germany),
Medline Industries, Inc. (US),
Teleflex (US), and
Medtronic (Republic of Ireland).
Industry Updates:
Nov 2018 An inventor from Miami, Fla., has developed a system for preventing contamination of a foley catheter during insertion. The BIBI line and catheter feeder has a soft tip that holds the sterile catheter securely and does not leave a dent on the tip of the catheter. It nulls all acquired bloodstream infections and urinary tract infections.
Segments - Foley Catheters Market
The segmental evaluation of the foley catheters market has been conducted on the type of material, type, end-user, and region. Based on the type of material, the foley catheter market is segmented into latex, silicone elastomer coated latex, polytetrafluoroethylene PTFE (Teflon) coated latex, hydrophilic polymer coated latex, silicone, and others. Based on the type, the foley catheters market is segmented into 3-way catheters, 2-way catheters, 4-way catheters, and others.
Based on the end user, the foley catheters market is segmented into hospitals, medical research center, and ambulatory surgery centers. On the basis of region, the foley catheter market is segmented into the Middle East, APAC, Europe, Africa, and North America.
Regional Analysis - Foley Catheters Market
The regional evaluation of the foley catheter market covers regions such as the Middle East, APAC, Europe, Africa, and North America. As per the global scenario of the market, North America is the leading contributor for foley catheters. Owing to the increased amount of capital devoted to R&D and product development, the North American region’s foley catheters market was worth USD 228.8 million in 2016. The European region is following the North American regional market in terms of market share and accounts for the next largest market share due to the adoption of innovative and superior technologies and products. The market is expected to accomplish USD 306.1 million in earnings by 2023. Germany is leading the market in the European region while the UK is the fastest rising foley catheters market in the European region. The Asia Pacific region is observing rapid development in this market, which is chiefly due to the quickly growing prevalence of different urologic diseases and increasing healthcare costs. The Asia Pacific region’s foley catheters market is estimated to develop at a CAGR of 9.3% through the forecast period. The Middle East and Africa regions are likely to show restricted growth, with the Middle Eastern region dominating this market by controlling 69.3% of the market share.
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