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Foley catheters are medical tubes inserted through the urethra into the bladder to drain urine from the bladder. Foley catheters come in a variety of sizes and are made from materials like silicone or latex. They are in high demand owing to increasing cases of urinary incontinence among geriatrics and patients undergoing surgical procedures. Foley catheters help effectively drain urine from patients who face difficulties in passing urine naturally due to conditions like enlarged prostate, spinal injuries or post-surgery care. They prevent urine backflow and keep the urinary tract infection free.
The global Foley Catheters Market is estimated to be valued at US$ 1.64 billion in 2024 and is expected to exhibit a CAGR of 5.7% over the forecast period 2024-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: One of the key trends in the Foley catheters market is the growing demand for coated catheters. Coated catheters help prevent encrustations on the catheter surface and reduce associated risks of urinary tract infections. Players are focusing on developing catheters coated with hydrophilic polymers and antimicrobial agents like silver and chlorhexidine. For instance, Teleflex Inc. provides PureWick, a female external catheter coated with antimicrobials and hydrophilic coating for comfort. Similarly, Coloplast develops SenSura Mio, a hydrophilic coated intermittent catheter. These advancements are expected to drive the sales of Foley catheters in the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Foley Catheters market is low as it requires huge investments in R&D and manufacturing to establish a brand in this medical device market.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are several established brands for buyers to choose from. The products are also considered medical necessities.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material requirements are commodity chemicals and polymers which have many alternatives. Established OEM manufacturers have collaboration with multiple suppliers.
Threat of new substitutes: There is low threat from substitutes as Foley Catheters have few close substitutes and most alternatives require frequent change or catheterization which is inconvenient.
Competitive rivalry: The competitive rivalry in the market is high as the top players compete intensely on factors like product quality, pricing and service. Large multinational companies dominate the market.
Key Takeaways
The global Foley Catheters market is expected to witness high growth at a CAGR of 5.7% during the forecast period of 2023 to 2030. The market size is projected to reach USD 1.64 billion by 2024.
Regional analysis: North America is expected to dominate the Foley Catheters market during the forecast period owing to the high demand for medical devices and presence of key players in the region. Asia Pacific is expected to witness the fastest growth rate due to rising healthcare spending, large patient pool and increasing adoption of advanced medical technologies.
Key players: Key players operating in the Foley Catheters market are C.R. Bard, Inc., Teleflex Incorporated, Medtronic, Inc., ConvaTec, Inc., Medline Industries, Inc., B. Braun Melsungen AG, Create Medic Co. Ltd., Fuji Systems Corporation, and Cook Medical Group, Inc. C.R. Bard remains the market leader with wide product portfolio and global distribution network. Teleflex and Medtronic are other top players investing in R&D and expansions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
