Albany, NY -- (SBWIRE) -- 03/16/2019 -- Global Foley Catheter Market: Overview
A catheter is a flexible tube that is inserted into a body cavity for removing fluids. Catheters are consistently improving in terms of technology, and their scope of application in the health care industry is increasing. The rise in incidence of various chronic diseases, cardiovascular and urological ailments, and diabetes has propelled demand for catheters across the industry. Catheters are used for diagnostic and treatment purposes in various therapeutic areas. For example, in urology, collection of uncontaminated urine specimen, monitoring of urine output, and imaging of the urinary tract are widely performed using urological catheters.
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A Foley catheter is a of type of catheter that is used after urological surgeries to help ease of urination in conditions such as prostate hypertrophy, nerve-related bladder dysfunction, narrowing of the urethra, and prostate cancer. It is also known as indwelling catheter and is introduced into the bladder to drain urine. It includes a balloon that holds the catheter in the bladder at one end. The urine is drained into a collection bag by using a catheter tube. Foley catheters can be used for prolonged periods of time, such as for weeks or a month.
Global Foley Catheter Market: Drivers and Restraints
The global Foley catheter market is expected to expand significantly in the near future due to rise in prevalence of urologic diseases. An article published by CamStent Ltd. stated that among all hospitalized patients in the U.S., over 25% receive urinary catheterization for proper bladder drainage each year. In addition, new product launches, research and development activities in the field of catheters, hospitalization, large product portfolio of companies operating in the market, increase in demand for catheters, and their wide acceptance from emerging markets are estimated to fuel the global Foley catheter market during the forecast period. On the other hand, potential risks associated with the use of Foley catheters and presence of alternative treatments for urinary incontinence are projected to restrain the global Foley catheter market in the near future.
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Global Foley Catheter Market: Key Segments
The global Foley catheter market can be segmented based on type, material latex, end-user, and geography. In terms of type, the Foley catheter market can be classified into 2- way Foley catheters, 3- way Foley catheters, and 4- way Foley catheters. In terms of revenue, the 2- way Foley catheters segment is likely to be dominant in the near future due to their relatively low price, reusability, and mass acceptance in hospitals and outpatient settings. Based on material latex, the Foley catheter market can be divided into silicone, Polytetrafluoroethylene PTFE (Teflon) coated latex, hydrophilic polymer coated latex, silicone elastomer coated latex, and others. In terms of end-user, the Foley catheter market, can be split into hospitals, medical research centers, and ambulatory surgery centers.
Based on geography, the Foley catheter market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa. North America dominated the global Foley catheter market in 2016 because of large R&D investments and advanced product development. Asia Pacific is likely to be a highly attractive region of the global Foley catheter market during the forecast period due to rise in health care expenditure and a rapid increase in prevalence of various urologic diseases in the region.
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Global Foley Catheter Market: Key Players
Key players operating in the global Foley catheter market are B. Braun Melsungen AG, Coloplast Ltd, Cook Medical, Teleflex Incorporated, Medline Industries, Inc., Medtronic, C. R. Bard, Inc., and other prominent players. In order to gain competitive advantage in the industry, the major players are actively involved in various expansion strategies. Collaborations, partnerships, agreements, and new product launches are some of the important strategies adopted by market players.
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