Lately, cases of urological diseases such as benign prostate hyperplasia (BPH), prostate cancer, bladder obstruction, and urinary retention are becoming prominent among men. Urinary retention is referred to as a chronic condition wherein patient is not able to urinate voluntarily. This, in turn, result in collection of residual urine in the bladder.
As per a report published by the American Academy of Family Physicians (AAFP), nearly 4 to 7 men per 1,000 men are diagnosed with urinary retention.
Further, growing prevalence of urological disorders among men is likely to trigger demand for foley catheters.
Also, neurological disorders such as cerebral palsy, strokes, multiple sclerosis, and spinal trauma may also result in urological disorders. This, in turn, is impelling use of foley catheters.
Registering the growing demand, the global foley market is projected to scale at a moderate CAGR of 5.9% in between 2020-2027.
Latex-based 2-way Catheters Holds Prominent Position in the Market
Latex-based 2-way catheters are high in demand, and thus anticipated to contribute significantly to growth of the foley catheter market. This latex-based 2-way catheter are coated with hydrogel silicone, Teflon material, silicone elastomer, and PTTE. These catheters ensures comfort to the user by reducing encrustations, urethral irritation, and lower surface friction.
On the other hand, silicone-based foley catheters are anticipated to gain traction during the forecast period. Large lumen diameter and longer lifespans of silicone-based foley catheters are major factors likely to drive adoption rate of the catheters. Also, it deceases the risk of urinary tract infections and its smooth surface result in reduction of encrustations, when compared to latex catheters.
Asia Pacific Market to Follow Growth Trajectory of North America Market
North America is likely to present lucrative opportunities for expansion of foley catheters market. This is due to surge in the number of cases in urological disorders such as Benign Prostate Hyperplasia (BPH). Subsequent rise in surgical procedures is anticipated to fuel market growth of foley catheters in the region.
As per market analyst, the regional market is projected to grow at a CAGR of 5.8%. As result, the market value will be equivalent to US$ 725.6 Mn by 2027.
Further, latex 2-way catheters will constitute three-quarters of entire foley catheters market in the North America market.
Moreover, Asia Pacific is likely to follow North America. In 2019, value of Asia Pacific market size was equivalent to US$ 171.1 Mn. The value is likely to surpass US$ 285.1 Mn by the end of the forecast period. As per market analyst, Asia Pacific market is projected to scale at a CAGR of 6.7%.
Growing geriatric population is the region is the key driving factor for growth of the market. In addition, entry of prominent players in the region is likely to boost market growth of foley catheters market in the region. For example, in 2017, Bactiguard signed a partnership with Neon Laboratories Limited to strengthen its presence in the region. Also, together, these companies launched BIP Foley catheter with features targeting infection control. Latex catheters is likely to hold nine-tenth of the total market share in the region.
Due to presence of several companies, the global foley catheter market is fragmented in nature. Some of the key companies in the market are Bactiguard and Cook, C.R. Bard (Becton, Dickinson & Company), Cardinal Health, and Coloplast Corp.
To Get more insights on foley catheters market, visit- https://www.factmr.com/report/4654/foley-catheters-market
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