In 2021, the market for Foley Catheter worldwide was worth $ 1.7 billion US dollars. AMR Group projects that the market will reach US$ 7.5 billion by 2031, growing at a CAGR of 6 percent between 2022 and 2031.
Foley catheters are sterile, thin, flexible tubes made of silicone or latex. Foley catheters are utilized to treat both chronic and acute conditions. These are placed in the bladder to drain urine. Water inflates a tiny balloon at the end of Foley catheters to keep it from sliding out of the body. Foley catheters can be used for both short and long periods of time, depending on the situation and the patient's condition. Two-way, three-way, and four-way Foley catheter tubes are available.
Foley catheters are used in urological procedures like benign prostatic hyperplasia, prostate cancer, and urethral narrowing. Strategic collaborations and new product launches are two of the key strategies used by key players to stay competitive, which is expected to drive segment growth. For example, the Flume Catheter Company Ltd. (TFCC) reported in November 2021 that the FDA had approved the company's plans to market the catheter 'Flume' across the country, which is expected to spur market expansion.
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According to manufacturer research results (Ethicon Endo-Surgery, Inc.), minimally invasive surgeries are rapidly replacing invasive surgeries due to factors that include increased patient satisfaction due to fewer incision wounds, involve a relatively lower number of health care stays, and thus are economically viable, involve a lesser number of postsurgical complications, and have lower mortality rates. Foley catheters are now used majorly in minimally invasive surgeries, causing it to rise in demand for minimally invasive surgeries to boost the market during the forecast period.
The global Foley Catheter market is increasing due to rising demand for urological surgeries is inducing the growth in the demand for Foley catheters globally. Furthermore, strategic collaborations and new product launches are among the key strategies used by key players to stay competitive, which is expected to drive segment growth. For example, Poiesis Medical, a Florida-based manufacturer of urine drainage systems, received an innovative technology contract from Vizient Inc., a Texas-based company, in March 2019 for its Duette dual balloon indwelling urinary catheters.
Among the key factors contributing to market growth are technological advancements combined with product launches to streamline procedures and make them safer and more cost-effective. For example, in December 2018, NanoVibronix, Inc., a New York-based medical device company, expanded its distribution agreement with MDS Pharm Ltd. for UroShield, an ultrasound-based product designed to prevent bacterial infections. Furthermore, High product failures and recalls are the factors that is likely to hamper the growth of the Foley Catheter which may restrain the market growth.
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Competitive Analysis
Abbott, AdvaCare Pharma, Advin Health Care, Angiplast Pvt Ltd, B. Braun Melsungen AG, BACTIGUARD AB, Bactiguard AB, BD, Boston Scientific Corporation, C. R. Bard (BD), Cardinal Health., Coloplast Corp., ConvaTec Inc., Cook, CREATE MEDIC., Edwards Lifesciences Corporation., Fuji Systems, GWS Surgicals LLP, HEMC (Hospital Equipment Manufacturing Company), Hollister Incorporated, McKesson Corporation, Medline Industries, Inc., Medtronic, Ribbel International Limited, Sterimed Group, Stryker, SunMed, Teleflex Incorporated, Teleflex Incorporated., Terumo Corporation, and VOGT MEDICAL.
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