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Global Latex Foley Catheters Market Highlights over 2022 – 2031
The global latex Foley catheters market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Foley catheters are used to facilitate the passage of urine from the bladder through a narrow tube. This is generally required for patients who underwent any invasive surgery of the urinary system, including kidney, bladder, or even prostate. Extreme old age can also be one of the factors for patients to need latex Foley catheters. The growth of the market can be attributed to the increasing prevalence of kidney related disorders, along with the growing geriatric population worldwide. As per the data by the World Bank, the population of individuals above 64 years of age touched 723,184,486 in 2020. Moreover, latex Foley catheters minimize the friction, irritation, and the chances for any infection in the body. As a result, latex Foley catheters are ideal for longer insertion, which is further estimated to boost the market growth. Additionally, increasing number of surgeries, backed by the growing healthcare awareness amongst people, is projected to boost the market growth.
The market is segmented by patient type into geriatric, adults, and others, out of which, the geriatric segment is anticipated to hold a substantial share in the global latex Foley catheters market over the forecast period on account of increasing need for assisted urine passage for the older individuals. Moreover, geriatric population is rising at a constant rate globally, which is further estimated to boost the market growth. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Global Latex Foley Catheters Market Regional Synopsis
On the basis of geographical analysis, the global latex Foley catheters market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of high geriatric population, growing disposable income, and increasing availability of advanced healthcare in the region.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period on the back of the increasing prevalence of kidney diseases in the region. According to the data by the U.S. National Kidney Foundation, kidney diseases affect an estimated 37 million people in the U.S. every year, which is 15% of the total adult population.
The global latex Foley catheters market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global latex Foley catheters market includes the following segments:
By Type
By Application
By End-User
By Patient Type
Growth Drivers
Challenges
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing prevalence of kidney disorders is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Teleflex Incorporated, Medtronic plc, ConvaTec Group plc, Teleflex Incorporated, Medline Industries, LP, B. Braun Melsungen AG, Create Medic Co. Ltd., Fuji Systems Corporation, and Cook Group Incorporated.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, end-user, patient age, and by region.
The geriatric segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Higher cost of these catheters is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the high prevalence of kidney diseases.
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