Foley catheters sales are pegged to surge at 6% y-o-y in 2022, following an uncertain year in 2022. Neurological disorders for instance cerebral palsy, multiple sclerosis, strokes and spinal trauma create urological disorders, which consecutively is leveraging the foley catheters demand. Fact.MR, a global research & consulting firm, in the updated edition of the report, indicates a sturdy growth rate over the projected period, 2022-2027.
“The quest of the medical sector to minimize the occurrence of bladder infections is at the forefront of expansion across the global foley catheter market. In addition, increment of new research lines to study regarding prostate cancer has further propelled demand for foley catheters., says Fact.MR.
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Need for Diverse Oxygen Supply Technologies
Pervasiveness of cardiovascular ailments increases with age, is anticipated to surge the demand for Foley Catheters in surgical interventions. Therefore, surging geriatric population is one of the prominent drivers for the market.
Furthermore, adoption of unhealthy lifestyles such as sedentary work life, lack of physical activities, high tobacco and alcohol consumption, and higher consumption of saturated sugars and fats are increasing amid the adult population. These aspects increases the threat of chronic ailments such as cardiovascular ailments, diabetes, and obesity, which may prompt surgical interventions with a disease progression. Thus, increasing burden of chronic conditions is likely to boost the market over the assessment period.
How Geriatric Population are Propelling Sales of Foley Catheters?
The geriatric population is acknowledged as the key consumer demographic of foley catheters, as a result of comparatively higher incidences of urinary infections in 60 and above aged population. Ailments such as BPH, urinary retention, bladder obstruction, prostate cancer, and urinary incontinence, have become prevalent among the aged population, primarily men. On top of the aforementioned ailments, the rate of ASB (asymptomatic bacteriuria) is exponentially high amid older women, than younger women.
The census of the WHO (World Health Organization) proposed that the world’s population aged 60 years and older will surpass 2 Bn by 2050, in contrast to 900 Mn in 2015. This shall offer a remarkable growth prospects to players producing medical aids, incorporating foley catheters.
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Thriving Healthcare Industry Boost Adoption in the US
The US is poised to spearhead the North America landscape of foley catheters throughout the assessment period. Existence of a thriving healthcare industry together with high medical spending in the US are boosting the demand for foley catheters.
Furthermore, NCBI in its report revealed that over 400,000 hospital admissions were recorded in the US in 2011 owing to the earlier diagnosis of urinary tract infections, ensuing in hospital charges of $9.7 Bn. Thus the subsequent expenditure on hospitalization as well as treatment of these ailments will continue to boost the foley catheters sales.
Surge in geriatric population and entrance of leading players are projected to boost market share of foley catheters in developing regions such as China and India, says Fact.MR
In Europe, France, Germany, and UK will remain the top 3 markets for foley catheters, according to analysis by Fact.MR.
Product Launches Remains Key Focus Areas: Fact.MR Survey
Foley Catheters market remains fragmented, with various players providing catheter products to several end-users. Fact.MR’s survey with thought leaders discovered that increasing product launches and R&D activities to extend its product lines by producing innovative products will remain a key strategy for leading players in 2022 & beyond. The updated edition of the report provides comprehensive coverage of the projected to remain the key strategies of market players. A few of the players profiled in the report are Cardinal Health, C.R Bard, Teleflex Incorporated, Coloplast A/S, Medtronic plc, B. Braun Melsungen AG, ConvaTec Group, VOTG Medical, Flume,Ribbel International Limited, Angiplast Private Limited, Sterimed Group, JK Medirise, and Mais India Medical Devices Private Limited. The updated edition also offers a detailed analysis of the COVID-19 impact on this market.
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