ROCKVILLE, MD / ACCESSWIRE / April 15, 2020 / The widespread outbreak of COVID-19 infections is anticipated to decline the sales in the first and second quarter of 2020, on the back of changing medical priorities. The foley catheter market was forecasted to exhibit a CAGR of 5.9% during 2020-2027, according to a market study by Fact.MR. However, the global pandemic is posing a challenge to the market and is likely to hinder the steady growth of the market.
According to the Center of Disease Control and Prevention (CDC) According to the CDC, each year, 15-25% of hospitalized patients and 5-10%, that accounts for 75,000 to 150,000 of nursing home residents receive a urinary catheter. Furthermore, the likelihood of patients and nursing home residents contracting the catheter-associated urinary tract infection (CAUTI), is very high. Moreover, according to CDC, Urinary Tract Infections (UTI) account for more than 40% of the Hospital Acquired Infections (HAI). To counter the aforementioned infections, Foley catheters are extensively used.
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"With the outbreak of COVID-19, all non-essential in-patient admissions have been halted, thus reducing the sales from the major distribution channels, i.e. hospitals and nursing homes. Nevertheless, the expected revamp of sales in the third and fourth quarters of 2020 is likely to mitigate the losses," says the analyst at Fact.MR.
Segmental Highlights of Foley Catheters Market
Latex-based catheters were projected to capture the majority of market value on the back of the product's ability to reduce urethral irritation, encrustations, lower surface friction and improve patient comfort.
Silicone-based Foley catheters are expected to gain prominence during the forecast period owing to the benefits associated with the product such as the reduced risk of urinary tract infections, longer lifespans, large lumen diameter, and reduced the risk of encrustations, as compared to latex catheters.
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2-way catheters are expected to hold a major chunk of the Foley catheter market share backed by benefits such as greater flexibility, long-term usage and easy drainage of urine, thereby accounting for more than three-quarters of the total market share.
North America will remain the most lucrative market for manufacturers in the Foley catheters market, owing to the increased prevalence of urological diseases and rising surgical procedures. However, the market will witness decline as the admissions for non-essential cases are canceled.
Asia-Pacific is expected to grow its market value at a tremendous CAGR and become the second most lucrative market, backed by rising geriatric population and entry of leading market players.
Coverage:
Regions Covered: North America, Asia-Pacific, Europe, Middle East & Africa
Products Covered: 2-way catheters, 3-way catheters, and 4-way catheters
Materials Covered: Latex & Silicone
End-users Covered: Hospitals, Long-term Care Facilities, and Others
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SOURCE: Fact.MR