Urology Devices Market Size (2020 to 2025)
The size of the global urology devices market is forecasted to be growing at a CAGR of 6.3% between 2020 to 2025 and worth USD 44.8 Billion by 2025.
Key Market Drivers:
The global urology devices market is primarily driven by the factors such as intensifying growth of urological disorders, especially in aging people, and devices are manufactured using the latest technologies by the key players. Urinary Tract Infections (UTI) has affected nearly 150 million people per year. Escalating the regularity of stress incontinence, especially in women, is expected to propel the urology devices market growth. The frequent increase of chronic kidney disorders and an upsurge in demand for minimally invasive surgeries and non-invasive treatment devices are the factors majorly influencing the market demand. Increasing usage of robot-assisted devices in treating the patients suffering from urology diseases mounts the market demand.
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Significant Challenges:
However, the cost associated with the treatment is high, which is impeding market growth. Very low reimbursement policies and the inactive replacement of the old devices further obstruct the acceptance of advanced endoscopy systems are to curb the market demand.
Impact of COVID-19 on the global urology devices market:
COVID 19 is a global health threat. Since the start of the pandemic, there are quite changes in the medical sector, especially in surgical procedures. Due to lockdown restrictions across the world, all the surgeries were either postponed or canceled during the initial months of 2020. Only emergency cases were treated during this time. However, with the safety precautions, all the activities were resumed, which leveling the shares of the market. The urologists are performing the surgeries based on the severity of the patient’s health. The surgical team is wearing personal protective kits in order to lower the risk of transmission of this disease. By 2021, the market shares are going to fall into a normal state.
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This research report on the global urology devices market has been segmented & sub-segmented based on the product, disease, end-user, and region.
By Product:
- Instruments
- Consumables & Accessories
By Disease:
- Urological Cancer
- Kidney Diseases
- Pelvic organ prolapses
- Other diseases
By End-User
- Dialysis Centres
- Hospitals and clinics
- Other end-users
By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East and Africa
Geographically, the North American region is accounted for holding a remarkable share in the global urology devices market in 2019. Adoption of technically advanced products, well-developed healthcare facilities, and acceptable reimbursement policies are propelling the growth of the market in this region. The US is projected to lead the market shares. According to the United States Department of Health and Human Services, 661,000 Americans were diagnosed with kidney failure issues where 468,000 people are under dialysis treatment.
The European market is predicted to be the second most captivating market in urology devices, and the market size is expected to have a notable growth rate in the market. High regularity, rise in occurrences of urinary disorders, and the latest approval of urology devices with advanced technologies are estimated to level up the market growth. Moreover, the growth in this region mainly depends upon France, UK, and Germany.
The urology devices market is expected to have the quickest growth in the Asia-Pacific region. Factors like huge patient count diagnosed with urological diseases, quick advancements in the economies, and increasing aged people are to bolster the market demand. The governments in this region have come up with setting initiatives for developing new technologies, common growth of lifestyle diseases, and surging demand for medical services are positive signs fueling the Asian market demand.
NOTABLE COMPANIES IN THIS MARKET:
Fresenius Medical Care (Germany), Baxter (US), Boston Scientific (US), Olympus (Japan), Richard Wolf (US), KARL STORZ (Germany), Cook Medical (US), and Medtronic (US) are some of the significant players in the global urology devices market.
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List of Tables & Figures of the report:
- Global Urology Devices Market, By Region, From 2020 to 2025 (USD Billion)
- Global Urology Devices Market, By Product, From 2020 to 2025 (USD Billion)
- Global Endoscopes Market, By Region, From 2020 to 2025 (USD Billion)
- Global Robotic Market, By Region, From 2020 to 2025 (USD Billion)
- Global Lasers & Lithotripsy Market, By Region, From 2020 to 2025 (USD Billion)
- Global Dialysis Market, By Region, From 2020 to 2025 (USD Billion)
- Global Urodynamic Systems Market, By Region, From 2020 to 2025 (USD Billion)
- Global Guidewires Market, By Region, From 2020 to 2025 (USD Billion)
- Global Biopsy Devices Market, By Region, From 2020 to 2025 (USD Billion)
- Global Cateters Market, By Region, From 2020 to 2025 (USD Billion)
- Global Urology Devices Market, By Disease, From 2020 to 2025 (USD Billion)
- Global Urologic Cancer Market, By Region, From 2020 to 2025 (USD Billion)
- Global Kidney Disease Market, By Region, From 2020 to 2025 (USD Billion)
- Global Pelvic Organ Prolapse Market, By Region, From 2020 to 2025 (USD Billion)
- 100+ More
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