Urology Devices Market Research Report: By Types (Dialysis Equipment, Urinary Stone Treatment Devices, Endoscopy Devices, Benign Prostatic Hyperplasia Treatment Devices, Urinary Incontinence & Pelvic Organ Prolapsed), By Technology (Minimally Invasive Surgery And Robotic Surgery), By Applications (Benign Prostatic Hyperplasia, Prostate Cancer, Urinary Stones, Urinary Incontinence), By End Users (Hospitals, Ambulatory Services And Others) – Global Forecast Till 2023
Urology Devices Market Scope
Market Research Future (MRFR) projects the urology devices market to attain a decent CAGR of 7.1% over the forecast period, which is between 2017 and 2023.
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Growth Boosters and Deterrents
Dramatic increase in cases of high blood pressure (hypertension) and diabetes worldwide has led to significant demand for urology devices, since the mentioned diseases are major causes of kidney failure. The American Kidney Fund conducted an extensive study that proved that close to 38.4% of total kidney failure cases are the result of diabetes, while 25% can be brought on by high blood pressure.Cases of hypertension and diabetes are soaring in emerging countries across Asia Pacific and Middle East speedily, in view of the prevalence of hectic and stressful lifestyle combined with the expanding geriatric populace.
The urology devices market will further get a boost from the burgeoning elderly population, which is prone to a number of diseases such as urinary and kidney disorders.Moreover, the mounting preference for minimally invasive procedures in line with frequent technical innovations can also enhance the sales of urology devices in the future.Canada and the US are witnessing a considerable increase in chronic urinary and kidney disorders as sedentary lifestyles become common. This scenario, in addition to rising government funds to improve the healthcare infrastructure, should work in favor of the global market in subsequent years.
Urology Devices Market Segmentation
The MRFR report presents a detailed framework of the urology devices industry, while throwing light on a couple of key segments such as types, applications, technology and end users to give a better understanding to the client.
The various types of urology devices that are available in the market include urinary stone treatment devices, urinary incontinence & pelvic organ prolapsed devices, dialysis equipment, benign prostatic hyperplasia treatment devices, endoscopy devices, and others.
Urology devices have applications in Prostate Cancer, Benign Prostatic Hyperplasia, Urinary Incontinence and Urinary Stones.Urinary stones are prevalent among 1 in 20 people and the key risk factors include diabetes, history of kidney failure and high blood pressure. Therefore, the demand for urology devices is high in the treatment of urinary stones worldwide.
In terms of technology, the global market caters to robotic surgery, minimally invasive surgery, and more.
End-users profiled in the report are ambulatory services, hospitals, and others.
Urology Devices Market Regional Analysis
The urology devices industry can be geographically divided into APAC/Asia Pacific, Europe, MEA/Middle East & Africa and the Americas.
America shall maintain its winning streak throughout the review period, in view of the rising cases of prostate cancer, traumatic injury, kidney stones, and more. The American Urological Association Foundation reports that urinary incontinence (UI), benign prostatic hyperplasia (BPH), kidney and ureteral stones and urinary tract infections are some of the most prevalent urological ailments. The US Department of Health and Human Services says that total burden of CKD among Americans is close to 14%, with half of the patients with CKD suffering from either cardiovascular disease or diabetes. These numbers only seem to be mounting as time passes, thereby elevating the need for advanced and more effective urology devices in the region.
Asia Pacific is the fastest developing market and should retain its growth pace on the back of the exploding population with high unmet medical requirements as well as the rapid economic surge. Accelerated cases of Urinary Tract Infection (UTI) and Benign Prostatic Hyperplasia (BPH) has raised the demand for highly advanced urology devices. There has also been an increasing focus on the replacement and upgradation of the healthcare infrastructure, which will also mean higher consumption of urology devices in the coming years.
Urology Devices Market Leading Companies
The leading manufacturers of urology devices in the global market include Boston Scientific Corporation (US), Medtronic (US), NIKKISO CO. LTD (Japan), C. R. BardInc. (US), Fresenius Medical Care AG & Co. KGaA (Germany), Dornier MedTech (Germany), Stryker (US), Olympus Corporation (Japan), HealthTronics, Inc (US), Cook (US), KARL STORZ GmbH & Co. KG (Germany), and more.
Many of these players allocate large-scale budgets for research and development (R&D) activities to support their focus on product innovation and new launches to bolster their worldwide presence. Some other competitive strategies employed by the vendors in the global industry include FDA approvals, acquisitions, joint ventures, collaborations and expansions, to name a few.
For instance, in December 2020, Medtronic Inc. commercially launched the first ever pediatric emergency dialysis device, Carpediem System, which caters to patients that weigh between 5.5- and 22-poundssuffering from fluid overload or AKI. The new device is developed particularly for critically ill fragile infants with high precision of CRRT treatment and can potentially bring down any risks.
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