Urology devices Market Overview
The global urology devices market is anticipated to expand the market value at a CAGR of 7.1% in the analysis period. However, a significant market value is projected to hold in the forecast period.
The worldwide urology devices market is driven because of the rising healthcare expenditure, rising geriatric population, and development in urological devices and surgeries across the globe. Moreover, the increasing prevalence of urinary tract diseases, kidney stones, congenital abnormalities, prostate cancer, stress incontinence, and traumatic injury worldwide is fuelling the global market’s growth. Also, the rapid development in the economies of developing countries is projected to bring lucrative opportunities for the manufacturers and the market players.
However, the high cost of most urology devices can hamper the growth of the global market for Urology devices during the research period. Moreover, the worldwide Market might experience challenges due to the absence of urology specialty hospitals across the world.
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Urology devices Market Segmentation
According to the urology devices market report, the current market has been segmented based on end-users, technology, application, and type.
On the basis of the technology segment, the Urology devices industry has been classified into robotic surgery, minimally invasive surgery, and others. The urology devices market has been segmented into prostate cancer, benign prostatic hyperplasia, urinary incontinence, urinary stones, and others based on the application segment. Of these, the benign prostatic hyperplasia segment is projected to hold 35% of the market share during the forecast period.
In terms of the end-user segment, the Urology devices industry has been segregated into ambulatory services, clinics, and hospitals. Based on the type segment, the global market for Urology devices has been classified into Urinary Stone Treatment Devices (Lithotripsy, Ureteral Stents, and others), Dialysis Equipment (Haemodialysis, Peritoneal Dialysis, and others), Urinary incontinence & pelvic organ prolapsed devices (Vaginal Meshes & Slings, Urethral Inserts & Pessaries, Sacral Neuromodulator, and others), Benign prostatic hyperplasia treatment devices (Catheter Ablation, Prostatic Stents, and others), and Endoscopy Devices.
Urology devices Market Regional Analysis
Based on the regional classification, the worldwide urology devices market has been classified into different regions such as Asia Pacific, North America, Europe, and the rest of the world.
Among these, the North American Market for Urology devices is predicted to dominate the global market by generating the largest market share during the analysis timeframe. This region is expanding due to the high prevalence of urinary tract diseases and the presence of the majority of industries relating to nephrology and urology devices in the region. Apart from this, the Asia pacific regional market is projected to acquire the biggest growth in the market in the forecast timeframe. Moreover, the European Market for Urology devices is anticipated to hold the second-largest market across the world. Further, the African and Middle East Market is emerging as the urology devices market in the research period.
Urology devices Market Competitive Dynamics
The notable players of the market are Boston Scientific Corporation (US), C. R. Bard, Inc. (US), Cook (US), Fresenius Medical Care AG & Co. KGaA (Germany), KARL STORZ GmbH & Co. KG (Germany), Olympus Corporation (Japan), Medtronic (US), Dornier MedTech (Germany), Stryker (US), NIKKISO CO. LTD (Japan), and HealthTronics, Inc (US).
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In November 2020, FDA approved 510(k) for the Baxter International Inc. (US) company’s HomechoiceClaria automated peritoneal dialysis system. It has proposed to integrate the Sharesource connectivity platform with it.
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