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(Health-NewsWire.Net, January 03, 2023 )
The report "Urology Devices Market is projected to reach USD 46.4 billion by 2026 from USD 38.0 billion in 2021, at a CAGR of 4.1%.
Major Growth Driving Factors:
Over the last few decades, the incidence and prevalence of urological conditions, such as chronic kidney disease (CKD), end-stage renal disease (ESRD), urinary incontinence, kidney and ureteral stones, and bladder and prostate cancer, have increased significantly across the globe. This is expected to fuel the market demand for urology devices. Emerging economies such as China, India, South Korea, Brazil, and Mexico offer significant growth opportunities to major market players operating in the urology devices market space.
The instruments segment accounted for the largest share of the urology devices market, by product segment, in 2020
Based on product, the urology devices market is segmented into instruments and consumables & accessories. The large share of the instruments segment can be attributed to the growing patient pool of CKD. Furthermore, there is a rising preference for minimally invasive surgeries among geriatric patients, as these procedures are less invasive and save costs in terms of pre- and post-operative care and hospital length of stay. This increase in the geriatric population and patient preference for minimally invasive surgeries is anticipated to drive instruments segment market growth in the coming years.
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Urological cancer and BPH segment to register the highest growth rate during the forecast period
The urology devices market is segmented into kidney diseases, urological cancer and BPH, pelvic organ prolapse, and other applications based on application. In 2020, the urological cancer and BPH segment accounted for the highest growth rate. This can be attributed to the rising incidence of urological cancers coupled with the growing number of cancer-related surgeries.
The hospitals, ASCs, and clinics segment accounted for the largest share of the urology devices market, by end user segment, in 2020
Based on end users, the urology devices market is segmented into hospitals, ASCs, and clinics; dialysis centers; and home care settings. Hospitals routinely conduct urological procedures such as dialysis for patients suffering from ESRD. According to the Indian Society of Nephrology, the number of people undergoing dialysis in hospitals is increasing by almost 30% annually in the country. Moreover, India is expected to be home to the maximum number of dialysis patients in the next 23 to 25 years (Source: Indian Society of Nephrology). Patients prefer hospital dialysis because of the availability of various facilities and expertise in hospitals. This is a major driver for market growth. In addition, factors such as an inadequate number of independent dialysis centers in developing economies and increasing government support to develop dialysis treatment facilities in hospitals are also propelling the growth of this market segment.
Geographical Growth Dynamics:
North America is the largest regional market for urology devices market
The urology devices market is segmented into five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share of the urology devices market. The growing incidence of kidney diseases in North America is expected to drive the demand for urological interventions, which, in turn, is propelling the market for urology devices. Over the years, healthcare spending in North America has increased at a significant rate. The national health spending is projected to grow at an average annual rate of 5.4% from 2019 to 2028 and reach USD 6.2 trillion by 2028 (Source: Centers for Medicare & Medicaid Services). The increasing healthcare expenditure has accelerated medical spending for physician consultation and clinical services, which is expected to positively impact the market growth.
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Key Players:
The major players operating in this market are Fresenius Medical Care AG & Co. KGaA (Germany), Baxter International Inc. (US), Boston Scientific Corporation (US), Becton, Dickinson and Company (US), Olympus Corporation (Japan), B. Braun Melsungen AG (Germany), Stryker Corporation (US), KARL STORZ (Germany), Cook Medical (US), Intuitive Surgical (US), Medtronic plc (Ireland), Cardinal Health (US), Teleflex Incorporated (US), Richard Wolf GmbH (Germany), CompactCath (US), Dornier MedTech (Germany), Nikkiso Co., Ltd. (Japan), Balton Sp. z o.o. (Poland), Dialife SA (Switzerland), Maxer Endoscopy GmbH (Germany), Vimex Sp. z o.o. (Poland), Amsino International, Inc. (US), ROCAMED (Monaco), Well Lead Medical Co., Ltd. (China), Medispec (US), Medical Technologies of Georgia (Georgia), EndoMed Systems GmbH (Germany), Hunter Urology (England), J and M Urinary Catheters LLC (US), and Ribbel International Limited (India).
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