Urology Devices Market Growth, Analysis - Segmented by Product (Instruments, and Consumables & Accessories), Disease (Kidney Disease, Urological Cancer & BPH, and Pelvic Organ Prolapse), End User and Geography - Trends, and Forecast (2018 - 2023)
The urology devices market was valued at about USD 29,140 million in 2017, which is estimated to register a CAGR of 6.4%, over the forecast period, 2018 to 2023. There is a growing need for urology care among all age population with raising awareness among patients, caregivers, families, and the public. The urology devices are essential in improving preventive care detection and treatment of urological diseases with the help of growing technological advances. The growing incidence of urological cancer, along with a rapidly aging population, technological advancements in urology devices, and increasing healthcare expenditure are key factors driving the growth of this market. As per the regional analysis, the Asia Pacific region has countries with growing hospital privatization and gradual growth in disposable income as well as diversified population, research capabilities and manufacture of devices cost effectively which is expected to contribute significantly to the growth rate.
Technological Advancements Boosts the Urology Devices Market
There has been a constant development of technology in the field of urology devices. Smaller, flexible ureteroscopes have been introduced, which has revolutionized the procedures for dealing with renal calculi. Miniaturization has been used for percutaneous renal stone surgery. Mini-perc includes the usage of tracts less than 20 French and is constantly gaining fame for effectively treating renal calculi 1-2 cm in size. Robotics has also been introduced in the field of urology devices. There has been an expansion of urological procedures that use robotic equipment, with the possibility of visualization and the ease of suturing in the small space of the pelvis, providing a major advantage. These technological advancements are going to drive the urology devices market in the forecast period, along with other factors such as rising geriatric population and high incidence of urologic conditions.In addition, other contributing factors include the growing incidence of urologic conditions, and geriatric populations, worldwide.
Stringent Regulatory Policies for Validation of Medical Devices Limits the Growth of Urology Devices Market
Urology devices are considered unsafe without the supervision of a licensed practitioner or by properly instructed emergency personnel. Regulations regarding the purity of these substances are established by the United States Pharmacopeia/National Formulary (USP/NF). Specifically, these devices are under the scrutiny of the United States Pharmacopeia and National Formulary, whose recommendations are legally enforced by the FDA. These strict regulations make it difficult for manufacturers to abide by them. This acts as a deterrent for manufacturers to invest in the medical gases market. This acts as a restraint for the market growth.Another prominent barrier is the high cost associated with urology devices which limits the buying and developing capabilities, varied in mature and emerging markets.
Market Segmentation Insights for the Urology Devices Market
Insights in product type segmentation depict that there are a growing demand and supply of instruments across the globe which contribute to the majority of 65% of the revenue share in 2017. Furthermore, the high demand for dialysis devices across the mature and emerging market with growing cases of kidney failure and end-stage renal diseases (ESRD). The reimbursement policies for dialysis-related devices and treatment is also well supported in mature markets across North America and Europe. Since it is among the most preferred method of treatment, globally, it is expected to grow consistently and dominate over other instruments, over the forecast period.
Insights in the diseases segment project high focus on a range of kidney diseases such as a renal cyst, cystic kidney diseases, chronic kidney disease, hemolytic-uremic syndrome, and lupus nephritis, among others, which raises the demand of urology devices for particular sub-segment. As per the National Kidney Foundation, 2015, about 10% of the population is affected by CKD, globally and millions die each year due to poor accessibility of affordable and early treatment. There is a growing gap between demand and supply, which provides high opportunities for growth in the healthcare sector to invest to the devices.
Insights in the end-user segment show maximum growth in hospitals and clinics as a large number of cases are chronic and need long-term treatment. Increasing privatization in hospital chains and clinics with growing disposable income as well as government initiatives helps significantly in the raising the awareness and treatment facilities in hospitals.
Asia-Pacific Expected to Witness Fastest CAGR for the Urology Devices Market
The urology devices market is dominated by North America and Asia. North America will continue its dominance of the urology devices market during the forecast period. However, Asia is expected to witness the highest CAGR during the forecast period with growth centered in China, India, and Japan. Factors such as the rising focus of major players in emerging Asian countries and government support are driving the growth of the urology devices market in this region. Further, there is increasing geriatrics population, a rise in the prevalence of urological diseases, and increasing adoption of minimally invasive surgeries, which demand higher investments and attracts players from the multi-domain in the healthcare industry to collaborate in Asia Pacific region.
Key Developments in the Market
- Apr 2018- Dornier MedTech initiated direct sales in service, support, and marketing for its Surgical Holmium Lasers and Fibers in the United States.
Major Players -Baxter, Boston Scientific Corporation, C.R. Bard (BD), Cook Medical, Medtronic, and Stryker, among others.
Reasons to Purchase the Report
- Current and future of urology devices market outlook in the developed and emerging markets
- Analysis of various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the market estimate sheet (in Excel)
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