According to the latest report published by Credence Research, Inc. “Urology Devices Market – Growth, Future Prospects and Competitive Analysis, 2018-2026,” the Urology Devices market was valued at USD 31,647.8 Mn in 2017, and is expected to reach USD 57,101.5 Mn by 2026, expanding at a CAGR of 6.7% from 2018 to 2026.
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Urological diseases are the most common diseases found in developing as well as developed countries of the world. There are several types of urological diseases but the most common diseases are bladder infections, kidney stones, urinary incontinence & erectile dysfunction. The urological diseases in their initial stages are generally treated with drugs while in later stages medical devices play an integral role. The key factors responsible for growth of urology devices market is the rising prevalence of urological diseases, increasing adoption of modern technologies to diagnose & treat these diseases, and mounting penetration of urology devices in developing and under developed countries across the world. Current market scenario suggests that minimally invasive surgical procedures are in high demand for the treatment of urological diseases such as kidney stones, and urinal incontinence. This shift in trend is observed due to prolonged recovery time, extended hospital stays, and huge risk of infection caused due to conventional open surgery. Hence, the rising demand for minimally invasive urology surgeries expected to assist the growth of urology devices throughout the forecast period.
Instruments segment accounted for the largest market share in year 2017 because instruments are high priced compared to consumables. Endoscopes were observed as the largest sub-segment in instruments market due to increasing demand for minimally invasive diagnosis & treatment, and technological development in the field of urology endoscopes. Ambulatory surgical centers are growing globally due to several advantages possessed by these centers including short turnaround time for patient recovery as most of the procedures carried out in this facility are minimally invasive or also known as day surgeries.
North America was observed as the largest urology devices market due to key market driving factors such as rising prevalence of urinary tract infection, urinary incontinence, kidney stones & prostate cancer, and increasing demand for novel equipment for diagnosis and treatment of urology devices. In 2018, Cancer.Net published an article quoting that an estimated 164,690 men in the United States will be diagnosed with prostate cancer and as prostate cancer is the second major cause of cancer mortality in men it is estimated that 29,430 deaths will occur in 2018 due to prostate cancer.
Market Competition Assessment:
The urology devices market is evolving and multiple companies present in this industry, wide product range and high market penetration has been observed especially in case of global players. The key players operating in this market are Fresenius Medical Care, Baxter, KARL STORZ, Boston Scientific, Cook Medical, Olympus, Richard Wolf, and Medtronic among others.
Key Market Movements:
- Rising prevalence and awareness related to urological diseases
- Incessant development in the technology of urology devices used for both diagnosis & treatment
- Increasing demand for minimally invasive diagnostic and treatment techniques