New York, USA, Nov. 23, 2022 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), Urology Devices Market Information By Types, Technology, Applications, End Users, and Region - Forecast till 2030, the market will witness a value of USD 48.4 billion and register a CAGR of 4% by 2030.
Urology is a field of medicine that deals with diseases of both the male and female urinary systems as well as the male reproductive system. Cancer, problems with the prostate, UT infections, kidney stones, problems with bladder control, and other disorders are among them.
Genitourinary surgery is another term for the discipline because urology tools are used in the surgical diagnosis and treatment of these diseases. A few examples of urology diagnostic instruments are cystoscopy, urodynamic testing, ureteroscopy, dialysis equipment, microsurgery, laser lithotripsy devices, and endovision systems.
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|Market Size in 2030||USD 48.4 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Types, applications, technology and end users|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Drivers||Rising prevalence of major urinary diseases like kidney stones, urinary tract inflammation and prostate cancer|
|Development in the urological devices and surgeries|
Urology Devices Market Competitive Analysis:
Some of the most eminent vendors in the urology devices industry include
- KARL STORZ GmbH & Co. KG (Germany)
- Olympus Corporation (Japan)
- Medtronic (US)
- Boston Scientific Corporation (US)
- C. R. Bard Inc. (US)
- Cook (US)
- Fresenius Medical Care AG & Co. KGaA (Germany)
- Dornier MedTech (Germany)
- Stryker (US)
- NIKKISO CO. LTD (Japan)
- HealthTronics, Inc (US)
Market rivals are always pursuing strategic initiatives such as portfolio diversification, regional expansions, product upgrades, mergers and acquisitions, and product upgrades due to the market's intense competition and fragmentation. The market should get even more competitive as more startups compete for opportunities and established; large-scale businesses get in to diversify their clientele.
Urology Devices Market Dynamics
Notable rise in the number of patients suffering from diabetes and high blood pressure (hypertension) has fostered the demand for advanced urology devices in recent years. These diseases are known for causing kidney failure. The American Kidney Fund’s recent studies show that nearly 40.4% of the overall kidney failure cases worldwide are caused by diabetes, while 30% is the result of high blood pressure. Cases of diabetes and hypertension have been surging exponentially in developing countries across Middle East and Asia Pacific, considering the prevalence of stressful and hectic lifestyle and the burgeoning elderly populace.
Another growth rendering factor can be the expanding geriatric population prone to kidney and urinary disorders. The demand for urology devices is further elevated by the mounting demand for minimally invasive procedures and surge in technical advances. Canada as well as the United States (US) are experiencing substantial rise in the number of people affected by chronic kidney and urinary disorders in conjunction with the growing prevalence of a sedentary lifestyle. On top of this, large-scale funds by governments for improving the healthcare infrastructure would also have an incredible impact on the global market.
Numerous market barriers dominate the urology devices market. One of the main problems facing the healthcare business is the shortage of hospitals with a urology focus. The healthcare system includes both ordinary hospitals and hospitals with many specialty. However, urology-focused hospitals are less common. More of these facilities are needed to support the growth of the nephrology and urology device sectors, as specialty hospitals are the biggest users of urological equipment.
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COVID-19 is projected to have a brief and minimal impact on the industry's growth. The impact of the pandemic on the market varies by country depending on the quality of the local health systems and the measures taken to combat it. Urological procedures were not considered urgent throughout the outbreak. In order to reduce the danger, all elective and outpatient interventional procedures were cut back or stopped. Specialty centers for dialysis and associated services were also shut down during this time, which had a negative impact on the company's ability to grow. The participants in the industry also observed a significant decline in sales in 2020.
On the bright side, the supply chains of the majority of healthcare organizations will operate efficiently and effectively over the projected period, given that the lockdown limitations are gradually being relaxed in most nations. As a result, it is anticipated that the global market would expand significantly during the next several years. For instance, the majority of elective procedures were restarted between the fourth quarter of 2020 and the first quarter of 2021 as the regulations imposed by the governments of various countries was loosened. This has boosted the number of patients being treated in hospitals and dialysis facilities, which has helped partially stabilize the global market for urology devices.
Urology Devices Market Segment Overview
Different types of urology devices available in the industry are endoscopy devices, urinary incontinence & pelvic organ prolapsed devices, urinary stone treatment devices, benign prostatic hyperplasia treatment devices, dialysis equipment, and more.
Urology devices’ top applications are Prostate Cancer, Urinary Incontinence, Urinary Stones, as well as Benign Prostatic Hyperplasia. Urinary stones occur in 1 in every 20 individuals, with the major reasons being diabetes, high blood pressure, and history of kidney failure. As a result, urology devices are witnessing enormous demand for treating urinary stones, cases of which have been escalating rapidly worldwide.
Technology-wise, the segments are minimally invasive surgery, robotic surgery, and more.
End-users listed are ambulatory services, hospitals, and more.
Urology Devices Market Regional Analysis
America maintains its winning streak and will continue to do so throughout the evaluation timeframe, thanks to the escalating cases of kidney stones, traumatic injury, prostate cancer, and others. The American Urological Association Foundation confirms that benign prostatic hyperplasia (BPH), urinary incontinence (UI), urinary tract infections, and kidney and ureteral stones are the top urological ailments occurring in the region. Surge in lifestyle-based health issues, significant healthcare spending, and a well-developed healthcare system present in both Canada and the US also add to the regional market value. Favorable reimbursement structure also add to the market worth. Not only clinics and hospitals, but urology devices are increasingly being used in the domestic sector as well, as the rising number of geriatric patients prefer at-home settings.
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Asia Pacific could be the fastest progressing market in the next few years, on account of the booming population with significant unmet medical needs and the surge in economic standards. Mounting cases of Benign Prostatic Hyperplasia (BPH) as well as Urinary Tract Infection (UTI) also raises the demand for urology devices. With the rising focus on replacing and upgrading the existing healthcare infrastructure, urology devices would note higher demand in the following years. Besides, majority of the players in the region are spending considerably on exhaustive research and development of the latest types of urology devices. Urology device manufacturers are also indulging in mergers and acquisitions to enhance individual as well as cumulative industry growth.
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