The global urology devices market was valued at USD 31.4 Bn in 2017. It is projected to expand at a CAGR of 7.1 percent from 2018 to 2026. High prevalence of urinary tract system disorders across the globe and technological advancements, such as surgical robotic system, are anticipated to boost the global market. North America and Europe are expected to dominate the global urology devices market from 2018 to 2026. This is attributed to the rise in demand for minimally invasive surgery/devices for urology disorder treatment, favorable medical reimbursement policies, and rapid increase in the geriatric population. Asia Pacific is likely to account for a significant share of the global market share by 2026. This is due to a large urinary disorder patient base in highly populated countries, such as India and China, large geriatric population in Japan, and rise in adoption of technologically advanced products in Japan, Australia, New Zealand, and South Korea. Rise in adoption of technologically advanced products by key manufacturers, such as Boston Scientific Corporation, and Cogentix Medical, is likely to propel the global urology devices market. The market in Asia Pacific is expected to expand at a notable CAGR of 7.1 percent from 2018 to 2026.
High prevalence of urinary tract system (UTS) disorders to propel market
Urinary tract system (UTS) disorders are a highly prevalent and largely reported and diagnosed urological disorder across the globe. It affects millions of people causing severe impact on physical, psychological, as well as emotional health. Twice as many women, as compared to men, are affected by this condition, and its incidence increases with age. Weak pelvic floor muscles, urethral sphincters, obesity, pregnancy & childbirth, urinary tract infection, and neurological disorders cause urinary tract system (UTS) disorders. An estimated 200 million people, globally, are affected by some form of urinary incontinence or bladder problems. Large patient pool with urinary disorder and overactive bladder symptoms are projected to fuel the global urology devices.
Dialysis to be highly attractive segment
The report offers detailed segmentation of the global urology devices market based on product, and end-user. In terms of product, the dialysis segment is estimated to account for a leading share of the global market. Factors attributed to the higher share of the segment include a rise in demand for dialysis devices to remove waste products, such as urea and creatinine, from the blood due to inappropriate functioning of kidney. According to National Kidney Foundation, around 10 percent of the population, worldwide, is affected by chronic kidney disease (CKD). Moreover, high success rates with dialysis devices as compared to renal transplant, among people suffering from chronic renal failure, and favorable medical reimbursement policies in developed countries for dialysis devices are propelling the dialysis segment. Furthermore, development and launch of new technologically advanced dialysis devices required for people suffering from chronic renal failure are projected to drive the dialysis segment. Additionally, rise in demand and adoption for dialysis devices, as compared to renal transplants, are expected to propel the dialysis segment.
Hospitals segment to dominate market
Based on end-user, the hospitals segment is projected to account for a dominant share of the global urology devices market from 2018 to 2026. The segment is anticipated to expand at a high CAGR from 2018 to 2026. Dialysis centers are expected to be the second-leading segment, in terms of market share. High share held by the hospitals segment is attributed to the increase in number of surgical procedures for the treatment of all types of urology disorders and favorable reimbursement policies for medical devices in most developed and developing countries. The hospitals segment is likely to expand at a rapid pace. Availability and high rate of adoption of over-the-counter urology devices and non-invasive treatment devices for the effective management of urinary disorder are key factors driving the hospitals segment.
Asia Pacific to offer high incremental opportunity
In terms of revenue, North America is projected to maintain its dominance of the global urology devices market from 2018 to 2026. This is attributed to the early adoption of technologies, large patient pool of urinary disorder, and easy availability & lucrative medical reimbursement policies in the U.S. and Canada. Europe is anticipated to be the second-largest and highly attractive market for urology devices, globally. The market in the region is expected to expand at an exponential CAGR, due to the high prevalence and increase in incidence of urology disorders, surge in adoption of technologically advanced products, large base of medical devices companies, and large number of products in the pipeline for the treatment of urinary disorders. The market in the U.K. is likely to expand at a notable CAGR. The country is expected to gain share in the market in Europe from 2018 to 2026. Moreover, high incidence of kidney stone is projected to propel the market in the country. The market in Asia Pacific is anticipated to expand at a rapid pace, owing to the large population in countries such as India and China, large geriatric population in Japan, and improving healthcare facilities in the region.
New product development and launch in international market: Key trend among leading players
The report also provides profiles of leading players operating in the global urology devices market. Boston Scientific Corporation, KARL STORZ SE & Co. KG, C. R. Bard, Inc. (Becton, Dickinson and Company.), Richard Wolf GmbH., Intuitive Surgical, Fresenius Medical Care, Olympus Corporation, and Cook Medical are major players operating in the market, offering products with proprietary technologies. Other prominent players in the global urology devices market include Siemens Healthineers (Siemens AG), Baxter International Inc., Stryker, Medtronic, B. Braun Melsungen AG, and Dornier MedTech. – Transparency Market Research