Minimally invasive techniques to drive urology devices market
The global urology devices market is expected to reach USD 44.37 billion by 2022 from USD 31.44 billion in 2017, growing at a CAGR of 7.1 percent, states MarketsandMarkets. 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.
The instruments segment is estimated to account for the largest market share of the global market in 2017 attributing to the increasing adoption of minimally invasive techniques in urology treatment and advances in technology to develop novel instruments. By disease, the kidney diseases segment is estimated to account for the largest share of the global market during the next 5 years. Increasing adoption of instruments in the diagnosis and treatment of kidney disease is very high which is driving the growth of this market.
The global urology devices market is dominated by North America, followed by Asia. North America will continue to dominate the global urology devices market; however, Asia is expected to witness the highest CAGR during 2017–2022 with growth centered at China, India, and Japan.