- Surge in the prevalence of kidney-related health issues globally is bolstering the global urology devices market
- Presence of favorable reimbursement policies and technological advancements in the North America healthcare industry is driving the regional market growth
ALBANY, N.Y., May 18, 2022 /PRNewswire/ — As per a study by Transparency Market Research (TMR), the global urology devices market is estimated to register growth at a CAGR of 5.6% during the forecast period 2022-2031.
Urinary incontinence is one of the most under-diagnosed and under-reported urological diseases globally. The health condition has a critical impact on the psychological, emotional, and physical health of an individual. The percentage of female population getting infected by this health condition is double that of a male population base globally. Furthermore, this rate is found to be increasing with age. Some of the key factors resulting into urinary incontinence include urethral sphincters, weak pelvic floor muscles, pregnancy & childbirth, obesity, neurological disorders, and urinary tract infection. Hence, rise in the cases of urinary incontinence globally is resulting into revenue-generation avenues in the urology devices market.
The urology devices market in North America is projected to maintain its dominating position during the forecast period owing to many factors including technological advancements in medical devices, presence of next-gen healthcare facilities, and increase in the patient pool living with kidney-related health issues in nations such as Canada and the U.S. Moreover, the presence of healthcare insurance and favorable reimbursement policies is resulting into increase in the number of surgical procedures pertaining to the treatment of urological disorders. This factor is resulting into North America being the fastest growing market for urology devices.
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Urology Devices Market: Key Findings
- Leading companies in the urology devices market are increasing investments in the development and launch of next-gen products such as robotic systems and urology lasers. Such devices are gaining impetus owing to their ability to help in timely diagnosis of a health disorder pertaining to the urinary tract system. Hence, recent developments in the urology devices are helping in the global urology devices market to exceed a valuation of US$ 64 Bn by 2031.
- Many hospitals as well as other care centers are focusing on procuring next-gen laparoscopy and endoscopy devices. Such devices are being increasing utilized for performing minimally invasive surgeries and treatment procedures of incontinence, kidney diseases, and bladder cancer. Hence, rise in the use of advanced equipment in order to achieve positive patient outcomes in the healthcare industry is expected to drive the future market demand for urology devices globally.
- Over the period of past few years, there has been a surge in the prevalence of lifestyle diseases including high blood pressure, diabetes, and stress, which are resulting into CKD or kidney impairment. Hence, a rise in the number of kidney-related disorders globally is driving the sales of home dialysis machines, dialysis equipment, and surgical instruments in dialysis centers and hospitals across the globe, notes a TMR study on the global urology devices market.
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Urology Devices Market: Growth Boosters
- The use of endoscopes, dialysis products, and peripheral instruments is being increasing across hospitals globally. This factor is working as largest revenue generator for the urology devices market.
- Surge in the patient inclination toward minimally invasive surgical procedures is resulting into revenue-generation opportunities in the global urology devices market
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Urology Devices Market: Key Players
Some of the key players profiled in the report are:
- KARL STORZ SE & Co. KG
- C. R. Bard, Inc.
- BD Company (Becton, Dickinson and Company)
- Boston Scientific Corporation
- Intuitive Surgical
- Richard Wolf GmbH
- Olympus Corporation
- Fresenius Medical Care
- Medtronic
- Coloplast
- Stryker
- Siemens Healthineers
- Baxter
- Cardinal Health
- Johnson & Johnson
- Cook Medical
- HealthTronics, Inc.
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Urology Devices Market Segmentation
Product Type
- Dialysis Products
- Endoscopes, Endovision Systems & Peripheral Instruments
- Laser & Lithotripsy
- Robotic Systems
- Urodynamic Systems
- Urology Catheters
- Biopsy Devices
- Stents
- Urology Guidewires
- Drainage Bags
- Others
End-user
- Hospitals
- Dialysis Centers
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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