Global Urology Devices Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024
Global Urology Devices Market is likely to augment from USD 30.9 billion in 2017 and is expected to reach USD 51.7 billion by 2024, witnessing a thriving CAGR of 7.63% during the forecast period.
The market growth is primarily attributed to the increasing incidence of urological disorders and rising geriatric population across the globe. Moreover, technological advancements in urology devices and treatments, and new product launches are further propelling market growth.
The years used for the assessment are as follows;
Historical year:2014, 2015, and 2016
Forecast period:2018 – 2024
The research and analysis are based on the data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, articles, publications, government websites, annual reports, press releases, white papers, surveys, investor presentation of companies, and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year Impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the total global urology devices market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the global urology devices market
Finalizing the overall size and share of the global urology devices market
To analyze market trends, opportunities, drivers, and restraints associated with the global urology devices market
To study market response with respect to the mergers and acquisitions in the industry
To profile key companies operating in the urology devices market and provide their competitive landscape
The research scope for global urology devices market is as follows:
Artificial Urinary Sphincters
Urinary Drainage Bag
Urethral Bulking Agents
Urinary Stone Treatment Devices
Extracorporeal Shockwave Lithotripsy
Ureteral Access Sheaths
Ureteral Balloon Dilators
Urological Cancer and BPH
Pelvic Organ Prolapse
Minimally Invasive Surgery
Ambulatory Surgical Centers
Central & South America
Middle East and Africa
The global burden of urological diseases has increased in recent years. Kidney diseases and urological cancers are the most prevalent among urological disorders. Chronic kidney diseases (CKD) are one of the most prevalent forms, affecting approximately 10% of the global population. Majority of the demographic receiving treatment for kidney failure reside in affluent countries, however, for developing countries, growth in kidney failure cases will be disproportionate, due to the rise in geriatric population. Dietary and lifestyles changes have given rise to increasing incidences of kidney stones among men and women. Recurrent stone formation affects the quality of life and may damage the kidney over time. Furthermore, the advent of new technologies and minimally invasive surgeries in urology has reduced the pain in surgeries, and a period of convalescence. Urology is extremely technology dependent and has benefitted from the emergence of new technologies. Due to perpetual advances in medical technology and minimally invasive procedures, the healthcare institutions can assure a high success rate of urological surgical procedures along with outcomes deemed acceptable by international standards.
North America held the major share of the global market owing to growing research and development spending, and technological advancements such as surgical robotic systems. Moreover, higher reimbursement rates will also significantly influence market growth in the region. Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to the increasing incidence of urological diseases such as urinary tract diseases, kidney stone, and prostate cancer, among others. In addition, growing medical tourism, increasing demand for advanced diagnostic and treatment solutions, and growing healthcare insurance sector are further propelling the market growth in the region.
Some of the key companies operating in the market include Olympus Corporation, Dornier MedTech., Boston Scientific Corporation, Richard Wolf GmbH, Cook Medical Inc., Fresenius Medical Care, KARL STORZ SE & Co. KG, Stryker Corporation, C. R. Bard, Inc., Baxter International Inc., and Medtronic.