Urology Devices Market
Urology Devices Market (Product - Dialysis, Endoscopes, Endovision Systems and Peripheral Instruments, Laser and Lithotripsy, Robotic Systems, Urodynamic Systems, Urology Catheters, Biopsy Devices, Stents, Urology Guidewires, Drainage Bags; End use - Hospitals, Dialysis Centers) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026
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Urology Devices Market - Snapshot
The global urology devices market is driven by high prevalence and rapid increase in incidence of urology disorder associated with the urinary tract system (UTS) across the globe. The global market was valued at US$ 31.4 Bn in 2017 and is projected to reach US$ 58.3 Bn by 2026, expanding at a CAGR of 7.1% from 2018 to 2026. High growth rate of the market is attributed to the increase in adoption of urology devices, easy availability of urology devices, and rise in demand for minimally invasive or non-surgical products across the globe.
Urology is the branch of science that focus on surgical and medical diseases of urinary tract systems. Urology is witnessing a shift toward less invasive treatment methods. Technologies such as minimally invasive surgery and robotic surgery are being rapidly adopted after being introduced to the urology specialty. Rise in demand for minimally invasive surgery and non-invasive treatment devices and new product launches in the urology devices segment are projected to propel the global urology devices market during the forecast period. Millions of people across the world are affected by urinary tract system (UTS) disorders, and women are more likely to be affected as compared to men. Urinary tract infection, weakening of pelvic floor muscles & urethral sphincters, menopause, pregnancy & childbirth, and post radical prostatectomy surgery in men lead to the development of urology disorders and urinary incontinence symptoms. Efforts are being undertaken in various countries to improve the awareness about urological diseases among the general population. According to the Urologic Diseases in America (UDA) project, around $11 Bn is spent by the population in the U.S., annually, for the treatment and management of urological diseases.
The global urology devices market has been segmented based on product, end-user, and region. In terms of product, the market has been classified into dialysis, endoscopes, endovision systems & peripheral instruments, laser & lithotripsy, robotic systems, urodynamic systems, urology catheters, biopsy devices, stents, urology guidewires, drainage bags, and others. The others segment has been bifurcated into retrieval devices & extractors, dilator sets & urethral access sheaths, tubes and distal attachments, and surgical dissectors, forceps & needle holders. The dialysis segment dominated the market in 2017. The segment is projected to expand at an exponential growth rate from 2018 to 2026. The robotic systems segment is likely to expand at a significant growth rate and is expected to gain market share during the forecast period, due to an increase in demand for robotic systems across the globe. Urology catheters, such as Foley catheters, intermittent catheters, and external catheters, are widely used and hence, the urology catheters segment dominated the global urology devices market. High rate of adoption of Foley catheters and intermittent catheters in order to empty the bladder, technologically advanced products to prevent infection, and ease of use of intermittent catheters are attributed to the prominent market share held by the urology catheters segment.
In terms of end-user, the global urology devices market has been classified into hospitals, dialysis centers, and others. The others segment includes ambulatory surgical centers and homecare settings. The hospitals segment accounted for a major share of the global market in 2017, followed by dialysis centers and others segments. Increase in the number of multinational hospitals with advanced surgery techniques and adoption of technologically advanced urology devices are expected to boost the hospitals segment during the forecast period.
In terms of region, the global urology devices market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a notable share of the global market in 2017, followed by Europe. Well-established health care facilities, favorable reimbursement policies, and early adoption of technologically advanced products for the management of urinary disorders have contributed to the major market share held by North America. Europe is projected to be the second-most attractive market for urology devices from 2018 to 2026. The market in the region is anticipated to expand at an exponential CAGR during the forecast period, due to high prevalence and increase in incidence of urinary disorders in Europe, recent launch of urology devices, and high per capita health care expenditure in the region.
The global urology devices market is consolidated, with number of companies accounting for majority market share. Key players operating in the global market include 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. These players exhibit significant geographical outreach, with presence in multiple urology devices segments. Manufacturers are adopting acquisition & collaboration and new product development strategies to tap the unmet needs of a large proportion of urinary disorder patient pool. 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.
Technological Progress and Improvement in Hospital Infrastructure to Drive Urology Devices Market
The development of the global urology devices market is estimated to be influenced by the increased incidences of urologic conditions across the globe. In addition, technological progress, improvement in the infrastructure of hospitals, and rising geriatric population are likely to drive the demand for urology devices in the years to come. On the other hand, high cost associated with urology devices is anticipated to impede development of the global urology devices market in the near future.
Some of the kidney diseases comprise lupus nephrite, hemolytic-uremic syndrome, chronic kidney disease, cystic kidney diseases, and renal cyst amongst many other diseases. Most of the diseases of kidney often result in kidney failure and needs early diagnosis for the purpose of prompt treatment. The rising demand for prompt treatment is anticipated to work in favor of the global urology devices market in the years to come.
Increased Incidences of Urologic Conditions to Accentuate Demand in the Market
There has been rising incidences of various urologic conditions, such as end-stage renal disease (ESRD), chronic kidney disease (CKD), prostate cancer, bladder cancer, urinary incontinence, ureteral and kidney stones, which is likely to augur well for the global urology devices market.
Urology devices usually refer to medical devices utilized for the purpose of treatment and diagnosis of urology and kidney diseases. There has been an increasing demand for procedures of urological surgeries as they utilize minimally invasive devices. These devices come with benefits, such as fewer days of hospital stays, faster rate of recovery, and fewer incisions in comparison with open surgeries. These benefits are likely to work in favor of the global urology devices market in the near future.
Utilization and development of next-generation urology equipment, such as robotic and laser assisted devices to perform surgical procedures for better outcomes, such as greater accuracy and precision is likely to bode well for the market. In addition to that, these equipments are also able to offer quick rehabilitation and better visualization of intricate surgical sites. Technological progress and innovations are likely to trigger growth of the global urology devices market over the projection timeline.
With the ongoing global pandemic, Covid-19, the global urology devices market has suffered a setback, and it is likely to continue until life returns to normalcy following an invention of effective drug and vaccine. Several countries have imposed lockdowns, which has halted most of the manufacturing and industrial activities. This factor has left negative impact on the supply chain and production activities of urology devices market.
Urology Devices Market - Overview
This report studies the current as well as future prospects of the global urology devices market. Stakeholders of this report include companies and intermediaries engaged in the manufacture, commercialization, and provision of urology devices and new players planning to enter the market. The report comprises an elaborate executive summary, along with a market snapshot, providing overall information on various segments considered in the scope of the study. The section also provides information and data analysis of the global urology devices market in terms of product, end-user, and region.
The global urology devices market has been segmented based on product, end-user, and region. In terms of product, the global market has been classified into dialysis, endoscopes, endovision systems & peripheral instruments, laser & lithotripsy, robotic systems, urodynamic systems, urology catheters, biopsy devices, stents, urology guidewires, drainage bags, and others. Based on end-user, the global urology devices market has been segregated into hospitals, dialysis centers, and others. The hospitals segment is expected to dominate the global urology devices market during the forecast period.
Bottom-up approach has been employed for determining the size of the global urology devices market, using various market indicators obtained from secondary sources, which included analysis of launched products and mapping of demand of urology devices of top market players in specific regions. Top-down approach has been used to derive the market size of different product segments, wherein market size of parent market was obtained through secondary sources and analyzed for sales by narrowing down to revenue percentage for product segment through extensive analysis of investor presentations, press releases, primary interviews, and others. Data triangulation is based on both secondary research (top-down and bottom-up approaches) and primary research. Moreover, historical year-on-year growth has been taken into consideration while estimating the market size. Market value and forecast, in terms of US$ Mn, for each segment has been provided for the period from 2016 to 2026. The report also provides compound annual growth rate (CAGR) in percentage for each segment for the forecast period from 2018 to 2026, considering 2017 as the base year.
The overview section of the report explores market dynamics such as drivers, restraints, opportunities, and key trends that have significant impact on the global urology devices market and may influence it in the near future. Market attractiveness analysis has been provided to explain the intensity of competition in the market across regions. These analyses are likely to help market players take strategic decisions to strengthen their positions and grow their share in the global urology devices market. The report also comprises epidemiological overview.
In terms of region, the global urology devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Market size and forecast for each of these regions have been provided for the period from 2016 to 2026, along with their respective CAGR for the forecast period from 2018 to 2026, considering 2017 as the base year. The report also provides market size and forecast for major countries in the above mentioned regions. A detailed qualitative analysis of factors responsible for driving and restraining the market and growth opportunities has been provided in the overview section.
Major players operating in the global urology devices market are 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, Cook Medical, Siemens Healthineers (Siemens AG), Baxter International Inc., Stryker, Medtronic, B. Braun Melsungen AG, and Dornier MedTech.
The global urology devices market has been segmented as follows: