LONDON, Sept. 28, 2016 /PRNewswire/ -- The global nephrology and urology devices market is expected to reach USD 31.3 billion by 2024, according to a new study by Grand View Research, Inc. The market is driven by technological advancements that are anticipated to serve the market with future growth opportunities. These advancements include inclusion of stem cells, wearable artificial kidneys, combined use of ion-sensitive sensors & electrodes, living membranes, shockwave, and laser lithotripsy.
These technologies serve as efficient methods of renal care, which are capable of improving overall patient health and quality of life. In addition, improved uremic toxin and fluid removal, relatively less hypotension episodes, better control of blood pressure, overall improvement in mineral metabolism, better survival rate, and reduction in hospitalization rates & costs. In addition, these advancements also have a substantial impact on patient's quality of life through increased volume of dialysate, ultrafiltration capacity, and higher solute clearance.
The unprecedented adoption of unhealthy lifestyle has exerted a major impact on the market, leading to high prevalence of chronic diseases, such as cancer and diabetes, which serve as a contributing factor toward developing kidney and urinary diseases. Moreover, the widening of geriatric population base, which is highly susceptible to developing the aforementioned chronic diseases is expected to impel the demand for highly efficient devices.
Furthermore, increasing geographical presence of major market players is expected to raise the levels of awareness pertaining to advanced technologies available for treatment in emerging economies, thus impelling the market growth throughout the forecast period. In addition, increasing participation in research studies to further improve these devices is expected to propel high scale growth for this market during the forecast period.
Further Key Findings from the Study Suggest:
The dialysis devices in the product segment held a dominant share in 2015. This is a consequence of the high clinical urgency to curb the unprecedented growth in renal failure globally. Moreover, easy availability and presence of a wide-scale portfolio in the global market is facilitating a higher penetration of dialysis devices, thus resulting in a higher share
In 2015, Europe dominated the overall nephrology and urology devices market with a share of over 40.0%. The increasing number of product approvals by healthcare organizations and presence of large patient volume requiring dialysis across this region are anticipated to be a contributing factor toward substantial share
Asia Pacific is anticipated to witness at a lucrative CAGR of over 7.0% during the forecast period. This can be attributed to rising per capita healthcare spending and increasing availability of minimally invasive devices & awareness pertaining to the, amongst patient base present across the region
The dominant players are indulging into collaborative strategies and new product development in order to capture a larger share of the market. The increasing number of mergers & acquisitions are believed to strengthen the competitive scenario of nephrology and urology market
For instance, in September 2013, Baxter International, Inc. acquired Gambro AB, a dialysis products manufacturer, to facilitate expansion and enhancement of renal therapy product portfolio, in order to gain a competitive advantage over other players
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