Worldwide Urology Devices Markets, 2024 - A $44.8 Billion Potential
DUBLIN, March 18, 2019 /PRNewswire/ -- The "Urology Devices Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The global urology devices market was valued at USD 30,967.15 million in 2018, and is estimated to be valued at USD 44,804.97 million in 2024, witnessing a CAGR of 6.35%. The key factors propelling the market growth include high incidence of urologic conditions, rising geriatric population, and technological advancements.
According to the American Urological Association Foundation (AUAF), benign prostatic hyperplasia (BPH), urinary incontinence (UI), urinary tract infections (UTIS), and kidney and ureteral stones are among the most common urological diseases.
According to the United States Department of Health and Human Services, the overall prevalence of CKD among the American population is about 14%, and almost half of the individuals with CKD suffer from diabetes and/or cardiovascular diseases. Annually, more than 661,000 Americans suffer from kidney failure, and 468,000 patients are given dialysis. Urinary tract infections (UTIs) are one of the most common microbial diseases affecting people of all age groups.
Globally, UTIs affect around 150 million people every year. Diabetic patients have a higher risk of developing UTIs and complications associated with it. With a global increase in diabetic population, complications, like dysuria and organ damage that are associated with UTIs, are also on the rise.
With high incidence rates and health complications associated with urological diseases, there is an increasing demand for healthcare interventions to manage them, which, in turn, is propelling the market of urology surgical and diagnostic devices.
Key Market Trends
Kidney Disease is Expected to hold its Highest Market Share in the Disease Segment
In the disease segment of the urology devices market, kidney disease is believed to have the largest market size and is expected to witness a CAGR of 6.47% during the forecast period.
The various kidney diseases include renal cyst, cystic kidney diseases, chronic kidney disease, hemolytic-uremic syndrome, and lupus nephrite, among others. Most of the kidney diseases lead to kidney failure, which requires early diagnosis for prompt treatment.
According to the statistics by the National Kidney Foundation, in 2015, it was estimated that chronic kidney diseases affected approximately 10% of the world's population. However, most of this population remain undiagnosed in the early stages, eventually leading to death, worldwide. According to the Global Burden of Disease study, in 2010, chronic kidney disease ranked 18th as the cause for the total number of deaths, worldwide.
An increase in awareness, along with support from the government through reimbursement, and innovation in products, in order to develop low-cost and effective treatment, are some elements that are expected to drive the market, over the forecast period. The highest growth rate is seen in the Asia-Pacific countries that are contributed by India and China, due to the increasing patient pool, availability of local low-cost products, and rapid adoption of urology devices.
North America Dominates the Market and is Expected to do the Same in the Forecast Period
North America currently dominates the market for urology devices and is expected to continue its stronghold for a few more years. Benign prostatic hyperplasia (BPH) is among the most untapped segments in the urology market, with several US-based companies working on upgrading their devices in this segment, either by collaboration or acquisition. Recently, in 2018, Boston Scientific Corporation acquired NxThera and its Rezm benign prostatic hyperplasia device.
Additionally, several ventures partners, as well as other investors have funded significantly for minimally invasive devices for the treatment of urology diseases. For instance, Zenflow received USD 31.4 million funding, while UroCure, a medical device startup raised USD 2.5 million for urethral slings, in 2018. The technology was acquired by Endo International's subsidiary, American Medical Systems Holdings.
Thus, over the forecast period, technological advancements, a high percentage of urology cases in hospitals, and increasing funding are expected to be the major drivers for the growth of the urology devices market.
Competitive Landscape
The urology devices market is highly competitive and consists of several major players. With increasing technological advancements and product innovations, mid-size to smaller companies are expected to increase their market presence by introducing new devices with lesser prices.
Companies, like Baxter, Boston Scientific, C. R. Bard, Medtronic, and Siemens, hold the substantial share in the market.
Key Topics Covered
1 Introduction
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 Research Methodology
3 Executive Summary
4 Market Dynamics
4.1 Market Overview
4.2 Market Drivers
4.2.1 High Incidence of Urologic Conditions
4.2.2 Rising Geriatric Population
4.2.3 Technological Advancements
4.3 Market Restraints
4.3.1 Stringent Regulatory Policies for Validation of Medical Devices
4.3.2 High Cost of Urology Devices
4.4 Porter's Five Forces Analysis
5 Market Segmentation
5.1 By Product
5.1.1 Instruments
5.1.1.1 Dialysis Devices
5.1.1.2 Endoscopes and Endovision Systems
5.1.1.3 Lasers and Lithotripsy Devices
5.1.1.4 Robotic Systems
5.1.1.5 Peripheral Instruments
5.1.1.6 Urodynamic Systems
5.1.2 By Consumables and Accessories
5.1.2.1 Dialysis Consumables
5.1.2.2 Guidewires
5.1.2.3 Surgical Dissectors, Forceps, and Needle Holders
5.1.2.4 Retrieval Devices and Extractors
5.1.2.5 Catheters
5.1.2.6 Stents
5.1.2.7 Biopsy Devices
5.1.2.8 Tubes and Distal Attachments
5.1.2.9 Dilator Sets and Urethral Access Sheaths
5.1.2.10 Drainage Bags
5.1.2.11 Other Consumables and Accessories
5.2 By Disease
5.2.1 Kidney Diseases
5.2.2 Urological Cancer and BPH
5.2.3 Pelvic Organ Prolapse
5.2.4 Other Diseases
5.3 By End User
5.3.1 Hospitals and Clinics
5.3.2 Dialysis Centers
5.3.3 Other End Users
5.4 Geography
5.4.1 North America
5.4.2 Europe
5.4.3 Asia-Pacific
5.4.4 Middle East & Africa
5.4.5 South America
6 Competitive Landscape
6.1 Company Profiles
6.1.1 Baxter International Inc.
6.1.2 Boston Scientific Corporation
6.1.3 C. R. Bard Inc.
6.1.4 Cook Medical Incorporated
6.1.5 Dornier MedTech GmbH
6.1.6 Fresenius Medical Care AG & Co. KGaA
6.1.7 Intuitive Surgical Inc.
6.1.8 Karl Storz SE & Co. KG
6.1.9 Medtronic PLC
6.1.10 Olympus Corporation
6.1.11 Richard Wolf GmbH
6.1.12 Siemens Healthcare GmbH
6.1.13 Stryker Corporation
7 Market Opportunities and Future Trends
For more information about this report visit https://www.researchandmarkets.com/research/t85zl4/worldwide_urology?w=5
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