Urology Imaging Equipment Market: Introduction
According to the report, the global urology imaging equipment market was valued at US$ 1.3 Bn in 2018 and is projected to expand at a CAGR of 4% from 2019 to 2027. The urology imaging equipment includes endovision systems, x-ray/fluoroscopy imaging systems, and ultrasound systems.
Inclination toward Minimally Invasive Procedures and Rise in Prevalence of Urology Diseases to Drive Global Urology Imaging Equipment Market
Rise in demand for minimally invasive procedures has been observed due to their benefits over open surgeries such as minimal bleeding, lesser risk of postoperative infection, fewer complications, shorter hospital stay, and early recovery. Thus, inclination toward minimally invasive procedures is likely to fuel the growth of the global urology imaging equipment market. Moreover, change in lifestyle and unhealthy dietary habits leads to cause urological disorders and other chronic diseases and surge in geriatric population are anticipated to drive the global urology imaging equipment market.
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X-ray/Fluoroscopy Imaging Systems to Dominate Urology Imaging Equipment Market
In terms of product, the x-ray/fluoroscopy imaging systems segment accounted for a major share of the global urology imaging equipment market in 2018. The segment is projected to dominate the global market during the forecast period. Advanced systems including multimodality integration technologies are anticipated to drive the segment. Among urological disorders in humans, prevalence of kidney stone is increasing. According to an article published in the Advances in Urology, kidney stone affected approximately 12% of the world’s population and it is most common in men within the age of 20 to 49 years.
Interventional Segment Accounted for Major Share of the Global Urology Imaging Equipment Market
In terms of application, the interventional segment dominated the global urology imaging equipment market in 2018. The segment anticipated to grow at a moderate CAGR during the forecast period. Rapid changes in technologies are likely to increase the preference for minimally invasive surgeries. This is anticipated to drive the segment.
Hospitals to be Major End User of Urology Imaging Equipment
Based on end user, the hospitals segment accounted for major share of the global urology imaging equipment market in 2018. The segment is likely to grow at a rapid pace during the forecast period. Increase in geriatric population and rise in number of surgeries for kidney stone and other urological diseases are anticipated to drive the segment.
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Urology Imaging Equipment Market: Prominent Regions
North America held the largest share of the global urology imaging equipment market in 2018. The urology imaging equipment market in the region is likely to grow at a moderate CAGR during the forecast period. Presence of key players, large number of research activities, and highly structured healthcare industry are likely to drive the urology imaging equipment market in the region. Strategies adopted by key players such as product approval & launch and rise in number of patients with urological diseases are anticipated to fuel the growth of the urology imaging equipment market in the region. The U.S. is projected to dominate the urology imaging equipment market in North America during the forecast period. The country is anticipated to be the most attractive market for urology imaging equipment, with high attractiveness index. The urology imaging equipment market in the U.S. is likely to expand at a CAGR of 3.9% during the forecast period.
In September 2019, Canon Medical Systems Corporation announced agreement with the U.S.-based FemtoDx, Inc. Moreover, in October 2017, the U.S. FDA approved Koninklijke Philips N.V’s new eL18-4 transducers, a complete solution for ultrasound imaging of small organs such as testicles and musculoskeletal injuries such as sprain.
Urology Imaging Equipment Market: Key Players
Key players focus on strengthening their positions in the global urology imaging equipment market. Strategies adopted by key players are likely to boost the growth of the global urology imaging equipment market. These players engage in collaborations, acquisitions, and other strategies to strengthen their positions in the global urology imaging equipment market. In July 2019, Canon Medical Systems Corporation entered into partnership agreement with R-Pharm Holding, a leader in the healthcare market in Russia. This enabled the company to promote the sales of diagnostic imaging systems manufactured by Canon Medical Systems and to localize Canon’s medical equipment production at R-Pharm’s facilities in Russia. Major players operating in the global urology imaging equipment market include Stryker, Olympus Corporation, Guerbet, GE Healthcare (General Electric Company), KARL STORZ, Siemens Healthineers, Richard Wolf GmbH, CANON MEDICAL SYSTEMS CORPORATION, Koninklijke Philips N.V., and Boston Scientific Corporation.
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