The global urology devices market was valued at USD 37.9 billion in 2021 and it is anticipated to grow up to USD 49.7 billion by 2031, at a CAGR of 2.7% during the forecast period.
New York, According to a new market research report published by Global Insight Services “Urology Devices Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
Urology devices are medical devices that are used for the treatment of urinary system and kidney diseases such as chronic kidney diseases (CKD), urinary incontinence and pelvic organ prolapse, kidney stone, benign prostatic hyperplasia (BPH) and end stage renal disease (ESRD).
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Market Trends and Drivers
Rising incidence and prevalence of urological conditions will augment the market growth. Over the last few decades, the incidence and prevalence of urological conditions, such as chronic kidney disease (CKD), end-stage renal disease (ESRD), urinary incontinence, kidney and ureteral stones, and bladder and prostate cancer, have increased significantly across the globe. According to the Global Forum on Incontinence, 4−8% of the global population (approximately 400 million people) were affected by urinary incontinence in 2018. Urology-related consumables such as urinary catheters are used to manage incontinence, which cannot be treated or managed with medicines or surgery. The prevalence of urinary incontinence is expected to grow due to the growing aging population and the increasing incidence of obesity, as these are the two major risk factors for urinary incontinence. This is expected to fuel the market growth.
Market Restraints and Challenges
High degree of consolidation may hamper the market growth. The top players such as Fresenius Medical Care AG & Co. KGaA (Germany), Baxter International Inc. (US), Olympus Corporation (Japan), Boston Scientific Corporation (US), Becton, Dickinson and Company (US), and Stryker Corporation (US)—in the urology devices market accounted for a combined majority market share in 2019. There is a high degree of competition among the market players. Only major companies can afford high-capital investments as well as the high cost of R&D and manufacturing. This will prevent new entrants from entering this market. New entrants in this market have to compete with existing players and set themselves apart by developing innovative product offerings. The high degree of consolidation acts as a major entry barrier for new entrants, which in turn is expected to restrict investments and thus slow down the growth potential of this market.
Global Urology Devices Market by Product
Based on product, it is segmented into endoscopes, lasers, lithotripsy, dialysis devices and others. The endoscope segment is likely to account for the significant market share during the forecast period. The key factors attributing the benefit of endoscope is a diagnostic procedure that allows the doctor to directly examine the urinary tract. Endoscopy may be recommended when a disorder of the urinary tract is suspected, including structural problems that can lead to a blockage of urine flow or a back flow of urine. This will favor the segment growth.
Major Players in the Global Urology Devices Market
The key players in the market are Fresenius Medical Care AG & Co. KGaA (Germany), Baxter International Inc. (US), Boston Scientific Corporation (US), Becton, Dickinson and Company (US), Olympus Corporation (Japan), B. Braun Melsungen AG (Germany), Stryker Corporation (US), Medtronic plc (Ireland), Cardinal Health (US), and Teleflex Incorporated (US), among others
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Reasons to buy Urology Devices Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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