The Global Urology Devices Market in terms of revenue was estimated to be worth $38.0 billion in 2021 and is poised to reach $46.4 billion by 2026, growing at a CAGR of 4.1% from 2021 to 2026. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Investments by hospitals for procuring advanced instruments, expanding units, and establishing new centers are expected to boost the market for urology devices. Moreover, increased demand for MIS robotic systems is expected to increase in the coming years, which is expected to propel the market growth.
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Urology Devices Market Dynamics
Driver: Growing number of hospitals and investments in endoscopy and laparoscopy facilities
With the rising patient preference for minimally invasive procedures, the number of hospitals providing urology procedures such as endoscopy and laparoscopy is increasing. Hospitals that already have endoscopy equipment are also investing in new technologies and expanding their endoscopy units. This scenario is observed in all regions across the globe. In January 2021, Fairfield General Hospital opened a new Greater Manchester Endoscopy Modular Unit in Bury. The unit has been specially commissioned by Greater Manchester Health and Social Care Partnership to support the delivery of endoscopy services following the pandemic disruption. Such investments by hospitals for procuring advanced instruments, expanding units, and establishing new centers are expected to boost the market for urology devices such as endoscopes and endovision systems for effective treatment and management of urological conditions.
Opportunity: Emerging markets offer lucrative opportunities
Expansion of the private healthcare sector to accommodate the needs of the growing middle-class population is one of the major factor propelling the market growth. The middle-class population in the Asia Pacific is expected to increase to 66% by 2030 from 28% in 2009 (Source: OECD). According to the same source, the purchasing power of the growing middle-class population is expected to increase to 59% by 2020 from 23% in 2009. With rising disposable incomes and increasing medical needs of the middle-class population, urology device manufacturers are compelled to devise new strategies to meet this demand. The emerging markets are underpenetrated by major players, which indicates huge untapped market potential.
Restraint: High cost of urology devices
The high cost of urology endoscopes and endovision systems is a major factor restraining market growth, particularly in price-sensitive regions such as the Asia Pacific and the RoW. Healthcare providers, especially in developing countries such as Brazil and Mexico, have low financial resources to invest in such costly sophisticated technologies. Moreover, the staff should be trained for the efficient handling and maintenance of urology devices. Maintaining urology devices such as endoscopic devices is of vital importance as improperly reprocessed endoscopes can lead to cross-contamination and can potentially expose patients to infections. This can further add to the already high costs. This is one of the major factors responsible for physicians and patients opting for lower-priced alternative methods.
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Instruments segment to dominate the urology devices market
Technological advancements coupled with the launch of new and advanced urology instruments and the increasing incidence of kidney diseases are the major factors driving the growth of the instruments segment. However, the repetitive use of instruments for surgeries can cause infections. To prevent infections from occurring, the instruments are sterilized and disinfected. The reuse of such instruments after sterilization and disinfection can be a major challenge to the growth of the market as it limits the demand for new products.
Kidney diseases segment is expected to have largest share of the urology devices market during the forecast period
Kidney disease is one of the leading causes of death across the globe. Early diagnosis and treatment help to reduce further damage to the kidney, thereby helping in disease management. If left untreated, it may lead to kidney failure or end-stage renal disease (ESRD), a severe life-threatening condition. Therefore, the growing incidence of kidney diseases coupled with the health complications associated with them is driving the demand for urological interventions to manage them, which, in turn, is propelling the market for urology devices.
Hospitals, ASCs, and clinics segment is expected to have largest share of the urology devices market during the forecast period
Hospitals, ASCs, and clinics provide urology diagnostic services and treatment and are equipped with extensive infrastructure to carry out invasive and noninvasive procedures that may not be available with pathology laboratories attached to medical care centers. They offer various advantages like better and specialized testing capabilities, efficient billing and collection systems, technologically advanced urology devices, and lower test costs. Additionally, the growth in the number of ASCs, coupled with the growing number of surgical procedures performed in ASCs, is expected to drive the demand for urology devices in this end-user segment.
Asia Pacific is expected to be the fastest growing region of the urology devices market during the forecast period.
The Asia Pacific is the third-largest market for urology devices globally. Currently, the market in the Asia Pacific is relatively smaller than developed markets across North America and Europe. However, the Asia Pacific market is expected to grow at the highest CAGR during the forecast period. The Asia Pacific, which is becoming a medical tourism hub, is considered one of the fastest-growing markets for medical procedures and devices. Low infrastructure and treatment costs and the availability of highly educated physicians have driven medical tourists to APAC countries. This is a major factor aiding the growth of the market in the Asia Pacific.
Recent Developments
- In November 2020, Baxter International Inc. (US) received 510(k) approval from the FDA for its Homechoice Claria automated peritoneal dialysis system with the Sharesource connectivity platform.
- In May 2019, Fresenius Medical Care AG & Co. KGaA (Germany) announced the establishment of a new distribution center in Knoxville, Tennessee. This expansion will support the delivery of products needed for in-center hemodialysis treatment.
- In February 2019, Fresenius Medical Care AG & Co. KGaA (Germany) acquired NxStage Medical, Inc. (US) to widen its product portfolio in the areas of renal and critical care.
Report Objectives
- To define, describe, segment, and forecast the global urology devices market by product, application, end user, and region
- To provide detailed information regarding the major factors influencing the market growth (drivers, restraints, opportunities, and challenges)
- To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of the market segments with respect to five regions, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa
- To profile the key players and comprehensively analyze their product portfolios, market positions, and core competencies2
- To track and analyze company developments such as product launches, partnerships, expansions, and acquisitions in the urology devices market
- To benchmark players within the market using the proprietary "Competitive Leadership Mapping" framework, which analyzes market players on various parameters within the broad categories of business and product strategy
Report Link: ( Urology Devices Market )
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