Increasing prevalence chronic kidney diseases, urological cancer, and high blood pressure are expected to play a pivotal role in driving the growth of urology devices market

calendar_today 14 July, 2022 person_outline Growth Plus Reports

Urology Devices Market By Product Type (Endoscopy Devices, Benign Prostatic Hyperplasia Treatment Devices, Dialysis Equipment, Urinary Stone Treatment Devices, Urinary Incontinence & Pelvic Organ Prolapse), By Technology (Robotic Surgery and Minimally Invasive Surgery), By Applications (Ureteroscopy, Lithotripsy, Orchiopexy, Vasectomy, Cystoscopy, Prostate Procedures, and Others) and By End Users (Research Centers and Hospitals) – Global Outlook & Forecast 2022-2030

According to the deep-dive market assessment study conducted by Growth+ Reports, the global urology devices market was pegged at ~US$ 36.5 billion in 2021. The market is expected to witness a CAGR of ~3.9% from 2022 to 2030.

The global urology device market had shown expositional growth attributed to increasing prevalence chronic kidney diseases, urological cancer, and high blood pressure; increasing geriatric population, and technological advancements. Additionally, launch of new urology devices, research and development in urology devices in terms of effectiveness and safety, and the incorporation of several growth strategies by key players are contributing to the market growth. However expensive minimally invasive & robotic urological surgical procedures, high cost of certain devices and long time for research & development are hampering the market growth.

Bladder cancer is one of the common urological malignancies that is formed in cells of the bladder. Smoking is the single biggest risk factor for bladder cancer. According to the American Cancer Society, in 2022, nearly 81,180 new cases were added of bladder cancer in that 61,700 are men and 19,480 are women. Almost 17,100 deaths occurred from bladder cancer in 12,120 men and 4,980 women. Bladder cancer is less common in females but it is the most common cancer in men and occurs mainly in individuals ageed above 55.

Prostate cancer is the 4th most common cancer, and 2nd most common cancer diagnosed in men. Prostate cancer diagnosed in adults and older men and most commonly in seen in men aged 65 years and above. Those who have a family history of prostate cancer are more likely to have high risk to develop prostate cancer as compared to the general population. According to the World Cancer Research Fund International, in 2020, 1.4 million new cases of prostate cancer were reported globally.

Chronic kidney disease can be prevented with appropriate access to basic diagnostics and early treatment. As per the World Kidney Organization 2020, chronic kidney disease currently affects around 850 million people worldwide. One in ten adults has chronic kidney disease (CKD). The global burden of CKD is increasing and is projected to become the 5th most common cause of years of life lost globally by 2040. Chronic kidney disease is a major cause of catastrophic health expenditure. The costs of dialysis and transplantation consume 2% – 3% of the annual healthcare budget in high-income countries; spent on less than 0.03% of the total population of these countries. In low-income and middle-income countries, most people with kidney failure have insufficient access to lifesaving dialysis and kidney transplantation.

Based on device type, the global urology devices market has been segmented into Prostate Cancer, Urinary Stones, Benign Prostatic Hyperplasia, and Urinary Incontinence. Urinary stones holding a high market share owing to prevalence of chronic urinary diseases, people with an unhealthy lifestyle, and increasing patient with obesity and high blood pressure are contributing the urinary stone urology device market. Also the prevalence of prostate and bladder cancer is giving opportunity for the urological device market.

The global market is segemented on basis of region North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America dominated the global urology device market in 2021. The large share of North America in the global market can be attributed to presence advanced healthcare facilities, hugh prevalence of chronic kidney diseases, easy availability of technologically advanced devices, and the increasing geriatric population. Europe also showed exponential growth in the urology device market owing to a strong presence of key players, a rising geriatric population and increasing number of regulatory approved urology devices are helping to grow the regional market. Also rising prevalence of urological disease, increasing awareness about chronic kidney diseases, and availability of advanced and precise urological devices is fueling the market growth.

Some of the prominent players operating in the urology devices market are Baxter International Inc, Becton, Dickinson and Company, Boston Scientific Corporation, Cardinal Health, Inc., Coloplast A/S, Cook Medical, Fresenius Medical Care AG & Co. KGaA, HealthTronics, Inc., Intuitive

Surgical, Inc, Johnson & Johnson, Karl Storz SE & Co. KG, Medtronic, Siemens Healthineers AG, Olympus Corporation, Richard Wolf GmbH, and Stryker Corporation.

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