Number of pages: 100 | Report Format: PDF | Published date: July 14, 2022
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global urology devices market was valued at US$ 40.42 billion in 2022 and is expected to register a revenue CAGR of 5.54% to reach US$ 65.67 billion by 2031.
Urology Devices Market Fundamentals
Urology devices refer to a wide range of medical instruments and tools specifically designed for diagnosing, treating, and managing conditions related to the urinary and male reproductive systems. Urologists and healthcare professionals specializing in urology use these devices to perform various procedures and interventions. The most used urological devices include stents, catheters, endoscopes, and many others. The growing prevalence of lifestyle-associated chronic diseases such as chronic kidney diseases and urinary stones and the correspondingly increasing demand for interventions to treat and manage such conditions are fostering the demand for urology devices globally. Due to the increasing number of patient admissions for Chronic kidney disease and end-stage renal diseases, the uptake of urinary devices shall remain the highest in hospitals catering to terminal patients.
Urology Devices Market Dynamics
The rising incidence of urological disorders such as urinary incontinence, kidney stones, urinary tract infections, prostate cancer, and erectile dysfunction drives the demand for urology devices. As the global population ages and lifestyles change, the prevalence of these conditions is expected to increase, fueling the urology devices market growth. For instance, according to PLOS One’s September 2022 article, 405 million individuals globally suffer from urinary tract infections, with a casualty of 0.23 million. Furthermore, advancements in medical technology have led to the development of innovative urology devices with improved accuracy, safety, and patient outcomes. Using minimally invasive techniques and robotic-assisted surgeries in urology has revolutionized the field and increased the demand for specialized devices such as robotic surgical systems and laparoscopic instruments. Increased awareness about urological conditions and the availability of treatment options have resulted in more patients seeking medical intervention.
Moreover, patients are becoming more proactive in their healthcare decisions, leading to a greater demand for urological devices that can effectively diagnose, treat, and manage urological disorders. The overall increase in healthcare expenditure in developed and developing countries positively impacts the global urology devices market. Governments and healthcare organizations are investing in modern infrastructure and advanced medical devices, including urology, to provide better patient care and improve treatment outcomes.
However, urology devices can be expensive, especially those incorporating advanced technologies. The high cost of these devices can pose a challenge, particularly in regions with limited healthcare budgets or where patients may face financial constraints. The affordability of urology devices can limit their adoption and accessibility, hindering the market growth. Moreover, the effective utilization of urology devices often requires skilled healthcare professionals, such as urologists and specialized technicians. However, there can be a need for more trained professionals in certain regions, leading to challenges in utilizing and operating complex urology devices to their full potential. The need for skilled personnel can hinder market growth and limit the adoption of advanced urology devices. Additionally, the high cost of urology devices, product recalls & safety concerns and lack of trained professionals impede the overall market growth.
Urology Devices Market Ecosystem
The global urology devices market is analyzed from the following perspectives: product, diseases, end user, and region.
Urology Devices Market by Product
Based on the products, the global urology devices market is segmented into instruments, consumables & accessories.
The instruments segment dominated the market with the top revenue share in 2022. The instruments of medical devices that are specifically designed for use in urological procedures and interventions. These instruments are crucial in diagnosing, treating, and managing urological conditions. The dialysis devices segment account for around 38% of the market share of the instruments market in 2022, owing to the rising prevalence of diabetes, which eventually causes renal failure. For instance, according to the WHO’s factsheet of April 2023, diabetes is a major cause of death globally; in the span of 1980 – 2014, the number of diabetes patients rose from 108 million to 422 million.
Additionally, endoscopes are a vital category of instruments in the urology devices market. They are specialized devices used for visualizing and accessing the interior of the urinary tract during diagnostic and surgical procedures. Endoscopes enable urologists to examine and treat various urological conditions, providing a minimally invasive approach with reduced patient discomfort and faster recovery times. These aspects contribute to the growth of the instruments segment.
Urology Devices Market by Diseases
Based on the diseases, the global urology devices market is segmented into urological cancer, kidney diseases, pelvic organ prolapse, and others.
The kidney diseases segment accounted for a major market share, owing to the rising prevalence of kidney disorders. The urology devices focus on medical devices specifically used to diagnose, treat, and manage various kidney-related conditions. Kidney diseases encompass a wide range of conditions that affect the structure and function of the kidneys. As per the United States Renal Data System, 2020, approximately 786,000 Americans were living with end-stage renal disease; 71% were under dialysis, and 29% had kidney transplants. The increasing prevalence of renal illness, rising public awareness, and an aging population will likely fuel market expansion over the forecast period. Diabetes, hypertension, interstitial nephritis, glomerulonephritis, polycystic kidney disease, and other kidney disorders are likely to increase the prevalence and incidence of the market throughout the projection period. The development of new medications and therapies contributes considerably to the growth of the renal disorders segment. Growing public awareness of the importance of early detection and treatment of chronic renal disease. The increase in knowledge about transplantation therapy, as well as the presence of a large elderly population base, are also expected to boost the renal diseases sector growth throughout the projection period.
Urology Devices Market by End User
Based on the end user, the global urology devices market is segmented into dialysis centers, hospitals & clinics, and others.
The hospitals & clinics segment is a key player in the urology devices market, and is expected to grow with the fastest CAGR of 5.8% during the forecast period in 2022. High patient footfall in hospitals is a key factor associated with the dominance of this segment. As against dialysis centers, which specialize only in a single aspect of renal care, hospitals are well-positioned to offer a wide range of healthcare services, encompassing diagnosis, monitoring, treatment, general intervention, and kidney replacement. Urological devices used in hospitals and clinics for surgical procedures are designed to perform interventions ranging from minimally invasive techniques to complex surgeries. These devices enable urologists to perform stone removal, tumor resection, prostate surgery, and urinary tract reconstruction. Hospitals also offer dialysis services to patients. Moreover, the density of hospitals against dialysis centers is higher, particularly in low- and middle-income countries. The reimbursement landscape in hospitals and clinics is also better, attracting more patients seeking specialized renal care.
Urology Devices Market by Region
Geographically, the global urology devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America is estimated to remain a key regional market with a market share of 38.5% in 2022. The growth is attributed to well-established healthcare infrastructure, the availability of advanced medical technologies, and a high prevalence of urological conditions. According to the American Kidney Fund statistics, 37 million Americans suffer from renal illnesses, and around 807,000 have kidney failure. As per the U.S. Organ Procurement and Transplantation network data 2020, 22,817 kidney transplants took place in the U.S., and 90,201 patients were on the waiting list.
Additionally, companies across North America are continuously involved in partnerships, mergers, and acquisitions, which are expected to improve the urology devices market outlook. North America is at the forefront of technological advancements in the medical field, including urology devices. The region witnessed the early adoption of advanced devices and technologies, such as robotic-assisted surgery, minimally invasive techniques, and the integration of imaging and navigation systems. This technological progress drives the market development and utilization of innovative urology devices.
Similarly, the Asia Pacific region is expected to be the fastest growing region with a CAGR of 5.75% during the forecast period, owing to a large population, rising healthcare expenditure, increasing awareness about urological conditions, and improving healthcare infrastructure.
Urology Devices Market Competitive Landscape
The prominent players operating in the global urology devices market are:
Urology Devices Market Strategic Developments
Urology devices refer to a wide range of medical instruments and tools specifically designed for diagnosing, treating, and managing conditions related to the urinary and male reproductive systems.
The global urology devices market was valued at US$ 40.42 billion in 2022.
The estimated market size of the global urology devices market in 2031 is US$ 65.67 billion.
The revenue CAGR of the urology devices market during the forecast period will be 5.54% from 2023 to 2031.
Some key companies operating in the global urology devices market areOlympus Corporation, Becton, Dickinson and Company, Cook Medical Incorporated, Stryker Corporation, Intuitive Surgical Inc., and Karl Storz SE & Co. KG.
*Insights on financial performance are subject to the availability of information in the public domain