Urology Devices Market
Number of pages: 100 | Report Format: PDF | Published date: July 14, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market Size Value in 2021 |
US$ 36.5 billion |
|
Revenue Forecast in 2030 |
US$ 51.50 billion |
|
CAGR |
3.9% |
|
Base Year for Estimation |
2021 |
|
Forecast Period |
2022-2030 |
|
Segments Covered |
Product Type, Technology, Applications, End Users, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global urology devices market was valued at US$ 36.5 billion in 2021 and is expected to register a revenue CAGR of 3.9% to reach US$ 51.50 billion by 2030.
Urology Devices Market Fundamentals
Urology and nephrology devices are used in the treatment and diagnosis of renal diseases, such as urinary incontinence, kidney stone, prostate cancer, chronic kidney diseases, pelvic organ prolapse, kidney failure, and urinary tract infection. The kidney removes extra fluid and waste material from the blood by filtration as a byproduct in urine. If the kidney fails to function its leads to anemia, arthritis, cardiac disease, high blood pressure, and many life-threatening diseases. According to the Centers for Disease Control and Prevention (CDC), in 2021, 37 million individuals in the U.S. have chronic kidney diseases, 9 out of 10 adults are unaware that they possess chronic kidney disease. This condition is more common in individuals aged 65 and above.
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Urology Devices Market Dynamics
The global urology devices market is driven by rise in the prevalence of kidney diseases, diabetes, prostate cancer, bladder cancer, high blood pressure, and other chronic kidney diseases. Additionally, growing geriatric population, technological advancements, mergers and acquisitions among key players, and favorable government reimbursement policies in developed and developing countries contribute to revenue growth in the market. Also, various advantages of urology-related surgeries, such as accuracy and precision, less recovery time, shorter hospital stays, and decreased post-operative complications are driving their adoption, which in turn, is fueling revenue growth in the global urology devices market.
However high cost of devices, expensive robotic surgical procedures, and long time required for R&D activities associated with the device development are likely to hamper the revenue growth of the market.
Urology Devices Market Ecosystem
The global urology devices market is analyzed based on five parameters: product type, technology, application, end users, and region.
Urology Devices Market by Product Type
Based on the product type, the global urology devices market is segmented into endoscopy devices, benign prostatic hyperplasia treatment devices, dialysis equipment, urinary stone treatment devices, urinary incontinence, and pelvic organ prolapse devices.
The dialysis equipment segment accounts for the leading revenue share of the global market. This can be ascribed to rising prevalence of urological disorders, chronic kidney diseases, and kidney failure. Moreover, technological advancements, easy availability of portable dialysis devices, favorable government policies, accessible reimbursement policies, and stringent regulations pertaining to dialysis procedures are fueling revenue growth in the market.
Urology Devices Market by Technology
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Based on the technology, the global urology devices market is segmented into robotic surgery and minimally invasive surgery.
The minimally invasive surgery segment is leading the global market, owing to less intervention, precision, less recovery time, and overall cost-efficiency of minimally invasive surgeries. Moreover, advantages, such as reduced hospital stays, fewer post-operative complications, and smaller incision of these surgeries, are contributing to revenue growth in the segment.
The robotic devices segment is projected to register revenue growth at notable pace during the forecast period, owing to evolving reimbursement policies, high R&D initiatives for the development of advanced devices, and product launches.
Urology Devices Market by Application
Based on the application, the global urology devices market is segmented into ureteroscopy, lithotripsy, orchiopexy, vasectomy, cystoscopy, prostate procedures, and others.
The lithotripsy segment accounts for a significant revenue share of the market. This can be attributed to technological developments and cost-effectiveness, less recovery time, and the accurate and precise nature of this procedure. Additionally, increasing number of patients with obesity, high blood pressure, and urolithiasis and rising awareness about the latest treatment procedures are contributing to revenue growth in the market segment.
Urology Devices Market by Region
Based on the region, the global urology devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America leads the global urology devices market owing to presence of advanced healthcare systems, favorable government initiatives, high prevalence of chronic kidney diseases, and increase in the geriatric population.
The market in Europe is expected to register revenue growth at a significant CAGR during the forecast period. This can be ascribed to presence of key players, rising geriatric population, and increasing number of regulatory-approved urology devices. Also, rising prevalence of urological diseases, increasing awareness about chronic kidney diseases, and availability of advanced and precise urological devices are fueling revenue growth in the Europe market.
Urology Devices Market Competitive Landscape
The prominent players operating in the global urology devices market are: -
Urology Devices Market Strategic Developments
The global urology devices market was valued at US$ 36.5 billion in 2021.
The urology devices market is projected to reach US$ 51.50 billion by 2030.
Increasing geriatric population, technological advancement, and mergers and acquisitions of key players are propelling revenue growth in the global market.
Baxter International Inc., Becton, Dickinson and Company, Boston Scientific Corporation, Cardinal Health, Inc., Coloplast A/S, and Cook Medical are among the prominent market players.
The urology devices market is expected to register a revenue CAGR of 3.9% between 2022 and 2030.
North America accounts for the largest market revenue share of the global urology devices market.
*Insights on financial permanence is subject to availability of information in public domain