The global urology devices market size is projected to exceed around USD 57.4 billion by 2026, the market is estimated to grow at 6.9% CAGR during the forecast period. The rise in the adoption of technologically advanced products is one of the factors that is expected to boost the growth of the global urology devices market.
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Urology is the branch of science that focuses on surgical and medical diseases of urinary tract systems. Urology is witnessing a shift toward less invasive treatment methods. Technologies such as minimally invasive surgery and robotic surgery are being rapidly adopted after being introduced to the urology specialty. The rise in demand for minimally invasive surgery and non-invasive treatment devices and new product launches in the urology devices segment is projected to drive the global urology devices market in the upcoming years. Millions of people across the world are affected by urinary tract system (UTS) disorders, and women are more likely to be affected as compared to men. Urinary tract infection, weakening of pelvic floor muscles & urethral sphincters, menopause, pregnancy & childbirth, and post radical prostatectomy surgery in men lead to the development of urology disorders and urinary incontinence symptoms. Efforts are being undertaken in various countries to improve awareness about urological diseases among the general population.
Minimally invasive surgical procedures are gaining importance for the treatment of urological diseases such as kidney stones, and urinal incontinence. This is mainly because the conventional open surgery results in lengthy recovery time and long hospital stays, while minimally invasive surgical procedures prove to be more efficient and less painful. Therefore, the increasing demand for minimally invasive urology surgeries will fuel the urology devices market growth during the forecast period. The emergence of innovative technologies will be one of the critical urological devices market trends that will gain traction over the forecast period. The continuous improvement in technology has resulted in the development of innovative urology devices with superior quality and safety. Several companies have launched new urological devices with advanced features. Such technological advances will fuel the demand for urological devices during the forecast period.
The dialysis segment is projected to hold a major share of the global market during the forecast period. Some of the factors for higher contribution by the dialysis segment includes a rise in demand for dialysis devices to remove waste products from the blood due to the incorrect working of the kidney. Moreover, the continuous development and launch of new technologically advanced dialysis devices required for patients suffering from chronic diseases are expected to drive the dialysis segment during the forecast period. Additionally, the increase in demand and adoption for dialysis devices as compared to the renal transplants is anticipated to boost the demand for urology devices market in the coming years.
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The global urology devices market is segmented into product, end-user, and region. On the basis of product, the global urology devices market is segmented into dialysis, laser & lithotripsy, robotic systems, endoscopes, endovision system & peripheral instruments, urodynamic systems, stents, urology catheters, urology guide wires, urodynamic systems, drainage bags, others. On the basis of end-user, the global urology devices market is segmented into dialysis centers, hospitals, and others. On the basis of the region, the global urology devices market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
The major players associated with the global urology devices market are Boston Scientific Corporation, C. R. Bard, Inc. (Becton, Dickinson and Company.), Intuitive Surgical, KARL STORZ SE & Co. KG, Richard Wolf GmbH, Fresenius Medical Care, Cook Medical, Olympus Corporation,Siemens Healthineers(Siemens AG), Stryker, Braun Melsungen AG, Baxter International Inc., Medtronic, and Dornier MedTech, etc.The key players in the urology devices market are constantly focusing on research and development activities in order to expand its product portfolio and increase its customer base in developing regions. There is a high degree of competition among the established players in the global urology devices market. Moreover, the players are also strategically focused on partnership, acquisition, and product launch in order to compete in the market and strengthen their foothold in the urology devices market. The rise in urology devices aids manufacturers to offer innovative devices as per the requirements. These factors are predicted to offer incremental growth prospects for the key players in the urology devices market.
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