The global urology devices Market is projected worth US$57.4 billion by 2026 and the market is projected to showcase 6.9% CAGR during the forecast period.
The urology devices market is driven by the easy availability of urology devices and high occurrence of urology disorder associated with the urinary tract system (UTS) across the globe.
High prevalence of urinary tract system disorders across the globe and technological advancements, such as surgical robotic system, are the major factors expected to boost the global urology devices market during the forecast period. Also, the increase in the favorable medical reimbursement policies and rapid increase in the geriatric population across the globe is encouraging the use of urology devices which are some of the factors boosting the growth of the global urology devices market.
The key manufacturers are focusing on the introduction of non-invasive treatment procedures with an objective to offer appropriate treatment measures of kidney stones. Therefore, healthcare specialists are gradually using ultrasound or x-ray therapy. Shock wave lithotripsy devices that use ultrasound technology to aid the urologists trace the kidney stones through the x-rays and halt the ureteral stones in small portions for the appropriate path. Manufacturers in the healthcare industry are progressively focusing on developing robotic devices that are mainly personalized for urology devices. Moreover, the key manufacturers are gradually using important technology for developing medical devices to offer optimal satisfaction to the patients. Such factors are anticipated to have a positive impact on the growth of the global urology devices market during the forecast period.
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 guidewires, 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.
Based on end-user, the global urology devices market can majorly be segmented into two sub-segments, which are dialysis centers and hospitals. The hospitals segment is estimated to dominate the global urology devices market. Dialysis centers are projected to be the second-leading segment during the forecast period. The dominance of hospitals segment is due to the surge in the number of surgical procedures for the treatment of all form of urology disorders and favorable reimbursement policies for medical devices in most of the developing nations. Accessibility and higher adoption of OTC urology devices and non-invasive treatment devices for urinary disorder treatment are the key factors driving the hospitals segment in the global urology devices market.
The North America region is expected to lead the global urology devices market owing to the huge presence of established medical facilities, favorable healthcare policies, and timely adoption of technologically advanced devices for the controlling of urinary disorders.The incidence of improved and highly automated robotic systems and extensive usage of urology devices in dialysis centers are some of the major factors driving the growth of the urology devices market. Also, the Europe region is expected to grow at a moderate pace owing high prevalence and increase in the incidence of urinary disorders in Europe, the recent launch of urology devices, and higher spending on healthcare in the region.
The major players associated with the 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.
Key players in the global urology devices market are focused on continuous product innovation in order to manufacture innovative urology devices for effective applications. Additionally, the key manufacturers are taking strategic initiatives such as product launch, merger and acquisition and developing strategic partnerships with other players in order to expand their business geographically.
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