North America to Dominate the Global Urology Devices Market till 2026
Increasing prevalence of chronic kidney disease and rising old age population is expected to drive the demand for global urology devices market in the forecast period.
According to TechSci Research report, “Global Urology Devices Market By Type (Endoscopes, Dialysis Devices, Laser & Lithotripsy Devices, Endovision & Imaging Devices, Catheters, Urodynamic Systems, Stents, Biopsy Devices, Others) By Procedure Type (Minimally Invasive Surgery Devices v/s Robotic Surgery) By Application (Kidney Diseases, Urological Cancer & BPH, Pelvic Organ Prolapse, Others) By End User (Hospitals & Clinics, Ambulatory Care Centers, Dialysis Centers, Home Care Settings) By Company, By Region, Forecast & Opportunities, 2026”, the global urology devices market is expected to witness steady growth for the upcoming five years. Increase in occurrence of diabetes and hypertension is boosting the demand for urology devices across the world. Technological advancements along with favorable government policies promoting healthcare infrastructure are another crucial factors influencing he urology devices market growth.
The COVID-19 outbreak across the world which has been declared as pandemic by World Health Organization has affected countries adversely. Leading authorities across the world-imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus affected patients started suffering from shortness of breath, coughing, and sneezing along with cases of acute kidney failure which may result into kidney failure. Leading authorities increased the capacity of hospitals as a greater number of patients were getting affected daily and getting admitted into the hospital facilities. Patients suffering from kidney failure require the dialysis treatment and the growing number of patients suffering from coronavirus is expected to bolster the demand for dialysis machines. Also, the preference for home dialysis machines due to presence of travel restrictions and already over-burdened hospital facilities is expected to foster the demand for home dialysis equipment for the forecast period.
However, high cost involved for research and development activities and the requirement of huge capital investments may create hindrance in the global urology devices market growth.
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Global urology devices market is segmented into type, procedure type, application, end user, regional distribution, and company. Based on application, market can be further divided into kidney diseases, urological cancer & BPH, pelvic organ prolapses, and others. The kidney diseases application segment is expected to account for major market share for the forecast period, 2022-2026. Rising geriatric population is increasing the existing patient pool suffering from kidney diseases which is considered a major driver for the growth of the urology devices market. Kidney diseases includes chronic kidney disease, renal cyst, cystic kidney diseases, among others leading to case of kidney failure and require early diagnosis and treatment. Based on type, urology devices market can be divided into endoscopes, dialysis devices, laser & lithotripsy devices, endovision & imaging devices, catheters, urodynamic systems, stents, biopsy devices, and others. The catheters type segment is expected to witness fastest incremental growth for the forecast period due to huge application of catheters in treatment of renal transplants complications, decompression of the perinephric or nephric fluid collection, and nondilated obstructive therapy.
Boston Scientific Corporation, Fresenius Medical Care AG & Co. KGaA, Baxter International Inc., Becton, Dickinson, and Company, Olympus Corporation, B. Braun Melsungen AG, Medtronic Plc., Stryker Corporation, Teleflex Incorporated, Cook Medical, Inc. are the leading players operating in global urology devices market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several urology devices manufacturers are coming up with their technologically advanced offerings.
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“Rise in demand for quality treatment from emerging economies is expected to create lucrative opportunities for the growth of the urological devices market. Developing countries like India, China, Malaysia, Brazil offers low regulatory barriers, large patient pool, continuous development of healthcare infrastructure and high-end investments to ensure effective treatment facilities. Moreover, supportive government policies to promote healthcare industry by proving reimbursement policies and insurance cover to widen the reach of healthcare facilities to every sector of society is expected to propel the urology devices market growth until 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Urology Devices Market By Type (Endoscopes, Dialysis Devices, Laser & Lithotripsy Devices, Endovision & Imaging Devices, Catheters, Urodynamic Systems, Stents, Biopsy Devices, Others) By Procedure Type (Minimally Invasive Surgery Devices v/s Robotic Surgery) By Application (Kidney Diseases, Urological Cancer & BPH, Pelvic Organ Prolapse, Others) By End User (Hospitals & Clinics, Ambulatory Care Centers, Dialysis Centers, Home Care Settings) By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of global urology devices market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global urology devices market.
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