New York, Sept. 25, 2023 (GLOBE NEWSWIRE) -- Global urology devices market size to reach USD 65.9 Billion in 2032 from USD 36.0 Billion in 2022 and register a CAGR of 6.4% during the forecast period (2023-2032)
Urology devices comprise a wide range of medical devices and equipment used in the diagnosis, treatment, and management of urological conditions. Urology devices include devices for urinary incontinence, kidney stone management, prostate disorders, urinary tract infections, and others. Some of the most common urological diseases are Benign Prostatic Hyperplasia (BPH), Urinary Incontinence (UI), Urinary Tract Infections (UTIs), kidney disease, and ureteral stones.
Common types include urinary catheters, used to manage urinary retention; lithotripters, which break down kidney stones non-invasively; and Prostate-Specific Antigen (PSA) tests for prostate cancer screening. Also, advancements in technology have resulted in developments and the introduction of robotic surgical systems, which further enhance precision in complex urological surgeries, while advanced imaging devices aid in accurate diagnosis. These devices improve patient outcomes, reduce recovery times, and enhance the overall quality of urological care, catering to the diverse needs of patients with urological disorders.
The global urology devices market is currently registering a steady revenue incline owing to key factors such as a rapidly aging population and a rise in the prevalence of age-related diseases and conditions, increasing prevalence of urological disorders, and technological advancements in related devices and equipment. Also, a high preference for minimally invasive procedures and innovations in devices and solutions are enhancing the effectiveness and safety of urology devices and patient outcomes. In addition, government initiatives to improve healthcare infrastructure and patient awareness as well as advantages such as shorter recovery times and reduced post-operative pain are factors supporting revenue growth of the market.
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Key Takeaways
- In 2022, the urology devices market in North America share generated over 37.2% market share.
- Asia-Pacific urology devices market registered the fastest revenue growth rate in 2022 over 2022 and is expected to further register a CAGR of over 6.4% over the forecast period.
- Among the product segments, the dialysis products segment accounted for a significantly large revenue share of 39.8% of the overall market share of the product segments in 2022.
- The hospitals & clinics segment accounted for a robust double-digit 73.1% revenue share among the end-user segments in 2022.
Driving Factors
Advancements in Urology Devices & Aging Population Driving Steady Adoption
A key factor driving revenue growth of the market includes a shift towards minimally invasive urological procedures, such as robotic-assisted surgeries and laser treatments, as this is driving
demand for advanced urology devices. These procedures offer shorter recovery times, reduced post-operative pain, and improved patient outcomes. Another factor is technological advancements and continuous innovation in urology devices, including 3D imaging, laser systems, and robotic surgical platforms, which enhance the precision and effectiveness of treatments. Such advancements and awareness regarding performance and efficacy serve to drive credibility among healthcare providers and lead to increased device adoption.
In addition, factors such as the rapidly expanding elderly population, rising focus on personalized medicine, and steady traction of telemedicine and remote monitoring are other key factors supporting revenue growth of the global urology devices market. The aging global population is more susceptible to urological conditions such as BPH and prostate cancer and this demographic trend is expanding the patient pool, resulting in higher device utilization and potential revenue growth. Advancements in genetics and biomarkers have led to personalized treatment approaches in urology, and the devising of tailored therapies and diagnostic tools based on individual patient profiles has been showing major improvement in treatment efficacy. Moreover, the integration of telemedicine and remote monitoring services in urology allows for enhanced patient care and consultation, expanding access to urological services. This trend increases the utilization of urology devices and has been having a major positive impact on market growth.
Restraining Factors
High Product Cost & Inconsistent Reimbursement Policies Primary Growth Restraints
A primary factor restraining further potential market revenue growth is the high cost of urology devices across some regions and countries. High costs associated with advanced urology devices, such as robotic surgical systems and high-end imaging equipment, can be challenging for healthcare facilities, especially in low-resource regions and for those with budget constraints.
Another factor is stringent regulatory compliance, under which urology devices are subject, and obtaining approvals can also be time-consuming and costly. Changes in regulations or delays in approvals can prolong the introduction of new products and dampen potential revenues.
Also, inconsistent reimbursement policies and declining reimbursement rates for urology procedures can impact healthcare providers' willingness to invest in advanced urology devices. Reduced reimbursement may also limit the financial viability of certain procedures and devices.
In addition, adverse effects and outcomes of procedures or post-treatment complications associated with urology devices, such as infections, device failures, or patient injuries, can lead to litigation, recalls, or increased regulatory scrutiny. These incidents can have a detrimental impact on brand reputation and trust. Furthermore, the urology devices market has witnessed significant technological advancements and product proliferation in the recent past, and saturation in certain device categories can lead to intense competition, pricing pressures, and reduced profit margins, and this can have a negative impact on overall revenue growth.
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Growth Opportunities
AI, Telemedicine, and Remote Monitoring Creating New Revenue Streams in the Market
Opportunities in the market can be realized through observation of various trends. Steady traction of data-driven healthcare solutions is resulting in an increasing number of companies leveraging data analytics and Artificial Intelligence (AI) to create software platforms that assist healthcare providers catering to the urology segment. Developing predictive analytics tools for disease management, patient monitoring, and treatment planning can open up lucrative revenue streams. These solutions can enhance patient outcomes, reduce costs, and provide ongoing subscription-based revenue.
Also, the rising popularity of telemedicine and remote monitoring and integration of related services into urology devices can open up new revenue streams. Companies can offer telehealth platforms specifically tailored to urology, thereby facilitating virtual consultations, remote patient monitoring, and data collection. These services can improve patient engagement, expand access to care, and generate income through subscription models or per-consultation fees. Also, offering customized and patient-specific devices is a trend that is fast catching on worldwide. This presents opportunities for companies to create customized urology devices and implants tailored to individual patient needs, such as 3D-printed implants, patient-specific stents, and personalized drug delivery systems. Such offerings can command premium pricing and differentiate companies in the market.
Regional Analysis
North America Accounts for Largest Revenue Share: Projections & Outlook
North America leads among the regional markets with the largest revenue share, which is attributed to a well-established healthcare infrastructure, a high prevalence of urological disorders, and a strong emphasis on technological innovation. Europe follows closely behind, benefiting from a similar healthcare landscape and increasing adoption of minimally invasive procedures.
Asia-Pacific is expected to register the fastest revenue growth rate among the other regional markets in the global urology devices market over the forecast period. Key factors such as expanding the aging population, rising disposable income, and improving access to healthcare are expected to support revenue growth of the market. Emerging markets such as India and China are registering a surge in demand for urology devices due to an increased focus on healthcare and the modernization of healthcare infrastructure and services.
Product Analysis
High Effectiveness of Endoscopy Resulting in Robust Segment Revenue Growth
Among the product segments, the Dialysis Products segment accounted for the majority of revenue share in 2022, and this can be attributed to recommendations by healthcare personnel for this type of treatment for patients and also high preference among patients as a result of the effectiveness and usability of this approach. These devices comprise malleable and rigid instruments equipped with cameras and lighting systems, allowing for minimally invasive visualization and access to the urinary tract.
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Report Scope
| Report Attribute | Details |
| Market Value (2022) | US$ 36.0 Bn |
| Market Size (2032) | US$ 65.9 Bn |
| CAGR (from 2023 to 2032) | 6.4% |
| North America Revenue Share | 37.2% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Disease Analysis
Prostate Cancer Segment Dominates Other Disease Segments in Revenue Terms
Among the disease segments, the prostate cancer segment accounts for the majority of revenue share in the global urology devices market. This can be attributed to high prevalence and incidence of prostate cancer, which results in a sizable patient population seeking diagnostic and treatment solutions, and advanced diagnostic technologies, such as PSA tests and MRI, which play a critical role in detection and staging, leading to substantial device utilization. Also, continuous technological advancements and robust research and development efforts with regard to prostate cancer further contribute to the dominance of this segment.
End-User Analysis
Hospitals & Clinics Effectively Handle Range of Urological Treatments and Conditions
The hospitals & clinics segment among the end-user segments accounted for a substantially large revenue share in 2022. Hospitals and clinics dominate other segments such as dialysis centers and ambulatory surgical centers in the global urology devices market in terms of revenue share due to their capacity to provide comprehensive urological care. These facilities offer a wide range of services, from diagnostics to complex surgeries, accommodating patients with diverse urological conditions. Complex procedures like prostatectomies and cystectomies are routinely performed in hospitals, necessitating specialized urology devices. Moreover, hospitals handle urological emergencies, such as kidney stones or infections, where immediate intervention with urology devices is critical. Also, the presence of specialized urological expertise within hospital settings reinforces the prominence of this end-user channel in the urology devices market.
Segments Covered in the Report
By Product
- Dialysis Products
- Urology Catheters
- Stents
- Endoscopes
- Biopsy Devices
- Drainage Bags
- Robotic System
- Laser and Lithotripsy Devices
- Other
By Disease
- Benign Prostatic Hyperplasia (BPH)
- Prostate Cancer
- Urinary/Bladder Stones
- Urinary Incontinence
- Kidney Disease
- Others
By End-User
- Hospitals & Clinics
- Dialysis Centers
- Ambulatory Surgical Centers (ASCs)
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Competitive Analysis
The global urology devices market landscape is highly competitive and characterized by the presence of numerous key players and a constant drive for innovation and market expansion. Major companies such as Boston Scientific Corporation, Olympus Corporation, Medtronic, and Cook Medical Inc. dominate the market, offering a wide range of urology devices and solutions. These companies continually invest in R&D to introduce cutting-edge technologies that enhance the diagnosis and treatment of urological conditions. Also, market competitiveness is driven by strategic initiatives such as mergers and acquisitions and companies engage in acquiring or entering into partnerships with complementary businesses to broaden their product portfolios and expand geographic reach. For instance, Boston Scientific's acquisition of NxThera and Olympus's collaboration with FlexDex Surgical reflect the trend of expanding capabilities through strategic partnerships. This enables companies to offer comprehensive urology solutions and access new customer bases.
In addition to established players, smaller new entrants and niche companies specializing in specific urology devices or innovative technologies are making forays into the market. These players often focus on niche markets or develop unique, disruptive products that address unmet demand. The competitive landscape encourages a continuous influx of new technologies and prompts companies to adapt and innovate, and this is a trend expected to prevail over the forecast period.
Key Market Players
- Fresenius Medical Care
- Baxter International Inc.
- Boston Scientific Corporation
- Olympus Corporation
- Cook Group Incorporated
- Medtronic Plc.
- R. Bard, Inc.
- Siemens Healthcare Private Limited
- Stryker Corporation
- SRS Medical Systems, Inc.
- EMD Medical Technologies
R&D & Collaborative Agreements, and Raising Funds to Expand are Key Strategies
Major companies in the global urology devices market are employing various strategies to enhance revenues and drive product and device sales. Leading companies are focusing on Research and Development (R&D) to introduce innovative urology devices that offer improved performance, increased precision, and enhanced patient outcomes, in order to cater to the evolving needs of healthcare providers and patients. Companies are also expanding their presence in emerging markets, such as Asia-Pacific and Latin America, to tap into the growing patient pools and leverage opportunities emerging from the trend of modernization of healthcare infrastructure. Also, major companies are engaging in mergers and acquisitions to broaden their product portfolios and expand market reach. Acquiring complementary businesses allows companies to offer a more comprehensive range of urology devices and access new customer bases.
In addition, collaborative agreements with healthcare institutions and research organizations facilitate product development and clinical trials, and such partnerships help companies introduce cutting-edge urology devices while sharing the associated costs and risks. Furthermore, given the growing traction of telemedicine and digital health, companies are investing in telehealth platforms and remote monitoring solutions that complement their urology devices. These integrated offerings enhance patient care and generate additional revenue. Another strategy being deployed is raising funds for expansion initiatives. Companies often raise funds through public offerings or private investment to support their expansion plans, and research initiatives, and enable commercialization of new urology devices.
Recent Developments
- On 21 June 2023, Telix Pharmaceuticals Limited announced it had entered into an agreement to acquire Lightpoint Medical and its SENSEI radio-guided surgery business. Lightpoint Medical is a medical device manufacturing company based in the United Kingdom and specializes in the intra-operative detection of targeted radiopharmaceuticals. SENSEI is a compact robotic gamma probe designed for intracavitary applications, facilitating real-time detection of cancer through radiopharmaceutical-based surgical guidance, commonly referred to as ‘radio-guided surgery.’ Telix's primary commercial focus is to integrate SENSEI with its Illuccix /TLX599-CDx programs, primarily targeting prostate cancer. Furthermore, there exists significant potential for expansion into various urologic and non-urologic malignancies.
- On 15 June 2022, Boston Scientific Corporation made an official announcement regarding its definitive agreement with Synergy Innovation Co., Ltd. This agreement pertains to Boston Scientific's acquisition of a majority ownership stake, approximately 64%, in M.I.Tech Co., Ltd., which is a publicly traded Korean company specializing in the production and distribution of medical devices designed for endoscopic and urologic procedures. M.I.Tech is renowned for its development of the HANAROSTENT technology, which is a family of self-expanding metal stents designed for non-vascular applications. Notably, Boston Scientific has been distributing these stents in Japan since 2015. The acquisition involves a purchase price set at KRW 14,500 per share, amounting to a total of KRW 291.2 billion or approximately USD 230 million based on the current exchange rates, with potential adjustments at the closing of the deal.
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