Pune, India, Feb. 24, 2021 (GLOBE NEWSWIRE) -- According to The Insight Partners new research study on Global urodynamic equipment and consumables market was valued at US$ 173.7 million in 2019 and is projected to reach US$ 283.8 million by 2027; it is expected to grow at a CAGR of 6.5% during the forecast period of 2020-2027. The growth of the market is attributed to high prevalence of chronic diseases leading to kidney diseases and rise in prevalence of urinary incontinence. However, the availability of alternatives for the treatment of urinary incontinence hinders the market growth.
(Urodynamic Equipment And Consumables Market Segmented by Region/Country: North America, Europe, Asia Pacific, Middle East & Africa, and Central & South America)
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In 2019, North America dominated urodynamic equipment and consumables market and accounted for more than one third of the global urodynamic equipment and consumables market revenue. The growth in North American region is characterized by increase in the prevalence of end-stage renal diseases, the presence of key market players and extensive R&D conducted by various academic and research institutes. In addition, there is also a boom in public healthcare expenditure and an increase in awareness programs that are further expected to stimulate the growth of the urodynamic equipment and consumables market in the region.
Chronic kidney disease (CKD) is a serious health condition that affects 1 in 10 people across the world. High blood pressure and diabetes were the two major causes in 75% of kidney failure cases between 2015 and 2017. Moreover, according to a study published by the National Kidney Foundation in 2020, approximately 35.0% of the diabetic population above age 20 years would develop chronic kidney diseases over the period. Furthermore, an ongoing surge in prevalence of bladder cancer raises a strong therapeutic imperative for highly effective diagnostics to be implemented, thereby broadening potential development opportunities. In 2017, bladder cancer accounted for 5.0% of all cancers in the U.S., as per the American Cancer Society.
According to the data provided by the Centers for Disease Control and Prevention (CDC), in 2020, 1 in 3 adults with diabetes and 1 in 5 adults with high blood pressure might have CKD. In 2015, 30.3 million people in the US had diabetes, as per the American Diabetes Association. According to the CDC, in 2014, around 118,000 people in the US started the treatment for end-stage renal disease, and the number of people for this treatment is expected to increase as more people become aware of the situation. These factors are expected to enhance the market growth during the forecast period.
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Urodynamic Equipment And Consumables Market: Segmental Overview
In terms of type, ambulatory urodynamic systems segment is anticipated to grow at a faster pace as this has become an established method of examination of lower urinary tract function. Ambulatory urodynamic studies the effects on intra-abdominal and intravesical pressures. The market share held by the ambulatory urodynamic systems segment is estimated to increase exponentially in the near future, owing to the high rate of adoption of these systems and their applications in urodynamic studies.
Urodynamic Equipment And Consumables Market: Competition Landscape & Key Developments
Unique Medical Devices, Neomedix Systems, Bestmedical, Laborie, Inc., Albyn Medical, Coopersurgical, Inc., Tic Medizintechnik Gmbh And Co. Kg, Dantec Medical, Nael Medical, Boston Scientific Corporation are key companies operating in the global urodynamic equipment and consumables market. The leading companies in the market are continuously looking forward to expand and diversify their market presence along with the acquisition of new customer base and tapping prevailing business opportunities.
In April 2020, Albyn Medical has launched new single-use Cystoscope called as WiScope Cystoscope.WiScope Cystoscope is a Digital Endoscope System that can connect to monitor and can quickly sequence interventions and manage emergencies.
In April 2019, Boston Scientific Corporation and Bladder Health Network (BHN) has entered into a four-year exclusive marketing partnership agreement for the distribution of Urodynamic equipment and consumables.Bladder Health Network (BHN) is a privately held company engaged in offering advanced testing solutions for urinary incontinence..
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