Ottawa, Dec. 01, 2022 (GLOBE NEWSWIRE) -- The global urology devices market is expected to grow at a compound annual growth rate of 5.47% during the forecast period from the year 2022 till the year 2030. This market growth is supported by the growing preference of patients for the minimally invasive treatments and the increasing number of various hospitals that provide these procedures. During the outbreak of the COVID-19 pandemic the need for the machines used in home dialysis had grown significantly as there were restrictions on traveling. Kidney failure was a common phenomenon during the pandemic due to which the need for various devices had grown significantly.
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Regional Snapshots
Maximum revenue was generated through the North American region in the past and this shall be the case even in the coming years due to the presence of various market players in the North American region. Growing awareness of urology devices and the availability of procedures of the non-invasive kind relate to the growth of the market. As the cases of the kidney diseases have increased significantly in this region the need for these devices will grow.
Geriatric population and growing number of kidney diseases will drive the market growth. Urology devices are demanded on a larger scale through the hospitals as well as the ambulatory surgical centers. High amount of expenditure made on health care in this region and the availability of favorable reimbursement policies will drive the market growth in the coming years. The availability of large-scale companies that provide private insurance will also help in the growth of this market in the North American region.
Significant growth will be registered through the Asia Pacific region in the coming years due to the availability of favorable policies adopted by the authoritative bodies in this region. Good opportunities will be provided for the growth of this market due to the increase in the competition among the market players. Obesity and geriatric population are the two main reasons that will drive the market growth during the forecast period.
Report highlights
- On the basis of the product type, the endoscopes segment will have a larger market share in the coming years period growing cases of various diseases that make use of endoscopes have grown drastically in the recent years which shall help in generating maximum revenue during the forecast period.
- On the basis of application, the use of urology devices for urolithiasis having increased due to which the need for these devices will grow drastically during the forecast period. Growing cases of malignancies will also drive the market grow during the forecast period.
- Geriatric population and diabetes will drive the market growth during the forecast period. These devices are used on a large scale in the hospitals as well as the ambulatory surgical centers and a large amount of revenue will be generated through these centers during the forecast period.
Recent developments
- For having a surveillance over bladder cancer cystoscope was introduced in the year 2020 by Ambu A/S which is a cystoscope of the single use type which is also used in the removal of the stents and in the cystoscopy procedures.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2021 | USD 39.5 Billion |
| Revenue Forecast by 2030 | USD 63.78 Billion |
| CAGR | 5.47% from 2022 to 2030 |
| Largest Market | North America |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Year | 2022 to 2030 |
| Key Players | Olympus corporation, Boston scientific corporation, Cook medical, Richard wolf GmbH, Siemens healthcare GmbH and Others. |
Market dynamics
Drivers
The prevailing cases of the urological conditions and the growing nature of such conditions will drive the market growth in the coming years period increase in the cases of chronic kidney diseases and kidney stones will also help in the growth of the market during the forecast period. Growing cases of prostate cancer and bladder cancer will also provide good opportunities for the growth of the urology devices market during the forecast period across all the nations of the world. Urinary incontinence is yet another factor that will drive the market growth during the forecast period and this has been the number one reason for the sales of the urology devices in the past. Growing sales of catheters and other consumables which are associated with urology will generate good amount of revenue during the forecast period. Obesity will also help in the growth of the market during the forecast period.
Restraints
High consolidation will restrain the growth of the market during the forecast period. Existing competition in the key market players located in various nations of the world will hamper the growth of the market. The huge amount of investment which is needed for the research and development purposes and the manufacturing of these devices can only be afforded by the major market players. This is one of the reasons that will reduce the number of new entrants in this market. The challenges faced by the new entrants are the competition existing in the market players and the need for coming up with innovative products in the market. High amount of consolidation will reduce the amount of investment made in the market and it will hamper the growth of the market in the long run.
Opportunities
Developing nations prove to be the emerging markets for the urology devices. Nations like Mexico, South Korea, Brazil, India and China will provide maximum growth opportunities during the forecast period. As the regulatory barriers in these nations are less the existing market players will see these nations as a good investment for future growth period as the population of the patients suffering with various diseases that make use of the urology devices has grown drastically in the Asia Pacific region and other regions that are still developing the market is expected to grow well. As many nations our business friendly as compared to the developed nations across the world market players will see these developing economies as a better option for investment. As the competition existing in the market players is fierce market players will invest in the developing nations with an expectation of having good opportunities.
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Challenges
Some are the major factors that will hamper the growth of the market in the long run and pose to be a challenge in the growth of this market is the absence of specialty hospitals for urology. In the current health care infrastructure, many other specialty hospitals as well as general hospitals are present. The cost of a large number of urology devices is extremely high which makes it unaffordable for the healthcare sectors of various regions to make use of these devices. And this also happens to be a major challenge in the growth of the market.
Market Segmentation
By Product
- Dialysis Devices
- Endoscopes
- Laser Devices
- Accessories
- Others Devices
By Application
- Urethral malignancy
- Urolithiasis
- Bladder disorders
- Kidney disorders
By End User
- Ambulatory surgical centers and hospitals
- Dialysis centers
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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