Pune, India, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The global urology devices market size valued at USD 32.03 billion in 2021and the market valued at USD 35.93 billion in 2022 and reached USD 55.91 billion by 2029, exhibiting a CAGR of 6.5% during the forecast period. The market is expanding as a result of increasing urolithiasis prevalence, the burden of chronic kidney disease, the surge in demand for single-use cystoscopes, and an increase in major players' acquisitions and mergers. Fortune Business Insights™ presents this information in its report titled “Global Urology Devices Market 2022-2029.”
Key Industry Development:
April 2021: Ambu received a Health Canada clearance for the distribution of its novel single-use flexible cystoscope, aScope 4 Cysto.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 6.5% |
| 2029 Value Projection | USD 55.91 Billion |
| Base Year | 2021 |
| Urology Devices Market Size in 2021 | USD 32.03 Billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 159 |
Key Takeaways
- Growth in the dialysis industry may be aided by rising demand for products like dialysate and hemodialysis machines.
- The demand for medical devices could be increased by the rising research and development investments.
- The market share that belonged to accessories was highest.
- Market share is anticipated to be significantly higher for the kidney disorders category.
- The urology devices market is predicted to be dominated by North America.
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Drivers and Restraints:
Robust Investments in Research and Development to Enhance Industry Progress
Urology devices are used to diagnose and treat bladder disorders, urethral malignancies, kidney disorders, and urolithiasis. The increasing investments in research and development may enhance the demand for medical devices. Rising healthcare expenditures and the strong demand for advanced medical devices and procedures may fuel sales of urology devices. Furthermore, increasing demand for dialysis products such as hemodialysis machines and dialysate may propel industry progress. Moreover, rising cases of kidney disorders may drive the urology devices market growth.
Segments:
Accessories Segment to Dominate Owing to Robust Adoption in Clinics
By type, the industry is segmented into endoscopes, laser & lithotripsy devices, dialysis devices, other devices, and accessories.
The accessories segment is expected to dominate the market share due to its extensive adoption in clinics. Moreover, the increasing demand for disposable cystoscopes and rising prevalence of urolithiasis may foster industry progress.
Kidney Disorders to Hold Largest Share Attributable to its Rising Prevalence Globally
By application, the industry is categorized into urolithiasis, urethral malignancies, bladder disorders, kidney diseases and others.
The kidney disorders segment is expected to hold a major market share because of the rising prevalence of the disorder globally. The increasing prevalence of end-stage kidney disorders, and strong demand for dialysis procedures and minimally invasive surgeries may foster the product’s adoption.
Hospitals & Ambulatory Surgical Centers to Hold Dominant Market Share due to High Cystoscope Adoption
Based on end-user, the market is clubbed into hospitals & ambulatory surgical centers, dialysis centers, and others.
Hospitals & ambulatory surgical centers may hold the largest market share because of rising in-patient visits and prevalence of patients suffering from urological disorders. Furthermore, extensive cystoscopes and ureteroscopes devices adoption and the continuous diagnosis and treatment of urolithiasis in hospitals may foster industry progress.
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Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Regional Insights:
Rising Kidney Disorders to Propel Market Progress in North America
North America is expected to dominate the urology devices market share because of rising kidney disorders. The market in North America stood at USD 12.34 billion in 2021 and is expected to gain a huge portion of the global market share in the upcoming years. Further, rising in-patient visits for diagnosis and treatment is expected to enhance the product demand. These factors may propel market development.
In Europe, the presence of a huge number of patient pool suffering from urolithiasis and bladder disorders may boost urology devices’ demand. Moreover, increasing approvals for urology devices by the C.E. European commission may bolster industry progress.
In Asia Pacific, rising focus on the improvement of healthcare infrastructure and increasing awareness regarding urology disorders’ diagnosis is likely to foster the demand for urology devices. These factors may allow for market progress during the upcoming years.
Competitive Landscape:
Companies Incorporate Novel Technologies to Elevate their Brand Presence
Prominent companies operating in the market gain approvals for enhancing their brand image. For example, KARL STORZ SE & Co. K.G. received a U.S. FDA for the Blue Light system in February 2022 for its utilization with Photocure ASA's Cysview for Blue Light Cystoscopy procedures. This approval may allow the company to boost its brand image. Furthermore, companies devise acquisitions, automated production techniques, mergers, partnerships, and novel product launches to boost their market position.
List of Key Players Mentioned in the Report:
- Boston Scientific Corporation (U.S.)
- Coloplast A/S (Denmark)
- Ethicon, Inc. (Johnson & Johnson Services, Inc.) (U.S.)
- Ambu A/S (Denmark)
- KARL STORZ SE & Co. KG (Germany)
- Olympus Corporation (Japan)
- Richard Wolf GmbH (Germany)
- Siemens Healthcare GmbH (Germany)
- Stryker (U.S.)
- Cook Medical (U.S.)
- Dornier Medtech (Germany)
- Rocamed (Monaco)
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Major Table of Contents:
- Global Urology Devices Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Endoscopes
- Cystoscopes
- Disposable
- Reusable
- Ureteroscopes
- Disposable
- Reusable
- Other Endoscopes
- Cystoscopes
- Laser & Lithotripsy Devices
- Dialysis Devices
- Other Devices
- Accessories
- Endoscopes
- Market Analysis, Insights and Forecast – By Application
- Urolithiasis
- Urethral Malignancies
- Bladder Disorders
- Kidney Diseases
- Others
- Market Analysis, Insights and Forecast – By End-user
- Hospitals & Ambulatory Surgical Centers
- Dialysis Centers
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of World
- North America Urology Devices Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Endoscopes
- Cystoscopes
- Disposable
- Reusable
- Ureteroscopes
- Disposable
- Reusable
- Other Endoscopes
- Cystoscopes
- Laser & Lithotripsy Devices
- Dialysis Devices
- Other Devices
- Accessories
- Endoscopes
- Market Analysis, Insights and Forecast – By Application
- Urolithiasis
- Urethral Malignancies
- Bladder Disorders
- Kidney Diseases
- Others
- Market Analysis, Insights and Forecast – By End-user
- Hospitals & Ambulatory Surgical Centers
- Dialysis Centers
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S.
- By Application
- Canada
- By Application
- U.S.
TOC Continued…!
FAQ:
What is the market size for urology devices?
The global urology devices market size was valued at USD 32.03 billion in 2021. The market is projected to grow from USD 35.93 billion in 2022 to USD 55.91 billion by 2029.
At what CAGR is the urology devices market projected to grow during the forecast period (2022-2029)?
The market is anticipated to expand at a CAGR of 6.5% from 2022 to 2029, rising from USD 35.93 billion in 2022 to USD 55.91 billion in 2029.
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