Rockville, MD, July 25, 2024 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, reveals in its updated research report. The global urology device market size has been approximated at a value of US$ 13.07 billion in 2024 and is projected to increase at a CAGR of 6.2% to reach US$ 23.8 billion by the end of 2034.
The increasing prevalence of urology diseases such as chronic kidney disorders and end-stage renal diseases is driving the adoption of cutting-edge technologies for effective treatment results. Most target patients are opting for minimally invasive surgical options due to quick recovery, less hospitalization time, and minimum pain.
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According to a 2023 report by the International Society of Nephrology, around 850 million people across the world are affected by chronic kidney disease (CKD).
Urinary incontinence is a prevalent yet serious issue of urinary disorders. It is also one of the most common medical conditions among women and the aging population.
According to a report by the National Institutes of Health, more than 4 in 10 women 65 and older experience issues related to urinary incontinence.
Rising cases of prostate and kidney cancer due to improper living lifestyles, stress, and poor eating habits are supporting the global urology device market growth. Manufacturers are focusing on the development of advanced urology technologies for disease diagnosis and treatment procedures.
The risk of bladder cancer formation is 1 in 28 among men, according to the American Cancer Society. According to the same source, around 9 out of 10 people with bladder cancer are over the age of 55.
Key Takeaways from the Market Study
- Global demand for urology devices is forecasted to increase at a CAGR of 6.2% from 2024 to 2034.
- The United States market is evaluated at US$ 4.06 billion in 2024.
- The market in India is set to register a CAGR of 9.4% through 2034.
- Sales of dialysis devices are anticipated to reach US$ 7.38 billion in 2024.
- South Korea is projected to hold 23.4% of the East Asia market share by 2034.
- Laser & lithotripsy device sales are foreseen to rise at a CAGR of 6.2% during the next 10 years.
“Integration of artificial intelligence (AI) and machine learning algorithms in urology treatment procedure has enhanced personalized and patient-centric care,” says a Fact.MR analyst.
Winning Strategy
Some of the leading manufacturers of urology devices are Abbott, Boston Scientific Corporation, Baxter International Inc., Medtronic, Johnson & Johnson Services Inc., Stryker Corporation, Olympus Corporation, and Siemens AG.
Key market players are investing heavily in research and development activities to develop smart robotic surgical devices. They are also focusing on the integration of digital technologies such as machine learning, artificial intelligence, the Internet of Things, and the Internet of Robots to develop cutting-edge urology devices. Mergers, collaborations, and geographical expansions are also some of the other key tactics being adopted by urology device manufacturers.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global urology device market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on product type (dialysis devices, endoscopes, lasers & lithotripsy devices, robotic systems, endovision systems, peripheral instruments, urodynamic systems), disease (kidney diseases, cancer & BPH, pelvic organ prolapse, others), and end-user (hospitals & clinics, dialysis centers, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
Key Market Players
Siemens AG; Baxter International Inc.; Medtronic; Abbott; Boston Scientific Corporation; Stryker Corporation; Olympus Corporation; Johnson & Johnson Services Inc.; Fresenius Medical Care AG & Co. KGaA; Cook Medical Inc.; Cardinal Health; Intuitive Surgical; KARL STORZ GmbH & Co. KG; Richard Wolf GmbH; Dornier MedTech.
Urology device Industry News
- In March 2024, Intuitive received FDA clearance for the Fifth-Generation Robotic System 'da Vinci 5'.
- In January 2022, Ascend Wellness Holdings, a dialysis testing laboratory, signed a strategic partnership with Siemens Healthineers to expand the testing capacity at Ascend’s new laboratory in California
- In November 2021, a Taiwan-based company, Brain Navi Biotechnology, received CE (Conformité Européenne) mark for its robotic-assisted surgical robot NaoTrac.
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