Healthcare expenditure per capita has improved globally, at the same time the ratio of geriatric population continues to grow indifferently, which is also playing an important role is driving the market. Over the years, a wide range of novel medical technologies has arrived in the field of urology. Several groundbreaking minimally invasive surgical procedures have also been developed for treating urological disorders. Such incessant progress has led to development of cutting-edge urology devices market size. Manufacturers are also focusing on developing and designing organ-specific devices that can better assist surgeons in diagnosing and treating disease in any particular organ in the urinary system.
Increased prevalence of disorders associated with organs such as ureters, urethra, adrenal glands, urinary bladder, ureters and other organs in the urinary system has driven the need for more advanced and cost-effective urology treatments and therapeutics. The number of individuals affected by chronic kidney disorders has also increased in recent years. Changing lifestyle and increased consumption of junk food is partly responsible for the rising number of medical cases associated with urinary system. Factors as such is influencing the global market for urology devices. These devices are used in various surgical treatments including kidney stones surgery, prostate surgery and uninary tract surgery among others. The latest report published by Market Research Future (MRFR) projects that the global market for urology devices will expand at 7.1% CAGR during the assessment period (2017-2023).
Global Market for Urology Devices – Competitive Analysis
Some of the prominent market participants profiled in the MRFR’s report include Stryker (US), Olympus Corporation (Japan), Boston Scientific Corporation (US), Cook (US), Dornier MedTech (Germany), NIKKISO CO. LTD (Japan), KARL STORZ GmbH Co. KG (Germany), HealthTronics, Inc. (US), Medtronic (US), Fresenius Medical Care AG Co. KGaA (Germany), and C. R. Bard, Inc. (US).
Global Market for Urology Devices – Segmental Analysis
Base on types, the market has been segmented into urinary stone treatment devices, benign prostatic hyperplasia treatment devices, dialysis equipment, urinary incontinence pelvic organ prolapsed devices, endoscopy devices and others. The dialysis equipment segment is further sub-segmented into haemodialysis, peritoneal dialysis and others. The urinary incontinence pelvic organ prolapsed devices segment is further sub-segment into vaginal meshes slings, urethral inserts pessaries, sacral neuromodulator and others. The urinary stone treatment devices segment is further sub-segmented into lithotripsy, ureteral stents and others. The Benign prostatic hyperplasia treatment devices segment in further sub-segmented into catheter ablation, prostatic stents and others. Based on application, the market has been segmented into prostate cancer, urinary incontinence, benign prostatic hyperplasia, urinary stones and others. Based on technology, the market has been segmented into robotic surgery, minimally invasive surgery and others. By end users, the market has been segmented into ambulatory services, hospital and others.
The market in Americas is expected to witness a healthy growth during the projection period. This is mainly attributed to increasing incidences of traumatic injuries, prostate cancer, kidney stones across the region. Also, existence of an advanced healthcare infrastructure and higher healthcare expenditure is favoring the growth of the market in the region. Meanwhile, Europe holds the second spot in the global urology market. Favorable government policies and expanding geriatric population is propelling the region’s market. In Asia Pacific (APAC), rapid industrialization and economic growth has contributed to the growth the healthcare sector, which is auguring well for market player operating in the region.
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