Investments in Minimally Invasive Laparoscopy and Endoscopy Procedures Drive Developments in Urology Devices Market: Fact.MR

Increasing scope of applications and frequent research activities drive adoption of new urology devices in emerging markets with relatively lower regulatory barriers.

Fact.MR New York: A new report on the urology devices market published by market research company Fact.MR has projected strong growth prospects throughout 2021, reflecting a CAGR of over 6% through the coming decade. The covid-19 pandemic has moderately impacted demand in the urology device industry owing to strict lockdown regulations on production activities through 2019 and 2020, in addition to postponed elective procedures for non-urgent medical care. Also, covid-19 patients are expected to be at higher risk of kidney damage and failure, influencing short-term demand. The market is projected to display steady recovery through 2021, as regulations on manufacturing activities are removed in the near future.

According to the American Urological Association, the number of urologists has doubled between 2015 and 2019.The rapidly aging population of the United States is a key factor driving demand for urology devices in the country. The substantially higher risk of conditions such as bladder cancer among older demographics will positively influence sales prospects in the market for the foreseeable future.

The widespread prevalence of chronic kidney disease is one of the major factors driving market growth. Furthermore, the rising numbers of high blood pressure and diabetes cases around the world are also projected to contribute substantially to the rise of the market, which often result in kidney failure conditions.

“Some of the key driving factors supporting the growth of the urology devices market are the rising prevalence of urinary tract diseases, kidney stones, congenital abnormalities, prostate cancer, stress incontinence, and traumatic injuries. Additionally, increasing healthcare expenditure and tech advancements have bolstered revenue prospects in the industry,” commented a Fact.MR analyst.

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Key Takeaways from Fact.MR’s Urology Devices Market

  • Percutaneous nephrostomy catheters will reflect faster growth owing to wide range of applications in urological ailments.
  • Hypertension and diabetic complications are key contributors to kidney disease and the demand for urology devices.
  • United States will hold the lead on the back of favorable reimbursement policies and a matured healthcare sector.
  • China and India display high growth potential owing to higher healthcare expenditure and medical tourism.

Urology Devices Market – Prominent Drivers

  • Relatively relaxed regulatory standards in developing countries is creating key opportunities for sales.
  • Increasing patient preference for minimally invasive procedures contribute to market growth.
  • Wide scope of healthcare applications associated with urology devices will contribute to sustained growth.

Urology Devices Market – Key Restraints

  • Prohibitive capital requirements for R&D and operations is a major factor hindering growth.
  • Highly consolidated nature of the market limits the entry of new players in the market.

Discover more about the urology device market with figures data tables and table of contents.

Competitive Landscape

Major players in the urology devices market include but are not limited to Richard Wolf GmbH, Siemens AG, Karl Storz GmbH & Co. Kg, Baxter International Inc., Cook Medical Inc., Boston Scientific Corp., Olympus Corporation, and Stryker Corporation.

Leading manufacturers in the urology device market are focusing increasingly on the development and launch of new offerings in line with strict international regulatory quality and patient safety standards to improve adoption prospects for the near future.

In April 2021, Cosmo Artificial Intelligence Ltd. announced the receipt of approval from the FDA for its GI Genius device, which makes use of artificial intelligence and machine learning platforms to assist in the detection of polyps during colonoscopies.

Erbe Elektromedizin announced plans to acquire Maxer Endoscopy, with the aim of broadening their product portfolios of minimally invasive endoscopy systems and instruments including urology procedures.

In March 2021, Dornier MedTech became the first company, certified under the medical device regulation of the European Union, to standardize product quality standards to manage kidney stone conditions in the region.

More Insights on the Urology devices Market

In its latest report, Fact.MR offers unbiased analysis of the global urology device market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product type (dialysis devices, endoscopes, laser & lithotripsy devices, robotics, endovision, peripheral instruments, urodynamic systems), end user (hospitals & clinics, dialysis centers, and others), and disease (kidney disease, cancer & BPH, pelvic organ prolapse, and others) across six regions (North America, Latin America, Europe, Japan, Asia Pacific excluding Japan, and Middle East & Africa).

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