Urology Devices Market is projected to reach US$ 58.3 Bn by 2026
Urology Devices Market - Snapshot
The global urology devices market is driven by high prevalence and rapid increase in incidence of urology disorder associated with the urinary tract system (UTS) across the globe. The global market was valued at US$ 31.4 Bn in 2017 and is projected to reach US$ 58.3 Bn by 2026, expanding at a CAGR of 7.1% from 2018 to 2026. High growth rate of the market is attributed to the increase in adoption of urology devices, easy availability of urology devices, and rise in demand for minimally invasive or non-surgical products across the globe.
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Urology is the branch of science that focus on surgical and medical diseases of urinary tract systems. Urology is witnessing a shift toward less invasive treatment methods. Technologies such as minimally invasive surgery and robotic surgery are being rapidly adopted after being introduced to the urology specialty. Rise in demand for minimally invasive surgery and non-invasive treatment devices and new product launches in the urology devices segment are projected to propel the global urology devices market during the forecast period. Millions of people across the world are affected by urinary tract system (UTS) disorders, and women are more likely to be affected as compared to men. Urinary tract infection, weakening of pelvic floor muscles & urethral sphincters, menopause, pregnancy & childbirth, and post radical prostatectomy surgery in men lead to the development of urology disorders and urinary incontinence symptoms. Efforts are being undertaken in various countries to improve the awareness about urological diseases among the general population. According to the Urologic Diseases in America (UDA) project, around $11 Bn is spent by the population in the U.S., annually, for the treatment and management of urological diseases.
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The global urology devices market has been segmented based on product, end-user, and region. In terms of product, the market has been classified into dialysis, endoscopes, endovision systems & peripheral instruments, laser & lithotripsy, robotic systems, urodynamic systems, urology catheters, biopsy devices, stents, urology guidewires, drainage bags, and others. The others segment has been bifurcated into retrieval devices & extractors, dilator sets & urethral access sheaths, tubes and distal attachments, and surgical dissectors, forceps & needle holders. The dialysis segment dominated the market in 2017. The segment is projected to expand at an exponential growth rate from 2018 to 2026. The robotic systems segment is likely to expand at a significant growth rate and is expected to gain market share during the forecast period, due to an increase in demand for robotic systems across the globe. Urology catheters, such as Foley catheters, intermittent catheters, and external catheters, are widely used and hence, the urology catheters segment dominated the global urology devices market. High rate of adoption of Foley catheters and intermittent catheters in order to empty the bladder, technologically advanced products to prevent infection, and ease of use of intermittent catheters are attributed to the prominent market share held by the urology catheters segment.
In terms of end-user, the global urology devices market has been classified into hospitals, dialysis centers, and others. The others segment includes ambulatory surgical centers and homecare settings. The hospitals segment accounted for a major share of the global market in 2017, followed by dialysis centers and others segments. Increase in the number of multinational hospitals with advanced surgery techniques and adoption of technologically advanced urology devices are expected to boost the hospitals segment during the forecast period.
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In terms of region, the global urology devices market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for a notable share of the global market in 2017, followed by Europe. Well-established health care facilities, favorable reimbursement policies, and early adoption of technologically advanced products for the management of urinary disorders have contributed to the major market share held by North America. Europe is projected to be the second-most attractive market for urology devices from 2018 to 2026. The market in the region is anticipated to expand at an exponential CAGR during the forecast period, due to high prevalence and increase in incidence of urinary disorders in Europe, recent launch of urology devices, and high per capita health care expenditure in the region.
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The global urology devices market is consolidated, with number of companies accounting for majority market share. Key players operating in the global market include Boston Scientific Corporation, KARL STORZ SE & Co. KG, C. R. Bard, Inc. (Becton, Dickinson and Company.), Richard Wolf GmbH., Intuitive Surgical, Fresenius Medical Care, Olympus Corporation, and Cook Medical. These players exhibit significant geographical outreach, with presence in multiple urology devices segments. Manufacturers are adopting acquisition & collaboration and new product development strategies to tap the unmet needs of a large proportion of urinary disorder patient pool. Other prominent players in the global urology devices market include Siemens Healthineers (Siemens AG), Baxter International Inc., Stryker, Medtronic, B. Braun Melsungen AG, and Dornier MedTech.
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