Technology has remained the underbelly of most healthcare advancements, and urodynamics equipment are no different.
Technology has remained the underbelly of most healthcare advancements, and urodynamics equipment are no different. Over the years, realizing the potential for business with a steadily growing population becoming victim to nephrological conditions, companies in the global urodynamics equipment and disposables market have felt the need to create advanced products. A recent Transparency Market Research report on global urodynamics equipment and disposables market spills details about the factors that matter for growth.
Studies show that about 14% of the world’s population is victim to kidney disease. This is a whopping figure and being able to cater to this humungous patient population is a strenuous task for the global urodynamics equipment and disposables market. This is just the number for one condition. Primarily in healthcare, physicians prefer conducting urine tests for even trivial conditions. This has prompted most companies to adopt microprocessor technology in their products to be able to carry out diagnosis with precision and in less time. The sharp reduction in diagnosis time has fuelled demand for these new products in the global urodynamics equipment and disposables market.
And, the putting out sheer consumption volume of disposables is an unimaginable task. With this huge a potential, the growth prospects for players in the global market for urodyanmics equipment and disposables look bright.
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Some of the prominent names to look for in the global urodynamics equipment and disposables market are American Medical Systems, Albyn Medical, C.R. Bard, Covidien, LABORIE, and Medical Measurement Systems. TMR analysts predict that the market for urodyanmics equipment and disposables will grow at 14% CAGR between 2014 and 2020.
Impact of Diabetes on the Market
According to statistics, every eleventh person on this planet is a diabetic. While it is an established fact that a person with diabetes is at the risk of several conditions, and kidney disease is one of them. Diabetologists often warn their patients to be careful about their kidney function, and to keep things in control, a routine test to monitor kidney function is advised. This prompts patients to include a kidney function test in their routine master check-up fuelling demand for products in the global market for urodynamics equipment and disposables.
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Catering to a Large Population
It might be impossible to quantify the demand as the population is unsurmountable. However, the unending patient population will trigger companies in the global urodyanmics equipment and disposables market to expand their operations and create additional manufacturing facilities in new regions. This approach will become an added strategy besides rolling out new products to compete with other players as approval for new products take time in some parts of the world. Also, the risk of failure will need backup to meet revenue targets and sustain in the highly competitive landscape of the global urodyanmics equipment and disposables market.
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Conditional Reimbursements from Health Insurance Providers
With the number of cases for kidney ailments growing, health insurance provider have become skeptical about reimbursing every procedure, especially for kidney stones. As a result, people have developed reluctance towards both diagnosis and treatment, especially among the lower economic strata. However, policy makers in developed and emerging nations have reacted to this situation positively aiding people from the lower economic strata with a government health insurance program covering these costs either fully or partially. This has rekindled the hopes among players in the global urodynamics equipment and disposables market. With time as awareness about these programs improve, players will witness recovery and further growth in the coming years.
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