Urology Devices Market 2022
According to a recent study published by the Market Research Future analysts, the global urology devices market is growing at a exponential growth rate; mainly due to rising cases of urological diseases, increasing demand for advance healthcare devices, increasing rate of prostate and bladder cancers, diagnosis of patients with kidney diseases. All these factor are contributing to the growth of the market.
On the other hand, there are few hurdles in this market such as high cost of the devices, stringent regulatory norms for the device manufacturers, and lack of awareness among population in underdeveloped and developing regions of the world. These factors may hinder the growth of the market to an extent.
The number of products used for diagnosis and treatment of urological diseases is relatively high and is considered as a major factor responsible for its large market share. The high incidence rate of urological cancers such as prostate cancer and bladder cancer, along with the availability and accessibility of diagnosis and treatment instruments in clinics and hospitals are the key factors driving the growth of the urology device market. However diverse factors such as patient safety risks due to chances of infection and other complications while using lack of skilled professionals, urology devices, in handling urology devices limits the growth of Urology devices global market.
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Major Key Players:
American Medical Systems (U.S.), Boston Scientific (U.K.), Olympus (U.S.), Coloplast (Denmark), and Cook Medical (U.S.), C.R. Bard (U.S.), Endo Health Solutions Inc. (U.S), Fresenius Medical Care (Germany), Baxter (US), Richard Wolf (US), KARL STORZ (Germany), Medtronic (US), Dornier MedTech (Germany), Prometheus Group (US), Medi-Globe (US), Intuitive Surgical (US), Merit Medical Systems (US), Siemens Healthcare (Germany), Stryker (US), ROCAMED (France), Medica (Italy), NOVAmedtek (Turkey), SRS Medical Systems (US), ProSurg (US), Albyn Medical (UK), EMD Medical Technologies (Canada), and Biolitec (Germany) are some of the prominent players at the forefront of competition in the global urology devices market and are profiled in MRFR Analysis.
Regional Analysis
North America is the largest market in the urology devices market with increasing cases of dialysis, and other lifestyle diseases. According to the Urologic Diseases in America (UDA) project, the U.S. population spends approximately $11 billion annually on the treatment and management of urological diseases.
Europe is the second largest market and is expected to catch up quickly with North American market in the coming years. The factors such as rising awareness about urology devices, increasing investments in hospital managements, healthcare facilities, medical infrastructure to support the acute as well as chronic urological disease conditions. Increasing government support in R&D and business opportunity generation has greatly impacted the market with emerging nations coming forward capitalizing the opportunities and boosting the growth of the urology device market. Apart from that, the European Association of Urology has undertaken efforts to increase the awareness in Europe about urological diseases among the population achieved through the promotion of prostate cancer screening and initiatives such as Urology Week.
Asia Pacific region is a growing market attributed to rising prevalence of lifestyle diseases and government initiatives in establishing innovative technologies and demand for sophisticated medical services. Developing healthcare infrastructure and increasing investment in research and development in countries like India and China are pushing the growth of urology devices market in this region.
Middle East & Africa currently contribute least in the global market. However, the scenario is changing and with rising awareness among people and developing healthcare services, these regions are projected to generate good revenues to benefit the global urology devices market.
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