Urology Devices Market Size in 2019 is estimated to be $35.6 billion, growing at a CAGR of 6.5% during the forecast period 2020-2025. Urology is the branch of medicine that focuses on the diseases of female urinary system and the male reproductive organs. The organs under the domain of urology include the kidneys, adrenal glands, ureters, urinary bladder, urethra, and the male reproductive organs. Urological devices as are used in the treatment of the urinary tract diseases. Also, Laparoscopy procedures are performed using urology devices for the diagnosis and treatment of abdomen related medical issues. High incidence of urologic conditions and technological advancement are the major factors driving the growth of the market. Moreover, rising disposable income and advancement of R&D activities further enhance the overall market demand for urology devices during the forecast period 2020-2025.
Urology Devices Market Segment Analysis - By Type
Based on the Type, Urology Devices Market is segmented into Dialysis Equipment, Urinary Stone Treatment Devices, Endoscopy Devices, Benign Prostatic Hyperplasia Treatment Devices, Urinary Incontinence. The Dialysis equipment segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 5.5% during the forecast period 2020-2025. This is mainly as it helps to filter and purify the blood and also keep the body in balance when the kidney can’t perform this function. With rise in incidence of kidney disorders globally, the need for dialysis procedure being performed has increased. This in turn contributes to the growth of this segment.
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Urology Devices Market Segment Analysis - By Disease
Based on the Disease, Urology Devices Market is segmented into Kidney Disease, Prostate Cancer, Urological Cancer and BPH, Pelvic Organ Prolapse, Others. In 2019, kidney disease held the largest share in the Urology Devices Market. According to World Health Organization, about 850 million people are suffering from kidney disease which is contributing to the dominance of this segment.
Urology Devices Market Segment Analysis - By Geography
North America dominated the Market share accounting for 45% of the market in 2019. This is mainly owing to growing preference for minimally invasive surgeries, and the rising number of hospitals and demand for quality medical care. According to American Urological Association Foundation (AUAF), more than 661,000 people are suffering from kidney failure and 468,000 patients are given dialysis which are contributing the major share of this region.
However, the Asia Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing disposable income and increasing healthcare expenditure.
Urological Devices Market Drivers
High Incidence of Urologic Conditions
The incidence of urologic conditions, such as benign prostate hyperplasia (BPH), urinary tract infections (UTIs) is driving the market growth. Geriatric population are more susceptible to urological disorders and undergo more number of related treatments or procedures. The incidence of urological condition is high among elderly population. Thus, rising geriatric population is also contributing to the market growth of urological devices.
Technological Advancement
Increasing technological advancement and rising medical research are some factors driving the growth of the market. Companies are investing in research activities to develop better devices at lower cost and with innovative technology. Moreover, increasing research and development activities and improvised hospital infrastructure are further contributing to the growth of Urology Devices Market.
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Urology Devices Market Challenges
High cost of urology devices and stringent government regulations are restraining its market growth during the forecast period 2020-2025.
Urology Devices Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Urology Devices Market. Urology Devices top 10 companies are Medtronic, Siemens, Abbott, GENERAL ELECTRIC, BD, Stryker, Boston Scientific Corporation, Cardinal Health, Intuitive Surgical, Cook, Olympus Corporation, Johnson & Johnson Services Inc., and Fresenius Medical Care AG & Co. KGaA.
Acquisitions/Product Launches:
On February 2019, Boston Scientific Corporation launches new technology AdVance XP Male Sling System. This device will provide ease of placement and stability and is also available in long sling lengths.
On September 2018, Abbott launches LithoVue Empower Retrieval deployment. This device was designed to be used with LithoVue Single-Use Digital Flexible Ureteroscope. It had improved efficiency required at the time of stone procedures.
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