Market Research Future (MRFR) in their latest report on the global urology devices market revealed that a 7.1% CAGR during the forecast period (2017-2023) is possible if factors play right throughout. The urology devices market can even surpass its expected market worth by the end of 2023. Urology is the branch of medical studies that focuses on female urinary tract system and the male reproductive organs. Organs that are part of this study includes kidneys, adrenal glands, ureters, urinary bladder, urethra, and the male reproductive organs. Devices related to the study of this field is getting significant traction owing to the prevalence of diseases that affect these organs. Along with it, advents in technology is something that can guide the market forward.
However, the urology devices market can get pulled back due to the poor reimbursement policies and costly devices. But the urology devices market can benefit from the rivalry taking place between companies for better market percolation.
MRFR in their detailed discussion on the global urology devices market put a special emphasis on the segments. These segments are types, applications, technology, and end-users.
Based on the types, the urology devices market can be segmented by urinary stone treatment devices, dialysis equipment, benign prostatic hyperplasia treatment devices, endoscopy devices, urinary incontinence & pelvic organ prolapsed devices, and others. The dialysis equipment segment can be further segmented into haemodialysis, peritoneal dialysis, and others. The urinary stone treatment devices segment includes lithotripsy, ureteral stents, and others. The urinary incontinence & pelvic organ prolapsed devices segment consists urethral inserts & pessaries, vaginal meshes & slings, sacral neuromodulator, and others. The benign prostatic hyperplasia treatment devices segment includes catheter ablation, prostatic stents, and others. The dialysis segment has substantial market presence and it can grow bigger during the forecast period.
Based on the technology, the urology devices market can be segmented into robotic surgery, minimally invasive surgery, and others. The robotic surgery segment is all set to expand with substantial market domination.
Based on the applications, the urology devices market includes urinary incontinence, prostate cancer, urinary stones, benign prostatic hyperplasia, and others.
With the focus on end-users, the urology devices market can be segmented into hospitals, ambulatory services and others. The hospitals segment can expect for substantial market expansion.
MRFR, in their region-specific analysis of the global urology devices market, includes the Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA).
The Americas has the maximum market share owing to the significant technological advancement they have made in their field. The region has high healthcare expenditure and the cases related to kidney are quite prevalent owing to which the sector can expect substantial rise.
Europe is only second to the Americas in terms of generating revenues for the market. The region has the strength to retain its global position during the forecast period with significant market possession. Europe’s increasing investment in the research & development is one strong point that is going to set their future market demography on the track of profit.
The APAC market is quite lucrative as several countries from the region are experiencing strong economic surge. High healthcare expenditure can be witnessed as well as governments are spending heavily to revamp their healthcare infrastructure. Riding on such developments the regional market is expected to grow with the fastest CAGR during the forecast period.
Players to substantially influence the global urology devices market are Olympus Corporation (Japan), KARL STORZ GmbH & Co. KG (Germany), Boston Scientific Corporation (US), Medtronic (US), C. R. Bard, Inc. (US), Stryker (US), HealthTronics, Inc (US), NIKKISO CO. LTD (Japan), Fresenius Medical Care AG & Co. KGaA (Germany), Cook (US), Dornier MedTech (Germany), and others.
In 2018, Urotronic, a startup based out of Plymouth raised USD 20 million in Series B funding led by HM (Hillhouse & Mayo Clinic) Ventures. Among other significant investors CDBI Partners, OCXPROURO Limited andLegend Capital are crucial. The investment is to support a new product called Optilume that can keep the urinary tract clear.
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