According to the latest report released by Acute Market Reports, Inc. “Urology Devices Market – Growth, Future Outlook and Competitive Analysis, 2018-2026 â, the urology devices market was valued at USD 31,647.8 million in 2017 and is expected to reach USD 57,101.5 million by 2026, with a 6.7% CAGR from 2018 to 2026.
Browse the full report Urology Devices Market – Growth, future prospects and competitive analysis, 2018-2026 report in https://www.acutemarketreports.com/report/urology-devices-market
Urological diseases are the most common diseases in both developing and developed countries of the world. There are several types of urological disease, but the most common diseases are bladder infections, kidney stones, urinary incontinence, and erectile dysfunction. Urological diseases in their initial stages are usually treated with medication, while in the later stages, medical devices play a vital role. The major factors responsible for the growth of the urology devices market are the increasing prevalence of urological diseases, the increasing adoption of modern technologies to diagnose and treat these diseases, and the increasing penetration of urology devices in developing countries and underdeveloped around the world. The current market scenario suggests that minimally invasive surgical procedures are in high demand for the treatment of urological diseases such as kidney stones and urinary incontinence. This change in trend is seen due to the extended recovery time, extended hospital stays, and the huge risk of infection from conventional open surgery. Therefore, the increasing demand for minimally invasive urologic surgeries is expected to contribute to the growth of urologic devices throughout the forecast period.
The instruments segment accounted for the largest market share in 2017, as the instruments are expensive compared to consumables. Endoscopes have been observed as the largest sub-segment of the instrument market due to the increasing demand for minimally invasive diagnosis and treatment and the technological development in the field of urology endoscopes. Ambulatory Surgery Centers are growing globally due to several advantages these centers have including the short turnaround time for patient recovery as most of the procedures performed at this facility are minimally invasive or also called day surgeries.
North America has been considered the largest urology devices market due to key market factors such as the increasing prevalence of urinary tract infections, urinary incontinence, kidney stones, and cancer of the prostate. prostate, and the growing demand for new equipment for the diagnosis and treatment of urology devices. In 2018, Cancer.Net published an article citing that approximately 164,690 men in the United States will be diagnosed with prostate cancer and that prostate cancer is the second leading cause of cancer death in men, it is estimated. that 29,430 deaths will occur in 2018 due to prostate cancer.
Market competition assessment:
The urology devices market is evolving and with many companies present in this industry, a wide range of products and high market penetration have been observed, especially among global players. The major players operating in this market are Fresenius Medical Care, Baxter, KARL STORZ, Boston Scientific, Cook Medical, Olympus, Richard Wolf and Medtronic, among others.
Main market movements:
- Growing prevalence and awareness of urological diseases
- Continuous development in the technology of urology devices used for both diagnosis and treatment
- Growing demand for minimally invasive diagnostic and treatment techniques