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Opportunities in Urodynamic Devices Market with Size, Share, Growth, Industry Demand, Forecast and Application Analysis To 2022
Fact.MR
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Urodynamic study enables physicians in diagnosing causes, and identifying their nature, or detecting dysfunctions in the lower urinary tract. The primary objective of an urodynamic test is understanding disorders/problems occurring in lower urinary tract by duplication of symptoms. Urodynamic study also help in determination of the causes of bladder dysfunction, formulating an appropriate course for the treatment.
Moreover, a slew of technological advancements are being observed in urodynamic devices such as penile cuff, intravesical prostatic protrusion, condom catheter, and ultrasound video urodynamic. In addition, other factors such as surging availability of medical reimbursements pertaining to urological preliminary tests, continuous product approvals, and increasing proliferation of network of testing centers are further estimated to fuel demand for urodynamic devices around the world. The global market for urodynamic devices is projected to expand at an impressive CAGR during the forecast period 2017 to 2022, according to a recent research by Fact.MR. The market is estimated to account for revenues worth US$ 265 Mn by 2022-end.
Increasing Initiatives to Spread Awareness about Urological Disorders to Boost the Market Growth
The World Health Organization (WHO) has estimated over 300,000 patients to be affected with bladder cancer annually around the world. The National Association of Incontinence estimates roughly 200 Mn population across the globe to be suffering from urinary incontinence every year. Incidences such as these have increased demand for urodynamic devices, along with the rise in clinical urgency. Numerous healthcare initiatives have been creating awareness about urological disorders, coupled with availability of diagnostics and treatment for urological problems. Some initiatives among these include “Continence Awareness Week” undertaken by the U.K.’s Continence Foundation, and Japan’s “Let’s Talk and Think About Continence”. These initiatives are depriving people of social stigma, encouraging them to consult physicians. The aforementioned factors will boost growth of the global urodynamic devices market in the upcoming years.
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North America will Retain its Dominance in the Global Urodynamic Devices Market
North America will retain its dominance in the global market for urodynamic devices, in terms of revenues. This is primarily attributed to surging prevalence of target diseases in the region, coupled with the robust adoption of urodynamic products in a variety of diagnostic procedures, pharmaceutical as well as healthcare centers, and rising preference of urologists & urogynecologists for urodynamic tests. Asia-Pacific excluding Japan (APEJ) is estimated to be the fastest expanding market for urodynamic devices over the forecast period. This robust expansion of the market in APEJ can be attributed to unmet patient requirements, rising prevalence of urological diseases, and increasing purchasing power of people in the region.
Uroflowmetry urodynamic devices are projected to remain the top-selling device, accounting for over one-fourth revenue share of the market throughout the forecast period. This is mainly because of extensive utilization of uroflowmetry for diagnosis of benign prostatic hypertrophy, prostate cancer, neurogenic bladder, bladder dysfunction, bladder cancer, and urinary blockage. In addition, urodynamic catheters are estimated to be the fastest-selling device in the global urodynamic devices market during 2017 to 2022.
Hospitals will continue to be the largest end-users of urodynamic devices, with sales poised to exceed US$ 150 Mn in revenues by 2022-end. Largest share of the revenues from sales of urodynamic devices in hospitals will be accounted by North America, representing over one-third share of the market. However, sales of urodynamic devices in urology clinics are anticipated to exhibit the highest CAGR through 2022, based on end-users.
Uroflowmetry Urodynamic Devices to Remain Sought-after in the Market
Uroflowmetry urodynamic devices will continue to be sought-after among physicians, and revenues from sales of uroflowmetry urodynamic devices will hold more than one-fourth share on global revenues throughout the forecast period. Significant use of uroflowmetry to diagnose prostate cancer, benign prostatic hypertrophy, urinary blockage, bladder cancer, neurogenic bladder, and bladder dysfunction, are contributing to demand for uroflowmetry urodynamic devices in hospitals and urology clinics globally. In addition, sales of urodynamic catheters are projected to register the fastest expansion in the market through 2022.
Urology clinics will continue to be the fastest growing end-users of urodynamic devices in the global market. Hospitals are estimated to remain the largest end-users of urodynamic devices over the forecast period. North America will account for the largest share of the revenues from urodynamic devices sales in hospitals. Urodynamic devices sales in hospitals are anticipated to account for more than US$ 150 Mn revenues by 2022-end.
Competition Tracking
Key players participating in the global urodynamic devices market include Albyn Medical Ltd., Boston Scientific Corporation, Medica SpA, Neomedix Systems Pty. Ltd., Dantec Dynamics A/S, CooperSurgical Inc., LABORIE, Verathon Inc., and Best Medical International Inc.
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Healthcare market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.
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