Urodynamic Equipment Market Opportunity Analysis, 2018-2026
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Urodynamic Equipment Market Drivers:-
Initiatives taken to increase awareness among people such as by World Continence Week organized by Continence Foundation of Australia is expected to support the global urodynamic equipment market growth. The World Continence Week 2017, aims to spread awareness regarding in continence. According to a study conducted by International Continence Society in 2018, the prevalence of urinary incontinence in women is 28%, 16.1% in men, and 35% in senior citizens. This study also states that urinary incontinence is among the 10 most common diseases caused in both sexes. Moreover, aging is also one of the reasons that can cause urinary bladder related disorders. According to National Institute of Health in 2016, incidence of bladder cancer is 7 times more in senior citizens whose age is 65 and above. According to International Continence Society, individuals suffering from asthma or bronchitis are 38% more likely to have urinary incontinence. According to a study conducted by Asthma and Allergy Foundation of America and Centers for Disease and Prevention (CDC) in 2016, 1 out of 13 people are suffering from asthma i.e. about 25 million people are suffering from asthma in the U.S. In 2015, around 47.5% of children under the age of 18 had asthma. Therefore, increase in chronic and urinary diseases is driving growth of the urodynamic equipment market.
Market players are actively engaged growth strategies such as mergers and acquisitions to maintain leading position in the urodynamic equipment market. For instance, in April 2018, LABORIE Medical Technologies acquired COGENTIX Medical Inc. This acquisition will help in strengthening product portfolio of LABORIE Medical Technologies. However, high cost of equipment leading to expensive treatment procedures is restraining growth of the urodynamic equipment market size.
Urodynamic Equipment Market Regional Analysis:-
North America region is expected to hold dominant position in global urodynamic equipment market, owing to initiatives taken by the medical centers to increase the awareness among the people. For instance, in 2017, Urology Foundation Care and American Urological Association took an initiative called Bladder Health Month which took place in November. As a part of the campaign, a group of patients, doctors, clinicians share some facts related to urinary incontinence to spread awareness among people regarding treatment of urinary disorders. Such initiatives create awareness among people regarding disease and their treatment options. In 2018, an initiative taken by bladder cancer advocacy network called as ‘Shine a Light’ campaign aimed to create awareness about bladder cancer and its treatment methods. Various other campaigns taken by bladder cancer advocacy network include walks to end bladder cancer and my bladder cancer story campaign. Also, bladder cancer advocacy network uses media to spread awareness through articles, social networking sites, etc. Such initiatives area expected to drive growth of urodynamic equipment market share in North America.
Europe urodynamic equipment market is projected to witness significant growth over the forecast period due to increasing prevalence of urinary disorders. According to study conducted by European Association of Urology, in 2016, out of 5.3 million women in Europe 1.5 million women have urinary incontinence. According to a survey conducted by European Commission in 2017, Europe witnessed 124,000 new bladder cancer cases in 2017. Rise in the prevalence of bladder cancer and urinary incontinence is expected to fuel growth of the urodynamic equipment market.
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Urodynamic Equipment Market Key Players:-
Key players operating in global urodynamic equipment market include LABORIE Medical Technologies, Verathon, Albyn Medical, Cooper Surgical, Ameco Medical Laboratories, Aymed Medical Technology, Boston Scientific Corporation, C.R.Bard, UROTECH, NOV Amedtek, Neomedix Systems, MKS Medic, and Dantec Medical Inc.
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