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Urology Surgical Instrument Market Analysis by Top Companies, New Technology, Demand and Opportunity Analysis
On the basis of product, the market has been categorized into consumables and accessories, urology endoscopes, endovision systems, and peripheral instruments. The consumables and accessories category is predicted to lead the urology surgical instrument market, both in terms of size and growth. The category contributed a 45.3% share in the global market in 2017 and is expected to progress at a CAGR of 9.1% during the forecast period. This leading position is mainly attributable to the high use of guidewires, stone basket, stents, catheters and dilator sets in urology surgery.
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Consumables and accessories are further classified into guidewires, stone basket/retrieval device and extractor, catheter, stent, biopsy device, fluid flushing device, connecting tube, clamp, overtube, and distal attachment, dilator set and ureteral access sheath, drainage bag, surgical dissectors, needle forceps and needle holders, and other products. Among these, guidewires led the urology surgical consumables and accessories market and generated a revenue of $818.6 million in 2017. This can be ascribed to its features like smooth tracking, easy advancement, maximum maneuverability, and precise control during surgical procedures. This adds to the growth of the urology surgical instrument market, globally.
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These surgical instruments find application for the treatment of chronic kidney disease (CKD), urinary stone, BPH, urinary incontinence (UI) and pelvic organ prolapse (POP), oncology and other disorders (erectile dysfunction and hernia). Urology surgical instruments are widely used for the treatment of CKDs due to their increasing prevalence globally as compared to other disorders, and held the largest share in the urology surgical instrument market. According to Centers for Disease Control and Prevention (CDC), 30 million people or 15% of U.S. adults were estimated to have CKDs in 2017.
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Due to increasing GDP, the countries in the region are witnessing growing demand of these surgical instruments. According to the World Bank, the GDP per capita of India increased from $1,345.8 in 2010 to $1,709.4 in 2016. A similar trend has been observed for other developing countries as well, such as Papua New Guinea, Philippines, and Indonesia, thus leading to the growth of the APAC urology surgical instrument market.
Globally, key players in the urology surgical instrument industry are acquiring other firms to attain a higher position in the market. For instance, in March 2018, Boston Scientific Corporation announced that it acquired EMcision Limited, a developer of medical devices in the U.K. and Canada. The acquisition would expand the Boston Scientific Endoscopy portfolio to include the HabibTM EndoHPB probe, a novel endoscopic bipolar radiofrequency device, which coagulates tissue in the gastrointestinal (GI) tract.
Some of the other key players, other than those mentioned above, operating in the urology surgical instrument industry are Karl Storz GmbH & Co. KG, Olympus Corporation, Richard Wolf GmbH, Cook Medical LLC, Medtronic plc, Stryker Corporation, Teleflex Incorporated, CONMED Corporation, and CooperSurgical Inc.
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