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What are the Market Trends for The Urology Surgical Instrument Market in The Global Arena? Research Report by Leading Key Players – Olympus Corporation, Richard Wolf GmbH, Cook Medical, Medtronic, Stryker Corporation, Teleflex Incorporated, CONMED Corpo
The market is majorly being driven by increasing prevalence of urinary tract infections (UTIs) in women, surging geriatric population, and rising prevalence of benign prostatic hyperplasia (BPH) procedures.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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Asia-Pacific (APAC) is expected to be the fastest growing urology surgical instrument market during the forecast period, with a CAGR of 9.4%. This can be attributed to increasing awareness about urological disorders, leading medical tourism destinations, and growing healthcare industry in the region.
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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.
In December 2017, Coloplast A/S entered into a definitive agreement to acquire SAS Lilial (Lilial), a privately owned French catheter and ostomy supplier, for a cash consideration of $41.7 million (€35.5 million). The transaction was closed in January 2018. The acquisition was aimed at providing further access to payers and strengthening Coloplast’s position and offerings in France. Acquisitions taking place in this industry boost the growth of the urology surgical instrument market.
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