The Global Urology Care Devices and Platforms Market is forecast to reach $33.64 Billion by 2030

The scope of the global urology care devices and platforms market involves conventional and advanced devices as well as platforms that are used in urological disease management. The conventional devices include dialysis devices, endoscopy and urology-specific imaging devices, lasers and lithotripsy devices, endoscopy fluid management systems, insufflators, and urodynamic systems. Furthermore, consumables such as guidewires and catheters, stents, biopsy devices, and other disposable consumables such as drainage bags, sheaths, and stone retrieval baskets are also categorized as conventional devices. The advanced devices include technology-enabled devices such as neurostimulators, robotic systems, and other emerging technology devices used for urology disorder management.

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The global urology care devices and platforms market comprise various key medical device companies and emerging companies. The major medical device companies operating in the market include Baxter International Inc., Olympus Corporation, Boston Scientific Corporation, Becton, Dickinson and Company, and Medtronic plc.

However, owing to the rising technology penetration and demand for minimally invasive procedures, various novel companies such as Axonics Modulation Technologies, Inc., Micron Medical Corporation, and robotic system companies such as Intuitive Surgical, Inc. have also entered the market and are offering advanced devices such as neurostimulators for urological treatment.

Additionally, owing to the rising demand for remote patient monitoring and integration of digital solutions, emerging companies such as CareLogiQ Corp, Renalytix AI plc, and Healthy.io Ltd have entered the market and are projected to witness significant growth during the forecast period 2021-2030.

The pipeline of global urology care devices and platforms market primarily comprises advanced devices and platforms. Various companies such as Implantica AG, Micron Medical, Lucida Medical, and Neuspera Medical have products in the pipeline that are anticipated to be commercialized by the end of 2030. The launch of these products is projected to propel technology integration in the urology care landscape.

The factors driving growth include the rising prevalence of urological disorders, rising technology integration, and product portfolio expansion through mergers and acquisitions. The restraints to the global urology care devices and platforms market include the high upfront cost of the devices and data privacy concerns.

The opportunities for the global urology care devices and platforms market lie in the adoption of telesurgery in urological practices, the emergence of regional companies, and the development of remote patient monitoring devices.

Key technology trends such as the switch from open procedures to minimally invasive procedures, inclusion of telemedicine in urology practices, remote patient monitoring devices, and integration of artificial intelligence (AI) for improved patient assessment are anticipated to influence the global urology care devices and platforms market.

AI has been integrated into various healthcare applications for improved data analytics. AI inclusion in diagnosis, medical imaging, data collection, result interpretation, and treatment planning has improved physician’s decision-making quality.

The global urology care devices and platforms market has witnessed significant technology integration in the past few years. There have been significant design and product innovations in the market. For instance, more than 5,100 patents have been filed from January 2015 -June 2021, with the highest number of filings in 2019 (1,792 patents).

During January 2018-June 2021, the global urology care devices and platforms market witnessed 50 key developments. Regulatory and legal activities were the most actively employed strategies, followed by mergers and acquisitions. The key companies that received regulatory approvals between January 2018-June 2021 included Advanced MedTech Holdings Pte. Ltd., Baxter International Inc., Medtronic plc, Teleflex Incorporated, Axonics Modulation Technologies, Aveda Health, and Lucida Medical Ltd. Similarly, several partnerships took place between January 2018-June 2021. The aim of strategic partnerships includes new product development, strengthening of distribution network, and business expansion.

New product launches are one of the primary strategies adopted by new companies to enter the global urology care devices and platforms market. Companies have also been working on upgrades for their existing products.

Between January 2018-June 2021, several new products were launched in the global urology care devices and platforms market. Companies such as Advanced MedTech Holdings Pte. Ltd., B. Braun Melsungen AG, Teleflex Incorporated, and Stryker Corporation launched their products in the mentioned period. Furthermore, funding activities are critical for the entry and operation of start-ups in the global urology care devices and platforms market. Advanced MedTech Holdings is one of the prominent investors in the global urology care devices and platforms market that has regularly invested in various start-ups.

Two business models, namely, business to customer (B2C) and distributor network, are operational in the global urology care devices and platforms market. The device manufacturers often employ both the business models for ensuring a prominent local and global presence.

Furthermore, owing to the emergence of platforms companies enabling remote patient monitoring and improved imaging analytics, software-as-a-service (SaaS) is anticipated to become one of the prominent business models in the market.

The global urology care devices and platforms market report highlight that the market was valued at $13.61 billion in 2019 and is expected to reach $33.64 billion by the end of 2030. The market is expected to grow at a CAGR of 9.04% during the forecast period from 2021 to 2030.

Global Urology Care Devices and Platforms Market Drivers

The factors driving growth include the rising prevalence of urological disorders, rising technology integration, and product portfolio expansion through mergers and acquisitions. The high susceptibility of diabetic patients to urinary tract infections (UTI) is a major factor for growing urological disorder cases.

Thus, with the rise in diabetic patients across the world, UTIs are becoming widespread.

There has been a shift in preference by urologists toward single-use endoscopes as compared to reusable. This is due to the risk of contamination associated with reusable endoscopes.

Additionally, the usage of minimally invasive procedures as a treatment for lower urinary tract symptoms (LUTS) has drastically increased since 2013.

Lastly, there have also been several key mergers and acquisitions in the field of urology that have driven the global urology care devices and platforms market. This assists the companies in gaining access to newer technologies and strengthening their product offering.

Global Urology Care Devices and Platforms Market Challenges

The restraints to the global urology care devices and platforms market include the high upfront cost of the devices and data privacy concerns.

While single-use instruments such as endoscopes have benefits that outweigh those of reusable devices, a major limitation encountered with single-use instruments is their high upfront cost which puts pressure on the global urology care devices and platforms market. This causes an increase in hospital expenditure which subsequently leads to higher treatment costs.

As a result, healthcare becomes both less affordable and accessible.

Data breaches are a huge source of concern for healthcare organizations as such incidents can cause legal issues and increase the risk of the practice being shut down. Such cases negatively influence the global urology care devices and platforms market and thus, pose a hindrance to the growth of the market.

Global Urology Care Devices and Platforms Market Opportunities

The opportunities for the global urology care devices and platforms market lie in the adoption of telesurgery in urological practices, the emergence of regional companies, and the development of remote patient monitoring devices.

Under the realm of telemedicine, telesurgery is one of the most challenging yet promising areas. Technological advancement and the development of high-speed internet with a wide bandwidth have positively influenced the field of telesurgery and telesurgical monitoring.

While telesurgery holds potential in the field of global urology care devices and platforms market, it is advancement in telecommunication technologies that will allow telesurgery’s applications in the field of education as well as assistance in urological procedures.

With more companies venturing into developing products with novel technologies, there is increased competition among the players in the global urology care devices and platforms market. While the major players in the global urology care devices and platforms market hold a larger market share, newer start-ups are focusing on entering the market by launching products that integrate concepts like artificial intelligence AI and machine learning (ML) into their devices.

This gives them an edge over the already existing products.

There are a number of remote patient monitoring devices in the global urology care devices and platforms market currently, such as CarePath by I-O Urology, CarelogiQ by CareLogiQ Corp, and KidneyIntelX by Renalytix AI plc, s. The demand for the devices is projected to grow in the future owing to the growing preference among patients and physicians, continuous patient monitoring, improvement in the decision-making process, and accelerated prognosis and treatment planning.

See full report details: https://www.marketresearchdirect.com/report/global-urology-care-devices-and-platforms-market-focus-on-product-type-application-indication-end-user-and-regional-analysis/

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