Ureteroscope Market to Rise at 5.5% CAGR till 2027 Driven By Key Players - AED.MD, PENTAX Medical, Richard Wolf GmbH., Stryker, Elmed Electronics & Medical Industry & Trade Inc.

A new market study, titled “Discover Ureteroscope Market By Upcoming Trends, Growth Drivers and Challenges” has been featured on Fortune Business Insights™.

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Market Overview

The global ureteroscope market size is projected to reach USD 1,498.1 million by 2028, exhibiting a CAGR of 5.5% during the forecast period. Increasing incidence of kidney stones is expected to stoke adoption of these devices, states Fortune Business Insights™ in its report, titled “Ureteroscope Market Size, Share & COVID-19 Impact Analysis, By Product (Flexible, Semi-flexible, and Rigid), By Application (Urolithiasis, Urolithial Carcinoma, and Others), End User (Hospitals, Specialty Clinics, and Others), and Regional Forecast, 2021-2028”. A study published by the US National Institutes of Health (NIH) in 2018 revealed that kidney stone disease prevalence and its recurrence is rising. According to the study, 12% of the global population suffers from urolithiasis, which is the process of formation of stones, at some point during their lifetime. Affecting all races, sexes, and age groups, the disease is evidenced to be more prevalent in men than women. Ureteroscope aid in treating stone diseases as they help in pinpointing the location of the stone formation and help remove them efficiently. Thus, the growing prevalence of urolithiasis (or nephrolithiasis) is anticipated to boost the adoption of these devices in the coming years.

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List of Key Players Covered in this Market Report:

MD (CA, USA)
PENTAX Medical (Tokyo, Japan)
Richard Wolf GmbH. (Illinois, United States)
Stryker (Michigan, United States)
Elmed Electronics & Medical Industry & Trade Inc. (Ankara, Turkey)
KARL STORZ (Tuttlingen, Germany)
Olympus Corporation (Tokyo, Japan)

The global economy is in absolute turmoil because of the COVID-19 pandemic outbreak. Some industries remain largely unaffected by the outbreak, some are thriving, but most are in doldrums. Although the healthcare industry is flourishing, certain markets within the industry are experiencing staggered growth. Wading through these troubled times is a difficult task and Fortune Business Insights™ aims at equipping your business with the most comprehensive market insights, collated and analyzed by our expert and experienced research team.

As per the report findings, the global ureterscopy market value stood at USD 981.8 million in 2019. Aside from this, the report provides the following:

Panoramic overview of the general industry trends and outlook;
Detailed analysis of the factors shaping the market size, share, and overall growth;
Thorough evaluation of the market segments; and
In-depth research into the regional developments and competitive dynamics of the market.
Market Driver

Close Linkage between Diabetes and Kidney Stones to Support Market Growth

Kidney stones, or renal calculi, are crystal mass formations that can originate anywhere along the urinary tract. These stones are of various types such as calcium, uric acid, struvite, and cysteine. Research has found that diabetes is one of the most common risk factors for developing kidney stone because the high blood sugar levels in diabetics make their blood more acidic, creating the ideal environment for stones to form. According to the medical journal European Urology, people with type 2 diabetes having high insulin resistance are 92% more likely to form kidney stones than non-diabetic people. With diabetes expected to become more widespread in the coming decades, the demand for stone removal procedures is likely to rise and boost the ureteroscopes market growth in the process.

Regional Insights

Robust Healthcare Infrastructure to be the Key Driving Factor for North America

The US and Canada boast of a strong and developed healthcare infrastructure, with health facilities actively adopting modern medical devices and technologies. This is additionally bolstered by favorable reimbursement policies and growing demand for advanced medical procedures. Together, these factors enabled the market size in the region to reach USD 370.1 million and have a share of 37.7% in 2019. Based on these numbers, it is expected that the region will further strengthen its hold on the ureteroscope market share during the forecast period.

In Asia Pacific, the market is anticipated to expand at a considerable rate owing to increasing presence of global companies in developing countries such as India and China. Improving healthcare expenditure is also aiding the regional market growth.

Competitive Landscape

Key Players to Concentrate on Widening Distribution Networks

One of the key focus areas for players in the ureteroscope market is the development and expansion of their global distribution networks. In pursuit of this goal, most companies in this market are collaborating or acquiring regional players to establish their foothold in foreign markets.

Industry Developments:

November 2019: Olympus Corporation inked a deal with the Monaco-based medical products company, Rocamed, to distribute the RocaFlow Double Chamber Pump System and Tubing Sets in Europe. The set includes ureteroscopes for kidney stones and trans-urethral resection of the prostate.
April 2019: Dornier MedTech commercially released its innovative AXIS™ Single-Use Digital Flexible Ureteroscopes and other stone management products in the US. AXIS has been specifically designed to prevent cross-contamination between patients by ensuring a clean, sterile ureteroscope for every patient.

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NOTE: Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.

Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.

This release was published on openPR.