Huge Growth Expected in Urology Surgical Instrument Market in Future

A number of factors, such as the rising cases of urinary tract infections (UTIs) in women, growing aging population, surging healthcare expenditure, increasing number of benign prostatic hyperplasia (BPH) procedures, and mounting investments in surgical infrastructure, are projected to boost the growth of the urology surgical instrument market at a CAGR of 8.6% in the forecast period (2018–2023). According to P&S Intelligence, the market stood at $8.3 billion in 2017, and it is expected to reach $13.7 billion by 2023.

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The primary factor driving the demand for urology surgical instruments is the rising incidence of UTIs in women, which require surgery in extreme cases. For the treatment of UTIs, surgical options can range from minimally invasive to more-invasive procedures. As per the National Institutes of Health (NIH), females are at higher risk of UTIs than males due to their shorter urethra, which allows bacteria to enter the bladder more easily. It is projected that the number of females opting for surgery for the treatment of UTIs will rise by about 50% by 2050, to cross the 300,000 mark.

The product segment of the urology surgical instrument market is classified into urology endoscopes, peripheral instruments, consumables and accessories, and endovision systems. Among these, the consumables and accessories category accounted for the largest market share in 2017, and it is projected to witness the fastest growth during the forecast period. This can be ascribed to the high use of stone baskets, guidewires, catheters, stents, and dilator sets in urological surgeries; guidewires offer smooth tracking, maximum maneuverability, easy advancement, and precise control during surgical procedures.

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Globally, Asia-Pacific (APAC) urology surgical instrument market is projected to observe the highest CAGR during the forecast period. This can be ascribed to the surging awareness about urological disorders, growing medical tourism industry, increasing per capita income, improving healthcare infrastructure, and rising number of related conferences in the region. For instance, the 15th International Conference on Nephrology and Hypertension was held on April 22–23, 2019, in Kuala Lumpur, Malaysia, to increase the public awareness on nephrology, hypertension, dialysis and recent renal therapies, nephrotic syndrome, CKDs, and renal failure.

Thus, the rising incidence of UTIs in women and surging awareness about urological disorders and their treatment are expected to propel the growth of the market during the forecast period across the globe.

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This release was published on openPR.