Urology Devices Market to Expand at a CAGR of 5.6% from 2022 to 2031

Urology Devices Market Outlook 2031

• The global urology devices market was valued at US$ 38 Bn in 2021

• The global market is projected to expand at a CAGR of 5.6% from 2022 to 2031

• The global urology devices market is anticipated to surpass US$ 64 Bn by 2031

• The global urology devices market is driven by high prevalence and increase in incidence of urology disorders associated with the urinary tract system (UTS) across the globe

• According to the latest report published by Transparency Market Research, the global urology devices market is likely to expand at a steady growth rate during the forecast period from 2022 to 2031, owing to increase in adoption of urology equipment, easy availability of urology instruments, and rise in demand for minimally invasive or non-surgical products across the globe.

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High Prevalence of Urinary Incontinence and Overactive Bladder to Boost Demand for Urology Devices

• Urinary incontinence is one of the highly prevalent and largely underreported and under diagnosed urological disorders globally, affecting millions of people. It has a severe impact on the physical, psychological, as well as emotional health. Women are affected twice as much as men, and the incidence increases with age. Several factors such as weak pelvic floor muscles, urethral sphincters, obesity, pregnancy & childbirth, urinary tract infection, neurological disorders, and some related factors cause urinary incontinence.

• An estimated 200 million people are affected by some form of urinary incontinence or bladder problems. Among the different types of urinary incontinence, stress urinary incontinence is the most common form affecting millions of people across the world. Various studies have suggested that 24% to 45% of women above 30 years suffer from stress urinary incontinence across the globe.

• According to the International Continence Society, overactive bladder affects around 12% of both men and women and the incidence increases with age

• According to the Urology Care Foundation of the U.S., about 33 million adults in the U.S. are affected by overactive bladder representing the symptoms of urge incontinence. According to data published by urinaryincontinence.com, one in three women in the U.S. suffers from some form of urinary incontinence. A woman affected by urinary incontinence spends around US$ 900 per year for routine care.

• In the U.K., one in three women and one in 10 men suffers from urinary incontinence. Urinary incontinence is considered more common than hay fever.

• Hence, a large patient pool with stress urinary incontinence and overactive bladder symptoms is projected to fuel the growth of the global urology devices market during the forecast period

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Dialysis Products Segment to Lead Global Market

• In terms of product type, the global urology devices market has been classified into dialysis products, endoscopes, endovision systems & peripheral instruments, laser & lithotripsy, robotic systems, urodynamic systems, urology catheters, biopsy devices, stents, urology guidewires, drainage bags, and others

• The dialysis products segment held major share of 40% of the global market in 2021. The segment is expected to dominate the global market during the forecast period.

The segment is likely to expand at a CAGR of 5.7% between 2022 and 2031. Rise in prevalence of diabetes and it being the major cause of end-stage renal disease (ESRD) increase the demand for dialysis products.

According to the National Institute of Diabetes and Digestive and Kidney Diseases, about 786,000 people in the U.S. were living with end-stage renal disease (ESRD), also known as end-stage kidney disease (ESKD), in 2020. Of these, about 71% patients were on dialysis and 29% had kidney transplant.

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Hospitals Segment to Dominate Global Urology Devices Market

• Based on end-user, the global urology devices market has been categorized as hospitals, dialysis centers, and others

• The hospitals segment is projected to account for a dominant share of the global urology devices market from 2022 to 2031. The segment is anticipated to expand at a high CAGR of 5.9% during the forecast period.

• The hospitals segment's large market share can be attributed to the increase in number of surgical procedures for the treatment of all types of urology disorders and favorable reimbursement policies for medical devices in most developed and developing countries

Geographic Outlook of Urology Devices Market

• North America dominated the global urology devices market, accounting for over 37% share in 2021. The region's dominance can be attributed to the early adoption of technologies, large patient pool with urinary disorder, and easy availability & lucrative medical reimbursement policies in the U.S. and Canada.

• Europe was the second leading market for urology devices in 2021. The market in the U.K. is likely to expand at a high CAGR during the forecast period. The country is expected to gain market share from 2022 to 2031. Moreover, high incidence of kidney stone is projected to propel the market in the U.K. during the forecast period.

• The market in Asia Pacific is anticipated to expand at a higher CAGR of 5.8% during the forecast period, owing to large population in countries such as India and China, large geriatric population in Japan, and improving health care facilities in the region.

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Major Players: Analysis

• The global urology devices market is
fragmented due to the presence of large number of international as well as local players

• Olympus Corporation is an established player in the global urology (benign prostatic hyperplasia) market. The company strives to enhance its position in stone management through portfolio expansion.

• Coloplast is a prominent player in interventional urology. The company focuses on the launch of endourology products in the U.S., which is expected to increase its market share in the country. The company holds second position in the endourology market in Europe. It focuses on new product development, partnerships, and acquisition strategies to expand its share and presence in the market.

• Expansion of product portfolio and mergers & acquisitions are the key strategies adopted by the key players. Boston Scientific Corporation, KARL STORZ SE & Co. KG, C. R. Bard, Inc.

(Becton, Dickinson and Company), Richard Wolf GmbH, Intuitive Surgical, Fresenius Medical Care, Olympus Corporation, Coloplast, Medtronic, Siemens Healthineers, Stryker, Cardinal Health, Baxter, HealthTronics, Inc., Johnson & Johnson, and Cook Medical are the key players operating in the market.

• Each of these players has been profiled in the urology devices market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments

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