Urology Devices Market Share Growth Challenges, Opportunities and Future Trends 2022-2031

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

Report Overview: https://www.transparencymarketresearch.com/urology-devices-market.html

Manufacturers Focus on Development of High Quality Urology Equipment

Due to rising incidence of urologic conditions, medical device manufacturers are increasing their production capabilities to manufacture efficient and safe urological devices. Urinary incontinence is a common yet critical problem of urinary disorder wherein a patient loses control over urine. Besides in the elderly population, women are commonly affected with the medical condition of urinary incontinence. Data published by the urinaryincontinence.com states that one in three women in the U.S. suffers from some form of urinary incontinence.

The urology devices market is expanding due to increase in adoption of minimally invasive procedures and surge in the number of patients suffering from disorders of urinary tract system. High quality urology instruments are being developed by manufacturers for diagnosis and treatment of urological conditions.

Thus, rise in the number of urology disorders such as urological cancer, kidney blockage, prostate cancer, etc. in people is driving the demand for urology devices such as urology catheters, stents, urology guidewires, drainage bags, etc.

Endoscopy and Laparoscopy Instruments in Demand from Care Centers

The global urology devices market is significantly driven by the increasing demand for urology devices such as dialysis products, endoscopes, peripheral instruments, etc. from hospitals. Several device manufacturers are focusing on introducing technologically advanced products, including urology lasers and robotic systems for early diagnosis of diseases related to the urinary tract system.

Hospitals and other care centers are making huge investments in procuring advanced endoscopy and laparoscopy devices that can be used in minimally invasive surgeries & treatment procedures of bladder cancer, incontinence, & kidney diseases. This is being carried out to ensure positive patient outcomes.

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COVID-19 Impact: Rise in Severity of Kidney Diseases in Patients

The onset of the COVID-19 pandemic has evidently increased stress levels in people. Stress urinary incontinence is a commonly prevalent health problem across the world. Stress can trigger acute respiratory distress in patients with severe kidney diseases. This condition can damage the kidney further. Hence, the demand for dialysis procedures at healthcare centers as well as in home care settings surged from patients with urology-related disorders who were infected by the COVID-19 strain. Consequently, companies in the urology devices market have increased the supply of urology equipment to efficiently manage urological emergencies at various care centers.

Minimally Invasive Procedures Fuel Demand for Urology Devices

There is a rise in the number of patients suffering from urological disorders opting for minimally invasive procedures over traditional ones. Minimally invasive surgeries offer benefits such as small incisions, less pain, less healing time, and low risk of bacterial infections. Patients suffering from various urology conditions such as bladder cancer and prostate cancer are preferring minimally invasive surgery. Moreover, foley catheters or indwelling catheters are commonly used to drain the urine from body after a surgical procedure.

With advancements in technology, urologists in developing countries are employing specialized urology diagnosis methods such as the urinalysis & cystoscope, and using advanced urology surgical devices for surgical procedures for the treatment of urology disorders.

These factors are translating into revenue opportunities for med-tech companies in the urology devices market.

Rise in Prevalence of Chronic Kidney Diseases in North America

North America is expected to dominate the global urology devices market during the forecast period due to advanced healthcare facilities, technological innovations in medical devices, and rise in the number of patients suffering from kidney disorders in the U.S. & Canada. In addition, increasing government support through favorable reimbursement policies and healthcare insurance is encouraging patients to undergo necessary surgery for the treatment of urological disorders, thus demanding advanced urology instruments. This is a key factor driving the urology devices market in North America.

In addition, lifestyle diseases such as diabetes, high blood pressure, stress, etc. are becoming common in people, thus leading to kidney impairment or CKD. This rise in the number of people suffering from kidney-related disorders is fueling the demand for dialysis equipment, home dialysis machines, and surgical instruments in hospitals & dialysis centers.

Urology Devices Market: Overview

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

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.

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

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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.

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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