Urolithiasis Management Devices Market Will Exhibit a Healthy 4.5% CAGR
Transparency Market Research estimates that the global urolithiasis management devices market will expand at a healthy 4.5% CAGR over the period between 2016 and 2024. The market’s worth is estimated to be US$1.26 bn in 2016 and is expected to rise to US$1.78 bn by 2024.
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The global demand for urolithiasis management devices has seen a steady rise in the past few years owing to the increasing prevalence of kidney stones. A 2015 study by the National Kidney Foundation of the U.S. states that one in 10 people in the country has kidney stones and that more than a half a million people are admitted to emergency rooms for kidney stone management every year. Across the globe as well, factors such as obesity, rising geriatric population, which is highly susceptible to kidney stones owing to reduced renal function and diabetes, and change in lifestyles are contributing to increased prevalence of kidney stone formation.
Of the key end-users of urolithiasis management devices, including hospitals, ambulatory surgery centers (ASCs), and clinics, the segment of clinics led the global market in terms of both revenue and volume in 2015. In terms of revenue, the segment accounted for over 55% in the said year. The leading position of the market segment can be attributed to factors such as the significant rise in the number of people opting for urolithiasis surgeries and advancements in treatment options that have reduced the time required for undertaking the procedures. Over the period between 2016 and 2024 as well, the segment is expected to hold a commanding position in the global market, retaining its status as the leading revenue generator.
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The demand for urolithiasis management devices across ambulatory surgical centers is expected to exhibit a strong growth over the next few years, with the end-user segment emerging as one of the most promising investment grounds for the global urolithiasis management devices market. The segment is expected to exhibit strong growth owing to high demand for ambulatory surgical centers and preference for day care surgeries across developing as well as developed parts of the world. Applications of urolithiasis management devices across the hospitals end-use segment is expected to witness stagnant growth as clinics and ambulatory surgical settings become more preferred owing to the lower cost of treatment and the need to be hospitalized for shorter lengths of time.
North America held a dominant share of nearly 36% in the global urolithiasis management devices market in 2015. Factors such as the rising prevalence of kidney stone, rising geriatric population, and campaigns undertaken to raise awareness about the risks associated with kidney stones by government bodies are central to the growth of the market in the region. Additionally, the introduction of new and innovative urolithiasis management devices such as laser lithotripters and flexible ureterenoscopes have also aided the healthy growth of the North America urolithiasis management devices market. The presence of high disposable income groups across developed economies such as the U.S. and Canada in North America, with a high prevalence of lifestyle-induced diseases such as obesity and a large base of geriatric population have also influenced the increased adoption of urolithiasis management devices.
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The urolithiasis management devices market in Asia Pacific is expected to exhibit an impressive CAGR of 4.6% over the period between 2016 and 2024. The mounting geriatric population in the region is the key factor driving the urolithiasis management devices market in the next few years. According to the United Nations ESCAP (Economic and Social Commission for Asia and the Pacific), is region is presently home to more than half of the world’s population of people aged over 60 years and the number is expected to rise to more than 2.45 bn by 2050. Owing to this, the regions is expected to lead to a substantial rise in demand for urolithiasis management devices in the next few years.
Some of the key vendors operating in the global urolithiasis management devices market are C. R. Bard, Inc., Allengers Medical Systems Ltd, Dornier Medtech GmbH, Boston Scientific Corporation, Cook Group, Inc., Electro Medical Systems S.A., DirexGroup, Olympus Corporation, Karl Storz, and Siemens Healthcare.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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