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Urology Devices Market Overview
The Urology Devices Market size is estimated to
reach $45.2 billion by 2026, growing at a CAGR of 4.7% during the forecast period
2021-2026. Urology Devices are used for the diagnostics and treatment of
diseases affecting the urinary systems and the male reproductive system such as
Benign Prostatic Hyperplasia (BPH), Pelvic Organ Prolapse, and Prostate Cancer.
Advancement in medical technology has led to the use of minimally invasive
urological treatment techniques such as robotic surgery, laparoscopy, and
laser-assisted surgeries. Urodynamic systems (UDS), Ultrasounds, and Bladder
Scanners are some of the devices used by the urology department for diagnostic
purposes. The global increase in disposable income and R&D in Urological Devices
by key market players is anticipated to drive the market during the forecast
period. However, stringent government regulations imposed in the Urology
Devices Industry are anticipated to challenge market growth.
Report Coverage
The report: “Urology Devices Market Forecast (2021-2026)”, by Industry ARC,
covers an in-depth analysis of the following segments of the Urology Devices Market.
Key Takeaways
- Geographically, the North American Urology Devices Market accounted for the largest share in 2020 owing to an increase in the demand and popularity of minimally invasive surgical procedures
- An increase in the cases of
urological disorders among the population is anticipated to drive the market.
However, the high cost of urology devices is predicted to hamper growth,
especially in developing regions.
- Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Urological Devices Report.
Urology Devices Market Segment, By Disease (%)
Urological Devices Market Segment Analysis - By Product Type
Based on Product Type, the Urological
Devices Market is segmented into Dialysis Equipment, Urinary Stone Treatment
Devices, Endoscopy Devices, Benign Prostatic Hyperplasia Treatment Devices,
Urodynamic Systems, Ultrasound & Other Scanners, and Others. The Endoscopy
Devices segment is anticipated to have the largest share of the market in 2020 and is poised to dominate the market during the forecast period
2021-2026. This is attributed to the variety of applications Endoscopes can be
used for such as identifying urinary tract infection, polyps, Stones,
Inflammations, Narrowed Urethra, and Cancers. Apart from diagnostics, endoscopes
can also be used for performing surgical procedures like polyp removal and
stent insertion. The Dialysis Equipment market is projected to grow the fastest
at a CAGR of 5.1% owing to the global increase in kidney disorders. A dialysis machine helps in the blood purification process when kidneys are no longer
functioning normally.
Urological Devices Market Segment Analysis - By Disease
The Urology Devices Market based on Disease can be further segmented Kidney Disease, Prostate Cancer, Urological Cancer, Pelvic Organ Prolapse, Benign Prostatic Hyperplasia, and Others. The Kidney Diseases segment accounted for the largest share of the market in 2020. Kidney Diseases can include cancers, cysts, stones, and infections. The Urology Devices help medical professionals diagnose and treat such diseases. The rise in kidney diseases can be attributed to the global increase in lifestyle diseases such as diabetes and high blood pressure. This growth in lifestyle illnesses is owing to the high obesity rates in developed and major developing countries. In fact, diabetes is the leading cause of kidney disease as 1 out of every 3 adults with kidney disease have diabetes. Prostate Cancer is also anticipated to witness a significant growth rate of CAGR 4.8% during the forecast period owing to the growth in the geriatric population as Prostate Cancer is predominantly diagnosed during old age. Therefore, the global demand for early diagnostics and treatment of such conditions is anticipated to drive the segment’s growth.
Urological Devices Market Segment Analysis - By Geography
The Urology Devices Market based on Geography can be segmented into
North America, Europe, Asia-Pacific, South America, and the Rest of the World. The
North American segment is projected to dominate the Urology Devices Market
during the forecast period 2021-2026 with a market share of 31% owing to the
presence of highly developed healthcare infrastructure, favorable
reimbursement policies, high patient awareness levels, and growing geriatric
population in the region. Moreover, the presence of key industry players such
as General Electric, Abbott, BD, Medtronic, Stryker Corporation, and Johnson & Johnson Services in the region ensures lower costs
and more options for customers. The Asia Pacific region is predicted to
register the fastest growth owing to the increase in disposable
income and growth in public healthcare funding in major emerging economies like
China and India.
Urological Devices Market Drivers
Increase in Geriatric Population is Projected to Drive Market Growth
There were around 727 million
persons over the age of 65 in 2020 and constituted 9.3% of the overall
population. The geriatric population is predicted to reach 16% by 2050. This is
anticipated to drive the market during the forecast period as the geriatric
population is more prone to Urology diseases such as kidney stones, prostate
cancer, and kidney failure. For instance, around 12.5% of the male population is
anticipated to be diagnosed with prostate cancer during their lifetime, of
which 60% cases will occur after the age of 65.
Rise in Lifestyle disorders is Anticipated to Boost Product Demand
Owing to the growth in global disposable
income and urbanization, more people are following a sedentary lifestyle. This
is causing an increase in lifestyle diseases such as obesity, hypertension,
cancers, and diabetes. Around 39% of the global adult population is overweight
and 9.8% suffer from diabetes. Furthermore, 26% of the population suffers from
hypertension and this is projected to reach 29% by 2025. High blood pressure causes the blood
vessels in the kidney to narrow and weaken, eventually leading to kidney
failure if left untreated. High blood sugar results in the damage of the kidney
filtration units called glomeruli which causes organ failure. Therefore, these
lifestyle illnesses are causing a growth in Urology patients and thereby, drive
the market.
Urology Devices Market Challenges
The High Cost of Urology Devices is Anticipated to Hamper Market Growth
The high cost of some of the
equipment necessary for treatment and diagnostics in the Urology department is
a major challenge to the demand. Its effect is more prominent in developing
regions as their hospitals and clinics do not have the financial capacity to
purchase state-of-the-art equipment such as robotic surgery systems and MRI
scanners necessary for diagnosing and treatment of prostate cancer. The cost of
an MRI scanner can reach up to $1.2 million while robotic systems such as the
Da Vinci by Intuitive Surgical cost around $2 million. Moreover, their high
costs result in higher treatment prices for patients, which further decreases
demand as many may not be able to afford them.
Covid-19 Pandemic and Subsequent Restrictions is Projected to Limit Growth Opportunities
The rapid spread of the Covid-19 virus and the
increased cases of hospitalizations have led to hospitals diverting funds and
manpower from other departments including Urology. The low priority given to
the department may lead to postponement or cancellation of planned orders for
Urology Devices. This is projected to restrict the growth of the market. Moreover, the
fear of contracting the virus from hospitals has resulted in the cancellation
of appointments by patients to the Urology Department.
Urology Devices Market Industry Outlook:
Product launches, mergers and
acquisitions, joint ventures, and geographical expansions are key strategies
adopted by players in the Urology Devices Market. The top 10 companies in of the
industry are-
- Medtronic
- Siemens
- Abbott
- General Electric
- BD
- Stryker
- Johnson & Johnson Services Inc
- Cardinal Health
- Intuitive Surgical
- Olympus Corporation
Partnerships/Product Launches:
- In May 2021, BD announced the U.S. launch of a Urine Culture Application for use with the BD Kiestra lab automation incubation and imaging system that can transform the way microbiology labs approach urine culture analysis through the use of AI.
- In February 2020, Medtronic acquired a British surgical AI company called Digital Surgery which develops digital surgical tools, in order to expand their Minimally Invasive Therapies segment.