NEW YORK, March 27, 2019 (GLOBE NEWSWIRE) -- Global urology devices market is likely to augment from USD 30.9 billion in 2017, and is expected to reach USD 51.7 billion by 2024, witnessing a CAGR of 7.63% during the forecast period. The market growth is primarily attributed to the increasing incidence of urological disorders, and rising geriatric population across the globe. Moreover, technological advancements in urology devices and treatments, and new product launches are further propelling the market growth.
Key findings of the report:
Technological advancements driving the urology devices market
Urological diseases include urinary tract infections, kidney diseases, bladder control problems, and prostate problems, among others. About 12% global population suffers from urological disorders and it has been associated with an increasing risk of end-stage renal failure. Different types of urological medical devices are present in the market, and continuous research and development is being carried out to develop innovative and better device for the treatments. The growth of the urological device industry is driven by the increasing prevalence of urological disorders and increasing occurrence of obesity, cardiovascular diseases, and diabetes. Furthermore, technological advancements in minimally invasive surgery and robot-assisted surgery are also expected to augment the market growth during the forecast period. Robot-assisted surgery has been widely used in urology, however, highly qualified technical level of surgeons and expensive cost of surgery in developing countries may hamper the market growth to some extent.
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Global Urology Devices Market– Regional insight
North America held the major share of the global market owing to growing research and development spending, and technological advancements such as surgical robotic systems. Moreover, higher reimbursement rates will also significantly influence the market growth in the region. Asia-Pacific is expected to witness the highest CAGR during the forecast period, owing to increasing incidence of urological diseases such as urinary tract diseases, kidney stone, and prostate cancer, among others. In addition, growing medical tourism, increasing demand for advanced diagnostic and treatment solutions, and growing healthcare insurance sector are further propelling the market growth in the region.
This report segments global urology devices market based on type, disease, technology, end-user and geography.
By Type
By Disease
By Technology
By End-user
By Geography
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