Urology Devices Market to Reach USD 64 Bn by 2031 Owing to the Rise in the Number of Urology Disorders | TMR Study

Wilmington, Delaware, United States, April 06, 2023 (GLOBE NEWSWIRE) -- The global urology devices market is estimated to flourish at a CAGR of 5.6% from 2022 to 2031.

According to Transparency Market Research, sales of urology devices are slated to total USD 64 billion by the end of the aforementioned period of assessment. In recent years, urology care has grown to encompass several treatment and diagnostic procedures, from incontinence to renal failures as well as various forms of cancers.

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Market Snapshot:

As per data from the Urology Care Foundation, a quarter to a third of men and women in the United States suffer from urinary incontinence. About 33 million patients are afflicted by overactive bladder, representing symptoms of urgency, frequency, and with or without urge incontinence. Also, the foundation notes that at least 26% of males in the United Kingdom suffer from prostate cancer.

The incidence of benign prostatic hyperplasia, BPH, has been estimated to increase from 50% among men between the ages of 50 and 60 years to 90% for men older than 80 years of age. Given these high incidences of chronic urology problems, healthcare practitioners have developed a wide array of diagnostic, treatment, and therapeutic approaches in the past several years, broadening the scope of urology devices.

Among all surgical procedures, the emphasis is maximum on minimally invasive procedures, as patients seek to undergo treatment that causes minimum trauma to their bodies. From techniques such as laser therapy and cryotherapy to endoscopic surgery, urology treatment has made significant strides. For instance, Remington Medical is a specialist in urology devices which keep patients comfortable while minimizing obstruction, inflammation, and other dysfunctions. It offers the CHIBA and NAC biopsy needles. These needles provide fully intact specimens and are equipped with echogenic enhanced tips for placement under ultrasound guidance.

On similar lines, Boston Scientific Corporation offers the GreenLight^TM Laser Therapy. This approach is primarily used to treat benign prostatic hyperplasia (BPH), also known as enlarged prostate. The technology has successfully treated over 1 million patients globally. The therapy has proven beneficial by reducing the duration of hospital stay, shorter catheterization time, reduced bleeding, and faster recovery.

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Key Findings of the Market Report

• By product type, dialysis product sales are likely to expand at a 5.7% CAGR from 2022 to 2031
• Hospitals to be primary end users of urology devices, with an anticipated CAGR of 5.9% until 2031
• As of 2021, the market for urology devices was valued at US$ 38 billion
• An increasing preference for minimally invasive surgical procedures is providing ground for introducing highly sophisticated urology devices

Urology Devices Market Growth Drivers & Trends

• Increasing prevalence of urinary incontinence is the chief driver providing tailwinds to urology devices market expansion. Studies reveal that an estimated 200 million people suffer from some form of urinary incontinence or bladder problems
• The global urology devices industry is also being driven by the increasing demand for instruments such as dialysis products, endoscopes, and peripheral instruments
• There is a rise in the number of patients suffering from urological disorders opting for minimally invasive procedures over traditional ones. These procedures offer several benefits, including smaller incisions, less pain, reduced healing time, and lower risk of contracting infections
• Manufacturers are venturing into emerging economies, especially in the Asia-Pacific, to expand their outreach. This is attributed to rising expenditure on healthcare amid increasing income levels as well as growing chronic disease incidences

Global Urology Devices Market: Regional Profile

• North America is a sunshine area for urology device manufacturers to establish a base. The region accounted for over 37% revenue share in 2021
• Asia Pacific is expected to provide significant growth opportunities, expanding at a CAGR of 5.8%, with India & China as promising hubs
• Europe is also emerging as an attractive destination, with the United Kingdom providing extensive opportunities
  

Urology Devices Market: Competitive Landscape

The global urology devices market is fragmented, attributed to the presence of several global as well as regional manufacturers. Some prominent manufacturers are as follows:

• Medtronic Plc.
• Fresenius Medical Care AG & Co. KGaA
• Baxter International Inc.
• C.R. Bard Inc. (BD)
• Siemens Healthineers
• Boston Scientific Corporation
• Olympus Corporation
• Intuitive Surgical Inc.
• Karl Storz SE & Co. KG
• Richard Wolf GmbH
• Cook Group Incorporated
  

Some key developments with regard to urology devices are as follows:

• In December 2022, Medtronic Plc. enrolled its first patient as part of its Expand URO U.S clinical trial. The extension is part of its Hugo robotic-assisted surgery (RAS) system deployed for urologic procedures. The company intends to use the system in the study for procedures including radical prostatectomy, radical cystectomy, and nephrectomy
• Baxter International Inc. announced in January 2023 its intention to spin off the renal care and acute therapies business into an independent, publicly traded company. The separation of its kidney business units will help it streamline manufacturing during supply chain challenges.

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Urology Devices Market: Key Segments

By Product Type

• Dialysis Products
• Endoscopes, Endovision Systems & Peripheral Instruments
• Laser & Lithotripsy
• Robotic Systems
• Urodynamic Systems
• Urology Catheters
• Biopsy Devices
• Stents
• Urology Guidewires
• Drainage Bags
• Others
  

By End User

• Hospitals
• Dialysis Centers
• Others
  

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
  

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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