LOS ANGELES, March 26, 2019 (GLOBE NEWSWIRE) -- The global urology devices market size is projected to exceed around USD 57.4 billion by 2026, and this market is anticipated to grow with 6.9% CAGR during the forecast time period. The rapid increase in the geriatric population is expected to drive the growth of the global urology devices market.
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Urinary tract system disorders are extremely widespread and mainly stated and detected urological disorder across the globe. It has an impact on millions of people causing severe influence on physical, as well as emotional health. Most of the women as compared to men are affected by this disorder, and its occurrence rises with the age. Weak pelvic floor muscles, obesity, pregnancy, urinary tract infection, and neurological disorders are some of the conditions that cause urinary tract system disorders. Around 200 million people across the globe are affected by some kind of urinary incontinence or bladder problems. The huge patient pool suffering from the urinary disorder and other symptoms are expected to drive the global urology devices in the coming years. The high growth rate is due to the surge in adoption of urology devices, ease of availability of urology devices, an increase in demand for minimally invasive products across the globe. Lack of water consumption gradually leads to the occurrence of kidney stone among people of different age. The incidence of urological diseases such as kidney stone leads to painful urination due to the infection in the urinary tract. Additionally, the occurrence of bladder cancer has led to an increase in demand for minimally invasive treatment processes. Also, the occurrence of obesity, chronic diseases, and extreme smoking leads to the growing prevalence of stress incontinence. Also, the growing prevalence of stress incontinence is anticipated to fuel the demand for urology devices in the upcoming years.
Also, the increase in demand for minimally invasive devices for urology disorder treatment, favorable medical policies, and rapid increase in the geriatric population are some of the major factors boosting the demand of urology devices globally. Asia Pacific is expected to grow significantly at high CAGR due to the huge number of urinary disorder patient population in countries, such as India and China, the huge geriatric population in Japan, and increase in adoption of technologically advanced products in Japan and other developing countries. These factors are expected to boost the growth of the global urology devices market.
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The global urology devices market is segmented into product, end-user, and region. On the basis of product, the global urology devices market is segmented into dialysis, laser & lithotripsy, robotic systems, endoscopes, endovision system & peripheral instruments, urodynamic systems, stents, urology catheters, urology guidewires, urodynamic systems, drainage bags, others. On the basis of end-user, the global urology devices market is segmented into dialysis centers, hospitals, and others. On the basis of the region, the global urology devices market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
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North America region is expected to dominate the global urology devices market followed by Europe and Asia Pacific region. The market in North America is expected to grow significantly during the forecast period due to the presence of well-established health care facilities, favorable reimbursement policies, and early adoption of technologically advanced products for the management of urinary disorders. The Europe region is the second most attractive market for urology devices and expected to grow significantly in the upcoming years. The demand for urology devices in Europe region is expected to increase at a significant pace due to the high incidence of urinary disorders in Europe, continuous product launch of urology devices, an increase in healthcare spending in the region.
The prominent players operating in the global urology devices market are Boston Scientific Corporation, C. R. Bard, Inc. (Becton, Dickinson and Company.), Intuitive Surgical, KARL STORZ SE &Co. KG, Richard Wolf GmbH, Fresenius Medical Care, Cook Medical, Olympus Corporation, Siemens Healthineers (Siemens AG), Stryker, Braun Melsungen AG, Baxter International Inc., Medtronic, and Dornier MedTech, etc. These players exhibit significant geographical outreach, with the presence in multiple urology devices segments. Manufacturers are adopting acquisition & collaboration and new product development strategies to tap the unmet needs of a large percentage of urinary disorder patient base. Also, the key players have commenced strategic initiatives that include partnerships, product launch, acquisitions, and mergers. The R&D investments coupled with advanced robotic technologies used in UTS disorders are expected to offer innovative devices for treatments. This factor is anticipated to offer lucrative opportunities for industry players in the global market.
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