Global Urology Devices Market - Segmented by Product, Disease, End-User and Geography - Growth, Trends, and Forecast (2022 - 2030)
The urology devices market is expected to grow at a CAGR of 7.1%. The growing incidence of urological cancer along with a rapidly aging population, technological advancements in urology devices, and increasing healthcare expenditure are key factors driving the growth of this market.
Technological Advancements
There has been a constant development of technology in the field of urology devices. Smaller, flexible ureteroscopes have been introduced which has revolutionized the procedures for dealing with renal calculi. Miniaturization has been used for percutaneous renal stone surgery. Mini-perc includes the usage of tracts less than 20 French, and is constantly gaining fame for effectively treating renal calculi 1-2 cm in size. Robotics has also been introduced in the field of urology devices. There has been an expansion of urological procedures that use robotic equipment, with the possibility of visualization and the ease of suturing in the small space of the pelvis, providing a major advantage. These technological advancements are going to drive the urology devices market in the forecast period along with other factors such as rising geriatric population and high incidence of urologic conditions.
Stringent Regulatory Policies for Validation of Medical Devices
Urology devices are considered unsafe without the supervision of a licensed practitioner or by properly instructed emergency personnel. Regulations regarding the purity of these substances are established by the United States Pharmacopeia/National Formulary (USP/NF). Specifically, these devices are under the scrutiny of the United States Pharmacopeia and National Formulary, whose recommendations are legally enforced by the FDA. These strict regulations make it difficult for manufacturers to abide by them. This acts as a deterrent for manufacturer to invest in the medical gases market. This acts as a restraint for the market growth.
APAC to Witness Highest CAGR
The urology devices market is dominated by North America and Asia respectively. North America will continue its dominance of the urology devices market during the forecast period. However, Asia is expected to witness the highest CAGR during the forecast period with growth centered at China, India, and Japan. Factors such as the rising focus of major players in emerging Asian countries and government support are driving the growth of the urology devices market in this region.
Key Developments in the Market
• April 2018 - Researchers of the Universitat Politècnica de València and the Universidad de Granada, together with doctors from the Hospital Clínic Universitari de València are working on the development of a new system to help diagnose prostate cancer. The work being developed is part of the SICAP project.
Major Players: BAXTER, BOSTON SCIENTIFIC, C. R. BARD, COOK MEDICAL, DORNIER MEDTECH, FRESENIUS MEDICAL CARE, INTUITIVE SURGICAL, KARL STORZ, MEDTRONIC, SIEMENS AND STRYKER amongst others.
Reasons to Purchase the Report
• Current and future urology devices market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Technological Advancements
There has been a constant development of technology in the field of urology devices. Smaller, flexible ureteroscopes have been introduced which has revolutionized the procedures for dealing with renal calculi. Miniaturization has been used for percutaneous renal stone surgery. Mini-perc includes the usage of tracts less than 20 French, and is constantly gaining fame for effectively treating renal calculi 1-2 cm in size. Robotics has also been introduced in the field of urology devices. There has been an expansion of urological procedures that use robotic equipment, with the possibility of visualization and the ease of suturing in the small space of the pelvis, providing a major advantage. These technological advancements are going to drive the urology devices market in the forecast period along with other factors such as rising geriatric population and high incidence of urologic conditions.
Stringent Regulatory Policies for Validation of Medical Devices
Urology devices are considered unsafe without the supervision of a licensed practitioner or by properly instructed emergency personnel. Regulations regarding the purity of these substances are established by the United States Pharmacopeia/National Formulary (USP/NF). Specifically, these devices are under the scrutiny of the United States Pharmacopeia and National Formulary, whose recommendations are legally enforced by the FDA. These strict regulations make it difficult for manufacturers to abide by them. This acts as a deterrent for manufacturer to invest in the medical gases market. This acts as a restraint for the market growth.
APAC to Witness Highest CAGR
The urology devices market is dominated by North America and Asia respectively. North America will continue its dominance of the urology devices market during the forecast period. However, Asia is expected to witness the highest CAGR during the forecast period with growth centered at China, India, and Japan. Factors such as the rising focus of major players in emerging Asian countries and government support are driving the growth of the urology devices market in this region.
Key Developments in the Market
• April 2018 - Researchers of the Universitat Politècnica de València and the Universidad de Granada, together with doctors from the Hospital Clínic Universitari de València are working on the development of a new system to help diagnose prostate cancer. The work being developed is part of the SICAP project.
Major Players: BAXTER, BOSTON SCIENTIFIC, C. R. BARD, COOK MEDICAL, DORNIER MEDTECH, FRESENIUS MEDICAL CARE, INTUITIVE SURGICAL, KARL STORZ, MEDTRONIC, SIEMENS AND STRYKER amongst others.
Reasons to Purchase the Report
• Current and future urology devices market outlook in the developed and emerging markets
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3 months analyst support, along with the Market Estimate sheet (in Excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Frequently Asked Questions
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