Sales of Urology Devices Market Predicted to Increase at a High CAGR of 5.6% by 2031, as per TMR Report

Posted on 2024-03-06 by Transparency Market Research in Healthcare // 0 Comments

Wilmington, Delaware, United States, 2024-Mar-06 — /EPR Network/ — Transparency Market Research Inc. –

The global urology equipment market, valued at US$ 38 billion in 2021, is projected to grow at a CAGR of 5.6% from 2022 to 2031, reaching US$ 64 billion by 2031. Urology equipment encompasses medical devices used for diagnosing and treating kidney and urological diseases affecting the urinary bladder, urethra, ureter, and kidney.

The market is witnessing a shift towards less invasive treatment methods, driven by the launch of technologically advanced products and increasing demand for minimally invasive and non-invasive treatment devices. Factors such as the rising prevalence of urological conditions like chronic kidney diseases, urinary incontinence, end-stage renal diseases, bladder cancer, and prostate cancer are expected to fuel demand for urology instruments during the forecast period. Furthermore, the COVID-19 pandemic has led to increased incidence of urological conditions such as kidney injuries and chronic kidney disease among affected patients.

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Endoscopy and Laparoscopy Instruments in Demand from Care Centers

The global urology devices industry experiences significant growth due to rising demand for products like dialysis devices, endoscopes, and peripheral instruments in hospitals. Manufacturers are emphasizing technological advancements, introducing products such as urology lasers and robotic systems for early disease diagnosis within the urinary tract system. Hospitals are investing heavily in advanced endoscopy and laparoscopy devices for minimally invasive treatments of bladder cancer, incontinence, and kidney diseases, aiming for improved patient outcomes.

Major Players:

Saudi Arabian Oil Company,Mitsubishi Chemical Holdings Corporation,Asahi Kasei Corporation,Covestro AG,Tosoh Corporation,UBE Industries Ltd.,Daicel Corporation,Dayangchem (Hangzhou) Co., Ltd.,Caffaro Industrie,Cromogenia Units,GRR Fine Chem,Haiyan Huashuaite Plastics Electric Appliances Co., Ltd.,Jinan Haohua Industry Co., Ltd.

Market Key Developments:

On May 2, 2022, Auris Health, Inc. (The Johnson & Johnson subsidiary) announced the FDA clearance for its Monarch robotic surgery system. The system allows the robot to be used in kidney stone removal procedures. According to the company announcements, it is the first and only flexible and multispecialty robotic solution for use in both urology and bronchoscopy. The FDA device clearance delivers the company’s vision to extend the robotic platform’s capabilities across multiple specialties, enabling hospital systems to target two disease states using one device.
On September 21, 2021, UroCure and LiNA Medical USA announced a strategic sales distribution partnership. UroCure develops sling treatment for female urinary incontinence and LiNA Medical USA specializes in minimally-invasive medical devices in the fields of urology and gynecology. This combined product development and distribution collaboration leverages the strengths of both companies, pairing the UroCure ArcTV sling and their expanding women’s health portfolio with LiNA’s U.S. national sales force and offering of device solutions.

Hospitals Segment to Dominate Global Urology Devices Market

Based on end-user, the global market has been categorized as hospitals, dialysis centers, and others
The hospitals segment is projected to account for a dominant share of the global market from 2022 to 2031. The segment is anticipated to expand at a high CAGR of 5.9% during the forecast period.
The hospitals segment’s large market share can be attributed to the increase in number of surgical procedures for the treatment of all types of urology disorders and favorable reimbursement policies for medical devices in most developed and developing countries

Regional Outlook

North America(USA, Canada and Mexico)
Europe(UK, Germany, France and the Rest of Europe)
Asia Pacific(China, Japan, India, and the Rest of the Asia Pacific region)
South America(Brazil, Argentina and the Rest of South America)
Middle East and Africa(GCC and Rest of the Middle East and Africa)

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Market Drivers and Challenges:

Drivers: Technological advancements in urology devices, increasing prevalence of urological disorders, rising geriatric population, growing healthcare expenditure, and favorable reimbursement policies.
Challenges: Stringent regulatory requirements, high cost of urology devices, and shortage of skilled professionals.

Market Trends:

Adoption of minimally invasive procedures
Integration of robotics and AI in urology devices
Shift towards outpatient settings for urological procedures
Focus on personalized and precision medicine approaches

Future Outlook:

The urology devices market is expected to witness continued growth and innovation, driven by advancements in medical technology, increasing investments in R&D, and expanding applications of urological devices. The market is poised for further expansion, with opportunities emerging in emerging markets and the development of novel therapeutic approaches.

Key Market Study Points:

Market dynamics analysis
Competitive landscape assessment
Regulatory framework analysis
Technological advancements and innovations
Market penetration strategies

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About Transparency Market Research

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