Urology Devices Market Is Projected To Reach A Revised Size of USD 39810 Million By 2029, Growing At A CAGR of 4.0% | Valuates Reports
BANGALORE, India, Feb. 1, 2023 /PRNewswire/ -- Urology Devices Market is segmented by Type - Instruments, Consumables and Accessories, Urology Devices, by Application - Hospitals and Clinics, Dialysis Centers. Global Opportunity Analysis and Industry Forecast, 2023 - 2029. It is published in Valuates Reports under the Medical Devices & Equipment Category.
The global Urology Devices market was valued at USD 29300 million in 2022 and is anticipated to reach USD 39810 million by 2029, witnessing a CAGR of 4.0% during the forecast period 2023-2029.
Major Factor Driving The Growth Of the Urology Devices Market
The urological devices market is anticipated to grow as hospitals invest in new facilities, equipment expansion, and new centers. Additionally, rising demand for MIS robotic systems is anticipated in the next few years, which is anticipated to drive the growth of the urology devices market.
The prevalence of urological cancer is rising, the population is aging quickly, urology devices are becoming more advanced technologically, and healthcare costs are rising. These are the main causes fueling the rise of the urology devices market.
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TRENDS INFLUENCING THE GROWTH OF THE UROLOGY DEVICES MARKET
Testicular cancer is becoming more common; it typically strikes younger males between the ages of 15 and 35. Thus the increase in testicular cancer is expected to drive the growth of the urology devices market. Although the majority of the time the exact etiology of testicular cancer is unknown, other medical disorders, such as polycystic kidney disease for kidney cancer and chronic inflammation for bladder cancer, can be risk factors. Only a small portion of these tumors are hereditary. Using a device with a tiny light or camera, a cystoscopy or ureteroscopy examines the kidney, bladder, and ureter.
Medical device makers are expanding their production capacities to create effective and secure urological equipment in response to the rising prevalence of urologic disorders. A common yet serious issue with urinary disorders is urinary incontinence, which occurs when a patient loses control of their pee. Urinary incontinence is a frequent medical disease that affects women in addition to the elderly.
The urology devices market is growing as less invasive procedures become more widely used and as the number of patients with problems with the urinary tract system rises. For the diagnosis and treatment of urological problems, manufacturers are creating high-quality urology tools. Furthermore, a common yet serious issue with urinary disorders is urinary incontinence, which occurs when a patient loses control of their pee. Urinary incontinence is a frequent medical disease that affects women in addition to the elderly. These factors are expected to drive the growth of the urology devices market.
There is no doubt that the COVID-19 outbreak has raised people's stress levels. Throughout the world, stress urinary incontinence is a health issue that is frequently encountered. In people with severe kidney disorders, stress can cause acute respiratory distress. This syndrome may worsen kidney impairment already present. As a result, patients with COVID-19-infected urology-related illnesses increased the demand for dialysis procedures in hospitals as well as in-home care settings. As a result, manufacturers of urology devices have enhanced the availability of urology tools to effectively handle urological crises in diverse care facilities.
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UROLOGY DEVICES MARKET SHARE ANALYSIS
The market sector for instruments in urological devices is the most profitable. The main reasons fueling the expansion of the instruments segment are technological improvements, the introduction of new and sophisticated urology equipment, and the rising prevalence of renal illnesses.
During the forecast period, the segment for hospitals, ASCs, and clinics are anticipated to hold the biggest market share. They have a number of benefits, such as improved and more focused testing capacities, effective billing and collection procedures, technologically upgraded urological instruments, and decreased test prices. Additionally, the growth in the number of ASCs, coupled with the growing number of surgical procedures performed in ASCs, is expected to drive the demand for urology devices in this end-user segment.
From 2022 to 2030, the Asia Pacific is anticipated to have considerable growth due to a number of factors, including greater awareness of renal and urinary problems, rising healthcare spending, and improved healthcare infrastructure in the region.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Fresenius Medical Care
- Siemens AG
- Karl Storz
- Boston Scientific
- Baxter
- C R Bard
- Olympus
- Richard Wolf
- Intuitive Surgical
- Dornier MedTech
- Cook Medical
- Stryker
- Medtronic Inc
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