Market Overview

As per the reports by MRFR, the urology device market is projected to record a healthy CAGR of 7.1% during 2017 to 2023. The urology device market has a vital part in the overall healthcare sector and is likely to witness massive research and developments in the forecasted timeframe. The growth of the urology device market is being driven by the factors such as the growing prevalence of major urinary diseases, increased life expectancy of the population, growing geriatric population, increased health expenditure, and increased health consciousness. However, the high cost of most urology devices market size is expected to hamper the market's growth over the review timeframe.

Segment Analysis

The urology devices market is divided into numerous segments based on type, application, technology, end-user, and region.

Based on type, the global market comprises urinary incontinence pelvic organ prolapsed devices, endoscopy devices, dialysis equipment, benign prostatic hyperplasia treatment devices, urinary stone treatment devices, and others.  By application, the urology device market is split into urinary incontinence, urinary stones, prostate cancer, benign prostatic hyperplasia, and others.

In technology, the market is divided into robotic surgery, minimally invasive surgery, and others. By end-users, the global market is bifurcated into ambulatory services, clinics, and hospitals.

Regional Analysis

The global market of urology devices is studied across five major regions, including North America, South America, Asia-Pacific, Europe, and the Middle East Africa.

The North American regional market for urology devices is expected to be the largest due to the regional market's growth being driven by the increasing cases of dialysis and other lifestyle diseases.

The European market holds the second position in the urology device market globally and is projected to grow substantially over the review timeframe. The regional market's growth factors include medical infrastructure to support acute and chronic urological disease conditions, healthcare facilities, increasing investments in hospital management, and raising awareness about urology devices market trends. Furthermore, the growing government support in RD and business opportunity generation has significantly impacted the market with developing nations coming forward, monetizing the opportunities and enhancing the growth of the urology device market. Besides, the European Association of Urology has started making efforts to surge the awareness in Europe about urological diseases has also accelerated the growth of the regional market.

The Asia-Pacific region is an emerging market given the growing demand for sophisticated medical services, government initiatives to establish innovative technologies and the rising prevalence of lifestyle diseases. Growing investment in research and development and developing healthcare infrastructure in countries such as China and India is likely to catalyze the regional market's growth over the assessment period.

The Middle East African region is growing at the least pace but with rising awareness among people and developing healthcare services, and the market scenario is expected to change.

Competitive Analysis

The global urology device market is flooded with a wide number of players spread worldwide. The list of leading companies in the market includes HealthTronics, Inc (US), Stryker (US), Fresenius Medical Care AG Co. KGaA (Germany), Boston Scientific Corporation, Olympus Corporation, NIKKISO CO. LTD (Japan), Dornier MedTech (Germany), R. Bard, Medtronic, KARL STORZ GmbH Co. KG, and several others.

Recent Developments

March 2021- Dornier MedTech (Dornier) announced that the company had become the world's first integrated urology company certified under the European Union's new medical device regulation (MDR). Clinicians can access the best quality devices as they manage the rising prevalence of kidney stone disease in the region. The MDR certification will substitute the earlier EU Medical Device Directive (MDD) on 26th May 2021. The certificate includes a more robust legislative framework, which imposes a higher public health standard and patient safety.

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