The global urology instrument market size was significantly large in 2022, and is expected to continue to register a rapidly inclining revenue CAGR between 2023 and 2032. Key factors responsible for driving market revenue growth are rising geriatric population, increasing prevalence of urinary disorders, continual product releases by manufacturers, surging R&D spending, and high demand for minimally invasive procedures.
The geriatric population is thought to be more prone to digestive disorders, urinary retention, and chronic conditions that necessitate long-term care. As a result, increasing global geriatric population is expected to be a significant rendering driver. Also, rising geriatric population will result in an increasing number of surgical procedures performed. Advancement of technologies, improvement of healthcare delivery services, and an overall increase in the standard of living are contributing to increased life expectancy of people across the globe.
Major Factors Driving Growth Of The Global Urology Instrument Market:
The global urology instrument market growth is in terms of technological advancements, minimally invasive surgeries (MIS) have undergone a drastic transformation over the years, resulting in a paradigm shift in the way urological procedures are performed in operating theatres. Minimal invasive devices provide benefits such as fewer scars, faster recovery times, shorter hospital stays, less blood loss and trauma, a lower chance of infection, and generally lower healthcare costs. In the field of urology, MIS involves the use of robotics, endoscopy, and laparoscopy to gain access to the urinary tract and associated organs for the diagnosis, treatment, and management of urological conditions. The da Vinci robotic surgery structure by Intuitive Surgical is the most commonly used robotic system by urologists (US). This system makes use of a surgery controller where a surgeon handles devices attached to mechanized arms.
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Factors Restraining Growth Of The Global Urology Instrument Market:
The global urology instrument market growth is substantially hampered by fierce competition among key participants. Only large corporations can afford significant capital investment, as well as high costs of R&D and manufacturing. This will keep new entrants out of the market. Furthermore, top players are well-established and have strong brand loyalty. New entrants in this market must compete with established players, while also distinguishing themselves through the development of innovative product offerings. High level of consolidation would act as a significant entry barrier for new entrants, which is expected to limit investments and therefore obstruct market growth.
Opportunities For Players Operating In The Global Urology Instrument Market:
The global market for urology instruments is expanding due to many factors. Geriatric populations are expected to be more prone to digestive disorders, urinary retention, and chronic conditions that would necessitate long-term care. Also, advancement of technologies, improvement of healthcare delivery services, rising living standards would also create new opportunities for key companies operating in this market.
Global Urology Instrument Market Revenue Led By Product Type Segment:
By product type, the global urology instrument market is segmented into endoscopes, envision systems, peripheral systems, and consumables & accessories. Out of these, the consumables & accessories segment held the largest market share in 2022, owing to repeated usage and disposable nature of these products. In addition, increasing number of urology procedures worldwide is expected to boost demand for these products in the upcoming years.
Global Urology Instrument Market Leading Application Segment:
By applications, the urology instrument market is segmented into Chronic Kidney Diseases (CKD), Benign Prostatic Hyperplasia (BPH), urinary stones, Urinary Incontinence (UI) & Pelvic Organ Prolapse (POP), oncology, and others. Amongst these, the Chronic Kidney Diseases (CKD) segment was leading the market in 2020. This can be attributed to rising prevalence of CKD, increasing number of clinical trials for new non-invasive processes to treat these diseases, and global public programs. According to the CDC\’s National Chronic Kidney Disease Fact Sheet, 2017, nearly 30 million adults, or 15% of the U.S. population had CKD in 2014.
North America Accounts For Largest Revenue Share In Global Urology Instrument Market:
North America dominated the urology instrument market in 2020 in terms of revenue share. Increasing prevalence of chronic diseases, changing lifestyles, higher healthcare spending, and presence of a well-established healthcare infrastructure in the United States and Canada, would propel growth. Coupled with this, presence of a better reimbursement structure would also contribute to growth of the North America urology instrument market.
Asia Pacific Continues To Lead In Terms Of Revenue CAGR:
Over the forecast period, the Asia Pacific urology instrument market is expected to grow at the fastest rate. Increased trade agreements between Asian and Western countries, rising government healthcare spending for urology, stringent regulatory policies for use of invasive devices, improved healthcare infrastructure in China and India, and rapid growth of medical tourism are expected to drive market growth in this region in the upcoming years. In addition, to meet the rising demand for urology procedures, a large number of private and public hospitals in China, Australia, New Zealand, Malaysia, Singapore, Japan, Indonesia, and India are purchasing new urology equipment.
Major Companies Profiled In The Report:
- Fresenius Medical Care AG & Co. KGaA
- Becton, Dickinson and Company
- Baxter International Inc.
- Boston Scientific Corporation
- Olympus Corporation
Strategies And Objectives Of Major Companies:
- Baxter International Inc. (US) received FDA 510(k) approval for its Homechoice Claria automated peritoneal dialysis system with Sharesource connectivity platform in November 2020.
- Fresenius Medical Care AG & Co. KGaA (Germany) confirmed the opening of a new distribution center in Knoxville, Tennessee in May 2019. This will aid in the delivery of products required for in-center hemodialysis treatment.
- Fresenius Medical Care AG & Co. KGaA (Germany) acquired NxStage Medical, Inc. (US) in February 2019 to reach a larger portfolio in the areas of renal and critical care.
What Our Report Provides And Why Our Offering Is Better:
This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2023 to 2032. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
Detailed Segmentation In Our Report:
For the purpose of this report, global urology instrument market is segmented on the basis of product type, application, and region:
Product Type Outlook (Revenue, USD Billion; 2023-2032)
- Envision Systems
- Peripheral Systems
- Consumables & Accessories
Application Outlook (Revenue, USD Billion; 2023-2032)
- Chronic Kidney Diseases (CKD)
- Benign Prostatic Hyperplasia (BPH)
- Urinary Stones
- Urinary Incontinence (UI) & Pelvic Organ Prolapse (POP)
Region Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- o Saudi Arabia
- o UAE
- o South Africa
- o Rest of Middle East & Africa
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