The Ureteroscopes Market is expected to increase due to certain factors, such as the rapidly increasing geriatric population and rising prevalence of renal diseases are expected to drive the market over the forecast period.
According to the report “World Population Aging 2019”, by 2050, the number of people older than 65 years is projected to double to 1.5 billion from 703 million in 2019. Moreover, technological advancements and an increase in healthcare spending around the world is expected to boost the market growth. However, the high cost of ureteroscopy procedures and the availability of alternative therapies such as shock wave therapy and percutaneous surgery is expected to hinder the market growth.
Key Market Trends
Flexible Ureteroscopes are Projected to Have a High CAGR Over the Forecast Period
Flexible ureteroscopes are expected to grow at significant rates owing to its ease of use and technological advancements. In recent years, the flexible ureteroscopes market has experienced significant evolution with the advent of new technologies and integration. The development of more flexible, smaller, and insertion of high definition cameras are driving market growth.
The increase in the consumption of alcohol and junk food around the world is leading to an increasing number of kidney diseases. In the application segment, kidney cancer is anticipated to grow at notable rates over the forecast period.
North America Holds the Major Market Share Over the Forecast Period
North America is expected to drive the market due to the factors such as sedentary lifestyle, unhealthy food habits and presence of key market players operating in the region are propelling the growth of the market studied in North America region and it is expected to hold the major market share over the forecast period.
Asia Pacific region is projected to have a high growth rate over the forecast period. This is due to an increase in the prevalence of kidney stone cases, increase in healthcare spending in developing countries such as India and China. Furthermore, the rapid development of healthcare infrastructure in the region enabling the manufacturers to access and expand into new regions.
The ureteroscopes market is moderately consolidated and competitive. Market players are developing and launching advanced ureteroscopes and expanding their market share. For Instance, in April 2019, Dorner MedTech has launched its new Single-Use Digital Flexible Ureteroscope “AXIS”. Furthermore, companies also focusing on acquisitions and geographic expansions to capture more market share. Key market players operating in ureteroscopy include Olympus Corporation, Richard Wolf GmbH, Boston Scientific Corporation, Pentax Medical, and Stryker.
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