The global urology devices market is found growing at a CAGR of 6.35% and the key factors propelling the market growth include high incidence of urologic conditions, rising geriatric population, and technological advancements.
According to the American Urological Association Foundation (AUAF), benign prostatic hyperplasia (BPH), urinary incontinence (UI), urinary tract infections (UTIS), and kidney and ureteral stones are among the most common urological diseases. According to the United States Department of Health and Human Services, the overall prevalence of CKD among the American population is about 14%, and almost half of the individuals with CKD suffer from diabetes and/or cardiovascular diseases. Annually, more than 661,000 Americans suffer from kidney failure, and 468,000 patients are given dialysis.
Urinary tract infections (UTIs) are one of the most common microbial diseases affecting people of all age groups. Globally, UTIs affect around 150 million people every year. Diabetic patients have a higher risk of developing UTIs and complications associated with it. With a global increase in diabetic population, complications, like dysuria and organ damage are associated with UTIs, that are also on the rise.
Hence, with the high incidence rates and health complications associated with urological diseases, there is an increasing demand for healthcare interventions to manage them, which, in turn, is propelling the market of urology devices market.
Key Market Trends
Kidney Disease is Expected to hold the Highest Market Share in the Disease Segment
The various kidney diseases includes renal cyst, cystic kidney diseases, chronic kidney disease, hemolytic-uremic syndrome, and lupus nephrite, among others. Most of the kidney diseases lead to kidney failure, which requires early diagnosis for prompt treatment.
According to the CDC data in 2016, there are nearly 125,000 people in the United States started treatment for end-stage kidney disease (ESKD), and more than 726,000 (2 in every 1,000 people) were on dialysis or were living with a kidney transplant. However, most of the population remain undiagnosed in the early stages, eventually leading to death, worldwide.
Therefore an increase in awareness, along with support from the government through reimbursement, and innovation in products, in order to develop low-cost and effective treatment, are some elements that are expected to drive the market, over the forecast period.
North America is Dominating the Market and is Expected to do the Same During the Forecast Period
North America currently dominates the market for urology devices and is expected to continue its stronghold for a few more years. Benign prostatic hyperplasia (BPH) is among the most untapped segments in the urology market, with several US-based companies working on upgrading their devices in this segment, either by collaboration or acquisition.
Recently, in 2018, Boston Scientific Corporation acquired NxThera and its Rezūm benign prostatic hyperplasia device. Additionally, several ventures partners, as well as other investors have funded significantly for minimally invasive devices for the treatment of urology diseases. For instance, Zenflow received USD 31.4 million funding, while UroCure, a medical device startup raised USD 2.5 million for urethral slings, in 2018. The technology was acquired by Endo International's subsidiary, American Medical Systems Holdings.
Thus, over the forecast period, technological advancements, a high percentage of urology cases in hospitals, and increasing funding are expected to be the major drivers for the growth of the urology devices market.
The urology devices market is highly competitive and consists of several major players. With increasing technological advancements and product innovations, mid-size to smaller companies are expected to increase their market presence by introducing new devices with lesser prices. These companies, like Baxter, Boston Scientific, C. R. Bard, Medtronic, and Siemens, hold the substantial share in the market.
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