Overview:
Triggered by several technical advancement, the global Urology Devices Market can set their eyes on a steady 7.1% CAGR during the forecast period (2017-2023). Market Research Future’s (MRFR’s) claim on the subject is based on a thorough knowledge of devices and geographical growth pockets. Urology particularly focuses on female urinary tract system and male reproductive organs. Comprised of adrenal glands, kidneys, urinary bladder, ureters, urethra, and the male reproductive organs, the study of urology focuses on eliminating any irregularity.
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The future urology devices market is expected to include more participants from the market. Several factors are going to join the force in taking the market ahead. Prevalence of chronic diseases, abnormalities, health-related issues, lifestyle changes, accidents, and other issues mostly create enough opportunities for the market to percolate through spheres. Several technical advancements can also be given credit for the urology device market proliferation.
On the flip side, reimbursement policies could play spoilsport in the expected growth rate of the urology devices market. In some cases, the device cost is also substantially high due to which availing of the treatment becomes difficult. These can hinder the expected market growth.
Segmental Analysis:
MRFR’s detailed look into the global urology devices market use a segmentation by types, applications, technology, and end-users for a holistic view of the market in the coming years.
Based on the type, the urology devices market can be segmented into dialysis equipment, benign prostatic hyperplasia treatment devices, endoscopy devices, urinary stone treatment devices, urinary incontinence & pelvic organ prolapsed devices, and others. The dialysis equipment segment includes peritoneal dialysis, hemodialysis, and others. The urinary stone treatment devices market consists ureteral stents, lithotripsy, and others. The urinary incontinence & pelvic organ prolapsed devices segment encompasses sacral neuromodulator, urethral inserts & pessaries, vaginal meshes & slings, and others. The benign prostatic hyperplasia treatment devices segment consists prostatic stents, catheter ablation, and others.
By technology, the urology devices market includes minimally invasive surgery, robotic surgery, and others.
By applications, the urology devices market encompasses urinary stones, benign prostatic hyperplasia, urinary incontinence, prostate cancer, and others.
By end-users, the urology devices market can be segmented into hospitals, ambulatory services, and others. The hospitals segment is performing well as patients mostly come to these places for any treatment associated with urology.
Regional Analysis:
MRFR’s take on the global urology devices market, by region, spans across the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The Americas has maximum market penetration, and they are earning substantial revenue. The entire market is largely dependent on technological advancement, healthcare expenditure, and robust infrastructure. However, diseases related to urinary dysfunction are also increasing in number which can provide traction to the regional market.
Europe’s second position in the market is due to the increasing investment in the research & development sector. These endeavors give rise to innovations which play importantly in taking the regional market forward.
The APAC market is all set to gain the highest CAGR during the forecast period and emerge as the most lucrative region for business expansion. Factors such as cost-effective labor and revamped healthcare models can set the region for higher growth. Meanwhile, the MEA market is expected to grow moderately owing to the lack of infrastructure and poor economic regions.
Competitive Landscape:
The global urology devices market is getting substantial boost from strategic moves implemented by influential companies such as Antares Pharma, Eisai Co. Ltd., Eli Lilly and Company, AstraZeneca, Becton, Dickinson and Company, Johnson & Johnson Services Inc., Teva Pharmaceutical Industries Ltd., F.Hoffmann-La Roche AG, Novartis AG, Mylan N.V., Pfizer Inc., Sanofi, Novo Nordisk, and Inovio Pharmaceuticals Inc.
In April 2019, Atlantic Therapeutics is planning to launch INNOVO, a wearable device, that would help women treating their stress urinary incontinence by providing the clinically effective and non-invasive option. The device got clearance from the FDA, and it is the first transcutaneous electrical stimulator to get clearance from the FDA.
Intended Audience
- Urology Devices Manufacturer
- Urology Devices Supplier
- Research and Development (R&D) Companies
- Independent Research Laboratories
- Market Research and Consulting Service Providers
- Medical Research Laboratories
- Academic Medical Institutes and Universitie
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