Urology Disorders are on a rise and that is leading the global urology devices market on an upward growth curve. It is set to chart a healthy CAGR (Compound Annual Growth Rate) of 7.1% between 2018 and 2026, as per a Transparency Market Research study. The growth will translate into market worth of value USD 58.3 billion by 2026. This is a remarkable increase from USD 31.4 billion in 2017.
The global Urology devices market is driven by demand for minimally invasive medical procedures as can be noted in the rise of use of robotics in the field and easy availability of better devices. As a large number of people suffering from disorders of Urinary Tract System, the market sees impressive growth.
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It might be worth noting here that these are more common in women than men and issues such as urinary tract infection, pregnancy and childbirth, weakening of pelvic floor muscles and urethral sphincters, menopause etc. are all included in list if things leading to urological disorders. In men, there can be these disorders after a post radical prostatectomy surgery.
Besides, governments in various countries are directing efforts towards improving awareness of urological diseases.
A Large Chunk of Growth in Global Urology Devices Market to be Accounted for by North America
Owing to a robust healthcare infrastructure, high level of technological adoption across and a favorable reimbursement policy will help North America hold a notable size of the market share over the forecast period. This region would be followed by Europe in terms of growth where high prevalence of urinary disorders is paving the way for a significant CAGR.
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Another region that will generate untapped growth opportunities for global urology devices market players is the Asia Pacific (APAC) region, owing to rising levels of awareness and government efforts to improve medical outcome. Besides, a large geriatric population in the region is contributing positively to growth of the region and its robust performance in the global urology devices market. Additionally, there are notable improvements happening in the healthcare facilities in the region, showing promise to the global urological devices market’s growth trajectory.
Global Urology Devices Market to be Consolidated over the Forecast Period
Few companies in the market landscape occupy a majority share and to maintain an edge over competitors, players often resort to mergers and acquisitions. They also do not shy away from exploring synergies to enable growth via strategic partnerships and collaborations.
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Some of the most significant names, marking the global urology devices market landscape include Boston Scientific Corporation, KARL STOZ SE & Co. KG, C,R, Bard, Inc. (Becton, Dickinson and Company), Richard Wolf GmbH., Intuitive Surgical, Fresenius Medical Care, Olympus Corporation, and Cook Medical. One of the key features of the market will be a keen focus on product development via innovation.
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