Fact.MR, a market research and competitive intelligence provider, reveals in its updated research report that the global urology device market is approximated at a value of US$ 13.07 billion in 2024 and is projected to increase to a size of US$ 23.8 billion by 2034.
Rising Cases of Chronic Kidney Diseases and Prostate Cancer Driving Need for Innovative Urology Devices: Fact.MR Analysis
Fact.MR, a market research and competitive intelligence provider, reveals in its updated research report that the global urology device market is approximated at a value of US$ 13.07 billion in 2024 and is projected to increase to a size of US$ 23.8 billion by 2034.
Urology is a medical specialty focused on diagnosing and treating conditions related to the urinary tract and reproductive system in both men and women. These conditions include bladder control disorders, kidney stones, urinary tract infections, prostate diseases, and various forms of cancer. Urology devices play a crucial role in both diagnosis and surgical interventions, making this field an essential component of modern healthcare. Often referred to as genitourinary surgery, urology employs a range of specialized medical devices, including cystoscopes, ureteroscopes, urodynamic testing equipment, dialysis machines, endoscopes, laser lithotripsy systems, and endovision technologies.
The rising global geriatric population is expected to contribute to a surge in age-related chronic diseases, further driving the demand for advanced urology treatments. Urologic disorders may originate within the urinary system or develop as secondary complications of underlying medical conditions such as diabetes. The increasing prevalence of these secondary urologic diseases, particularly those linked to chronic health issues, is fueling the demand for innovative and effective urology devices, positioning the market for significant growth in the years ahead.
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Key Takeaways from the Market Study:
Global demand for urology devices is forecasted to increase at a CAGR of 6.2% from 2024 to 2034.The United States market is evaluated at US$ 4.06 billion in 2024.
The market in India is set to register a CAGR of 9.4% through 2034.Sales of dialysis devices are anticipated to reach US$ 7.38 billion in 2024.
South Korea is projected to hold 23.4% of the East Asia market share by 2034.Laser & lithotripsy device sales are foreseen to rise at a CAGR of 6.2% during the next 10 years.
“Integration of artificial intelligence (AI) and machine learning algorithms in urology treatment procedure has enhanced personalized and patient-centric care,” says a Fact.MR analyst.
Increasing prevalence of urology diseases such as chronic kidney disorders and end-stage renal diseases is driving the adoption of cutting-edge technologies for effective treatment results. Most target patients are opting for minimally invasive surgical options due to quick recovery, less hospitalization time, and minimum pain.
According to a 2023 report by the International Society of Nephrology, around 850 million people across the world are affected by chronic kidney disease (CKD).
Urinary incontinence is a prevalent yet serious issue of urinary disorder. It is also one of the most common medical conditions among women and the aging population.
According to a report by the National Institutes of Health, more than 4 in 10 women 65 and older experience issues related to urinary incontinence.
Rising cases of prostate and kidney cancer due to improper living lifestyles, stress, and poor eating habits are supporting the global urology device market growth. Manufacturers are focusing on the development of advanced urology technologies for disease diagnosis and treatment procedures.
Risk of bladder cancer formation is 1 in 28 among men, according to the American Cancer Society.
According to the same source, around 9 out of 10 people with bladder cancer are over the age of 55.
Winning Strategy:
Key market players are investing heavily in research and development activities to develop smart robotic surgical devices. They are also focusing on the integration of digital technologies such as machine learning, artificial intelligence, the Internet of Things, and the Internet of Robots to develop cutting-edge urology devices. Mergers, collaborations, and geographical expansions are also some of the other key tactics being adopted by urology device manufacturers.
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Key Market Players:
Abbott
Boston Scientific Corporation
Baxter International Inc
Medtronic
Johnson & Johnson Services
Stryker Corporation
Olympus Corporation
Siemens AG.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global urology device market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on product type (dialysis devices, endoscopes, lasers & lithotripsy devices, robotic systems, endovision systems, peripheral instruments, urodynamic systems), disease (kidney diseases, cancer & BPH, pelvic organ prolapse, others), and end user (hospitals & clinics, dialysis centers, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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