Urology Devices Market to surpass US$ 64 Billion by end of 2031, as per Transparency Market Research

In 2021, the global Urology Devices industry garnered a valuation of US$ 38 billion. Projections indicate a compound annual growth rate (CAGR) of 5.6% from 2022 to 2031, with expectations to attain a value of US$ 64 billion by the culmination of 2031.

Analysts perceive a favorable market scenario, anticipating sustained growth driven by evolving healthcare needs and technological advancements. Urology equipment, classified as medical devices, serve the purpose of diagnosing and treating a spectrum of kidney and urological conditions pertaining to the urinary bladder, urethra, ureter, and kidneys.

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The global urology devices industry experiences significant momentum due to the high prevalence and rising incidence of urology disorders linked with the urinary tract system (UTS) worldwide. Transparency Market Research's most recent report indicates a steady growth trajectory for the global market from 2022 to 2031. This growth is primarily attributed to the increasing adoption of urology equipment, widespread availability of urology instruments, and escalating demand for minimally invasive or non-surgical products on a global scale.

Minimally Invasive Procedures Fuel Demand for Urology Devices

A growing number of patients with urological disorders are opting for minimally invasive procedures over traditional ones. These surgeries offer advantages such as smaller incisions, reduced pain, quicker recovery, and lower risk of infections. Patients, particularly those with bladder or prostate cancer, favor minimally invasive surgery. Foley catheters, commonly used post-surgery, aid in urine drainage.

In developing nations, urologists are adopting specialized diagnostic methods like urinalysis & cystoscope, along with advanced surgical devices for urological disorder treatment. These trends are creating revenue avenues for med-tech companies in the market.

Major Players:

Saudi Arabian Oil Company,Mitsubishi Chemical Holdings Corporation,Asahi Kasei Corporation,Covestro AG,Tosoh Corporation,UBE Industries Ltd.,Daicel Corporation,Dayangchem (Hangzhou) Co., Ltd.,Caffaro Industrie,Cromogenia Units,GRR Fine Chem,Haiyan Huashuaite Plastics Electric Appliances Co., Ltd.,Jinan Haohua Industry Co., Ltd.

Market Segmentation:

• Product Type
• • Dialysis Products
  • Endoscopes, Endovision systems & Peripheral Instruments
  • Laser & Lithotripsy
  • Robotic Systems
  • Urodynamic Systems
  • Urology Catheters
  • Biopsy Devices
  • Stents
  • Urology Guidewires
  • Drainage Bags
  • Others

• End-user
• • Hospitals
  • Dialysis Centers
  • Others

Hospitals Segment to Dominate Global Urology Devices Market

The global market is segmented based on end-users into hospitals, dialysis centers, and others. Throughout the forecast period from 2022 to 2031, the hospitals segment is expected to hold a leading position in the market. With a projected high CAGR of 5.9%, this segment is anticipated to expand significantly.

The dominance of hospitals in this segment is due to the rising number of surgical procedures for treating various urology disorders and favorable reimbursement policies for medical devices across developed and developing nations alike.

Market Key Developments

• On May 2, 2022, Auris Health, Inc. (The Johnson & Johnson subsidiary) announced the FDA clearance for its Monarch robotic surgery system. The system allows the robot to be used in kidney stone removal procedures. According to the company announcements, it is the first and only flexible and multispecialty robotic solution for use in both urology and bronchoscopy. The FDA device clearance delivers the company’s vision to extend the robotic platform’s capabilities across multiple specialties, enabling hospital systems to target two disease states using one device.
• On September 21, 2021, UroCure and LiNA Medical USA announced a strategic sales distribution partnership. UroCure develops sling treatment for female urinary incontinence and LiNA Medical USA specializes in minimally-invasive medical devices in the fields of urology and gynecology. This combined product development and distribution collaboration leverages the strengths of both companies, pairing the UroCure ArcTV sling and their expanding women's health portfolio with LiNA's U.S. national sales force and offering of device solutions.

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Regional Outlook:

North America held over 37% of the global urology devices market in 2021, driven by early technology adoption, a sizable patient base with urinary disorders, and favorable medical reimbursement policies in the U.S. and Canada.

Europe stood as the second-largest market, with the U.K. expected to witness significant growth with a high CAGR during the forecast period, fueled by an increasing incidence of kidney stones.

In Asia Pacific, the market is projected to expand at a higher CAGR of 5.8% due to the large populations in countries like India and China, a significant geriatric population in Japan, and improving healthcare infrastructure across the region.

Future Outlook:

The future of the urology devices market looks promising, with opportunities for growth driven by ongoing technological advancements, increasing healthcare investments, and rising demand for minimally invasive procedures. However, challenges such as regulatory hurdles and reimbursement issues need to be addressed to ensure sustained growth.

Key Market Study Points:

• Market size and forecast analysis
• Competitive landscape analysis
• Market segmentation based on various parameters
• Regional analysis to identify growth opportunities
• Identification of key market drivers, challenges, and trends

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

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