Market Insights:

Market Research Future (MRFR)’s latest study reveals that the global urology devices market is set to expand at an exponential pace registering a CAGR of 7.1% during the forecast period 2017 to 2023. The growth trajectory of the market is guided by the increasing incidences of diseases related to male reproductive organs and female urinary tract system.

Urology devices have developed applications in treating diseases related to organs such as kidneys, adrenal glands, ureters, urinary bladder, urethra, etc. The widening range of application of the devices in the healthcare sector is likely to propel demand in the market over the next couple of years. The major factor favoring the growth of the urology devices market is the large-scale prevalence of prostate cancer, urinary tract diseases, traumatic injury, congenital abnormalities, and kidney stones.

The market players are investing in research & development for bringing technological advancements. This, in turn, is anticipated to impact the urology devices market positively in the foreseeable future. However, high costs of some devices and poor reimbursement policies remain an impediment to the market growth.

Market Segmentation:

By type, the global urology devices market has been segmented into dialysis equipment, urinary stone treatment devices, endoscopy devices, benign prostatic hyperplasia treatment devices, urinary incontinence & pelvic organ prolapsed devices, and others.

By technology, the urology devices market is segmented into minimally invasive surgery, robotic surgery, and others.

By application, the global urology devices market has been segmented into benign prostatic hyperplasia, prostate cancer, urinary stones, urinary incontinence, and others.

By end-users, the urology devices market is segmented into hospitals, ambulatory services, and others.

Regional Analysis:

By region, the global urology devices market has been segmented into Americas, Europe, Asia Pacific, and the Middle East & Africa. Americas is estimated to hold the most significant share of the market during the forecast period. The factors projected to complement the expansion of the urology devices market in the region include increasing healthcare expenditure and development in urological devices.

Europe is the second largest market for the urology devices with government support being the primary driver of growth in the region. Asia Pacific is projected to thrive at a relatively higher CAGR during the forecast period. The Middle East & Africa market is forecasted to hold the least share of the market due to limited developments in the healthcare sector in African regions.

Competitive Dashboard:

Some of the urology devices market key players profiled in the report are KARL STORZ GmbH & Co. KG (Germany), Boston Scientific Corporation (US), C. R. Bard, Inc. (US), Cook (US), Fresenius Medical Care AG & Co. KGaA (Germany), Olympus Corporation (Japan), Medtronic (US), Dornier MedTech (Germany), Stryker (US), NIKKISO CO. LTD (Japan), and HealthTronics, Inc (US).

Industry Developments:

In March 2016, Urology device startup UroCure raised USD 2.5 Mn for funding the development of urethral slings, which is designed for the treatment of female stress urinary incontinence.

In May 2018, Analogic, a healthcare technology solution provider, announced that BK Ultrasound biz launched the bkSpecto urology ultrasound system.