Urology Devices Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2021 to 2029

Industry Outlook

Urology devices market accounted for a market value of US$ 38,009.0 Mn in 2020 and projected to grow at a CAGR of 6.7% during the forecast period from 2021 to 2029. Urology diseases are one of the most varied and common type of diseases found in all age groups. According to the World Health Organization (WHO), urinary tract infection (UTI) is one of the most prevalent diseases affecting around 150 million people every year. In women lifetime risk of developing urinary tract infection is 60% while in men the risk is mere 13%. Overall diagnosis and treatment rate of urological diseases is gradually increasing with increasing awareness in developing & under developed countries. The extended reach of companies and penetration of government initiative & supportive policies has assisted the significant growth of overall urology devices market in developing & under developed countries from Asia Pacific, South America, & Africa.

Increasing prevalence and awareness related to urology infections in developed and developing countries assisting the demand for urology diagnostics & treatment devices market

In year 2020, instrument identified as the largest segment in urology devices market due to high prices compared to consumables and accessories, and increasing prevalence and awareness related to urology infections. Endoscopes and lasers & lithotripsy devices dominated the instruments segment, as these devices have wide range of applications in diagnosis as well as treatment of urological diseases. However, antibiotic resistance is also one of the major complication observed in bacterial infections affecting urinary system. In these cases, drugs and devices used in combination to deliver desired therapeutic effect.

Rising awareness related to early disease diagnosis and improving adoption of novel diagnostic & therapeutic technologies against urology diseases in Asia Pacific would aid the market growth

In 2020, North America identified as the largest urology devices market due to increasing prevalence of prostate & kidney cancer, urinary incontinence, & pediatric urologic diseases, developed diagnostic infrastructure, and incessant development in the field of urology devices. According to UCLA Health, urologic diseases such as urinary tract infections, kidney stones, and prostate cancer have a major economic burden on Americans, with huge health care costs of around $40 billion annually. During the forecast period from 2021 to 2029, Asia Pacific expected to be the fastest growing market for urology devices due to key factors such as rising prevalence & awareness related to the urological diseases, developing healthcare infrastructure & economic development, and supportive healthcare policies structured by government agencies. The ongoing development in the diagnostic infrastructure specifically in developing countries has increased the overall rate of prevalence & treatment and expected to grow in the near future.

Historical & Forecast Period

The urology devices market analyzed considering current market trends for base year 2020 and based on future trends CAGRs calculated for the forecast period from 2021 to 2029.

This report further elucidates about the major qualitative aspects including data points such as major market trends, market dynamics, which will help to understand the global urology devices market. The major market players present in this market studied based on attributes such as financial overview, product portfolio, business strategies, and geographical reach. The report covers information related to the attractive investment proposition analyzed based on in-depth geographical analysis of economic, social, political, and demographics. Major players present in this report comprise Fresenius Medical Care, Baxter, KARL STORZ, Boston Scientific, Cook Medical, Olympus, Richard Wolf, and Medtronic among others.

Key questions answered in this report

• What are urology devices and overall technological evolution?
• What are the key products available to carryout diagnosis & treatment of urological diseases?
• What are the recent & future market dynamics adopted or planned by the major companies present in urology devices market?
• Which are the most attractive geographical markets for urology devices?
• Which is the fastest growing product segment of urology devices?
• Which is the largest end-user segment in urology devices market?
• What is the competitive landscape of urology devices market?

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