Global Urology Devices Market is projected to grow at a CAGR of 7.93% between 2025 to 2030.
A urology device is a clinical device that is used to detect, treat, and analyze kidney infections. There is an emerging pattern for urological surgeries that utilize minimally intrusive instruments for reasons such as lesser cuts, a faster recovery rate, and fewer hospital stays compared to open surgical procedures. This market is currently experiencing cutting-edge advancements in urology medical devices, including laser and automated assisted devices, which help to make surgery significantly less demanding while presenting better outcomes such as higher exactness, deeper and more precise measurements, and a fast recovery.
One of the major drivers of the urology devices market's development must be an increasing demand for minimally intrusive devices. Negligibly intrusive medical procedures (MIS) have undergone an exceptional evolution as far as advances in technology go, which have greatly changed the way urological strategies in operating rooms are acted upon. A negligibly intrusive care device can provide a variety of benefits, including less scarring, quicker recovery, a shorter stay in the emergency room, diminished blood loss and injury, and a reduced risk of contamination. A laparoscopic, endoscopic, and robotic approach to the bladder lot and its surrounding organs is a key component of MIS in urology, which is used in the diagnosis, treatment, and monitoring of urological conditions. By far, the most regularly utilized automated platform among urologists is the da Vinci mechanical surgical system by Intuitive Surgical (US). By using a console in the operating room, a surgeon can control instruments attached to mechanized arms, which indicates that constant innovation is present in the market, adding to its growth prospects. The market is also witnessing various strategic actions being undertaken by companies in order to further increase their market share in response to the rising demand for urology devices. Medi-Tate, an Israeli medical device manufacturer owned by Olympus Corporation, was acquired by the Japanese company in May 2021. According to Olympus Corporation, the acquisition is a strategic move to expand its BPH product portfolio.
Growth Factors.
Increasing populations of people over the age of 65 will also drive the urology device market growth. Data from the United Nations (UN) 2019 estimates for the World Population Prospects show that the world population will increase by two billion people in the next 30 years, from the current 7.7 billion people to 9.7 billion by 2050, and the world's aging population will increase simultaneously. A decline in fertility rates and longer lives has led to an increase in the number of people aged 65 years and above and a decline in the number of children under five worldwide, as explained by the UN. A further increase in the number of over-65s will take place by 2050; they will be one in six (16%), compared to one out of eleven (9%) in 2019. Therefore, a growing geriatric population will result in an increased demand for urology devices, considering the increased prevalence of kidney disease among them.
Restraints.
Market players are engaged in intense competition. Just large companies are capable of purchasing high-capital projects as well as assembling and carrying out significant R&D. New entrants will have difficulty breaking into this market. The serious level of market saturation acts as a major barrier to entry for new players and is consequently relied upon to restrict ventures and consequently hinder the growth rate of this market. New players will likewise be repelled by the demand for large amounts of capital, a large cost of R&D, and significant labor costs.
Impact of COVID – 19.
COVID-19 often results in acute respiratory distress in patients and may cause acute kidney injury, which is then followed by kidney failure. About 10% to 50% of COVID-19 patients who receive intensive care develop kidney failure and undergo dialysis, according to a study conducted by the American Society of Nephrology. Dialysis procedures will likely increase as a result of the growing number of patients infected with COVID-19 around the world. Furthermore, as a result of COVID 19 contamination, patients prefer to be treated at home. The result has been an increase in the use of urology equipment in homes. So, the global market for urology devices is experiencing demand from various end-user segments. In other words, it's possible that the COVID 19 pandemic has contributed positively to the growth of the global market for urology devices.
Competitive Insights.
There has been an increased demand for urology devices, which has led to the entry of new players such as Stryker on the market. As these new players enter a market already home to traditional pharma behemoths like Olympus Corporation and STERIS Corporation, innovation is expected to continue to flourish in the urology devices market. Additionally, in order to broaden their client base and grow their share of the market in the future, major players have been taking various strategic steps such as forming partnerships and developing novel solutions that offer comfort to patients, thus ensuring the market remains competitive and is constantly evolving.
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