According to a report published by Grand View Research, Inc.; the urology surgical instrument market is expected to reach a valuation of around USD 14.12 billion by 2025.
Factors such as increasing elderly population, high prevalence of urinary disorders, rise in demand for minimally invasive surgeries, growing expenditure for research and development (R&D), and new product launches can propel the market during the forecast period (2014 to 2025).
The old age population is more prone to urinary complaints, chronic conditions, and digestive disorders that needs long-term care. Increasing rate of old age population is also expected to increase the number of surgeries to be performed. Therefore, increasing geriatric population is considered as the major driving factor for the market. in addition, rising prevalence of chronic kidney disease (CKD) among old aged people is likely to boost the market in the coming years.
Full Research Report On Urology Surgical Instrument Market Analysis:
Worldwide urology surgical instruments market can be segmented on the basis of product, application, and region. As per product, the market can be split into endoscopes, endovision systems, peripheral systems, and consumables & accessories. In 2016, consumables and accessories segment estimated for the major share due to regular practice of these products and their disposable nature.
The endoscope segment reported as the second-largest segment in 2016. Growing demand for minimally invasive techniques in diagnostics and therapeutics is the major driving for the segment growth. In addition, increasing investment from private companies, and growing number of clinics and hospitals rise in grants or funds by public sector are likely to increase the demand for endoscopes during the forecast period. Based on application, the market can be categorized into chronic kidney diseases (CKD), benign prostatic hyperplasia (BPH), urinary stones, urinary incontinence (UI) and pelvic organ prolapse (POP), oncology, and other applications. In 2016, the chronic kidney diseases (CKD) segment accounted for the largest market share on account of growing occurrence of CKD, rising number of clinical trials for new non-invasive techniques for treating these complaints, and growing efforts from government across the world.
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Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America estimated for the largest market share of 41.5% in 2016. Growing demand for minimally invasive procedures, rise in old age population in the U.S. and Canada, growing occurrence of urology complaints and cancers, growing urology equipment procurements in hospitals, growing number of urologists, better reimbursement scenario, and growing healthcare spending on urological diseases are expected to boost the market in this region. The U.S. is one of the major market in this region. Rise in cases of urinary disfunction in the country is likely to increase the demand for surgical instruments in the country.
As per National Kidney Foundation and National Health and Nutrition Examination Survey (NHANES), approximately 12.1% of males suffer from CKD in the U.S. The information also states that in 2013, more than 57.7% of new end-stage kidney failure or renal diseases cases noticed in men. Around 57.3% patients getting treatment for kidney failure in the country are male. NHANES information also state that near 15.1% women suffer from CKDs.
Asia Pacific market is projected to expand at highest CAGR of 8.4% during the projected period. Factors such as high prevalence of urological disorders, growing healthcare spending for urology by government, increasing free trade agreements between Asian countries and western countries, strict regulations regarding use of invasive devices, growing medical tourism, and rapid healthcare infrastructure development in India and China are expected to fuel the market in this region. Additionally, increasing demand for urology procedures and purchasing of new equipment in big public and private hospitals in countries including Australia, Malaysia, Indonesia, China, India, Japan, Singapore, and New Zealand can create positive outlook for the market.
Key companies operating in the market include KARL STORZ GmbH, Medtronic, Stryker, Boston Scientific Corporation, and Coloplast Group. Technological innovations, new product launches, and collaborations are the key strategies adopted by the companies to gain higher profits in the market.
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