Urology Devices Market revenue to surpass USD 63 Billion by 2033, says Research Nester
Major urology devices market players include Boston Scientific Corporation, Coloplast A/S, Ethicon, Inc, Ambu A/S, KARL STORZ SE & Co. KG, Olympus Corporation, Richard Wolf GmbH, Stryker, Cook Medical, and Rocamed.
New York, Feb. 12, 2024 (GLOBE NEWSWIRE) -- The global urology devices market size is expected to expand at ~7% CAGR from 2023 to 2033. The market is anticipated to garner a revenue of USD 63 billion by the end of 2033, up from a revenue of ~USD 37 billion in the year 2022.The growth of the market can be attributed to the rising prevalence of bladder cancer, chronic kidney diseases, and prostate cancer. Kidney diseases include acute glomerulonephritis, polycystic kidney disease, pyelonephritis, analgesic nephropathy, UTIs, fluid retention, etc. Other than this, people are overusing painkillers which is leading to increased kidney diseases. Globally, almost 295 million people used drugs at least once in the year 2021. Among these almost 60.1 million people used opioids and 39 million people lived with drug use disorders in the year 2021. Hence, on the back of rising drug usage kidney disease burden is increasing globally. These factors are fuelling the global urology market and are expected to offer lucrative opportunities in the future.
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Furthermore, processed foods are a prominent source of sodium and phosphorus which is harmful to the kidney. The example of common processed food are breakfast cereals, cheese, tinned vegetables, bread, cakes, and biscuits. It has been estimated that sugar-sweetened beverages and ultra-processed meats were the top culprits increasing the risk of developing kidney diseases by 22.4% and 18.5%. The rising consumption of sugar-sweetened beverages food is making the population vulnerable to kidney diseases. These factors are projected to fuel the market growth.
*Increase in Healthcare Investment to Boost Market Growth*
Urology is popular amongst the investor community because the domain is fragmented and includes myriads of domains. Some of the ancillary services are lab services, radiation oncology, chronic care management, in-office dispensaries, ultrasound, clinical trials and clinical research, and ambulatory surgical centers. Governments are making ambulatory centers and in regions such as the USA, almost 60.1% of the urological procedures are currently performed in ambulatory centers. Some of the common examples of outpatient urology procedures are cystoscopies, ureterostomies, prostate biopsies, kidney stone removal, and vasectomies. Furthermore, there is a sharp rise in government spending on health in all the countries, and income levels rose in health spending to a new high of USD 9 trillion. Moreover, Florence Nightingale Hospitals offering cutting-edge services got funding of almost USD 4.1 billion and several investors were 2500. The number of patients accepted by the hospitals is more than 70,000 and more than 250 thousand outpatients. The increasing importance of urology health is important for both men and women, is bolstering the market.
*Urology Devices Market: Regional Overview*
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
*Rising benign prostatic hyperplasia (BPH) to Drive the Growth in the North America Region*
The urology devices market in North America region is estimated to garner the largest revenue by the end of 2035. The benign prostatic hyperplasia is evident in almost 90.5% of men by the age of 85 years. Other than this almost 14.1 million men in the United States have symptoms of BPH. In the USA, the health structure is ultra-modern and more test facilities are available. Other than this, the region is experiencing a major rise in innovations related to the diagnostic methodologies used for kidney-related issues. People are more aware and perform regular urinalysis so that abnormalities can be suspected. Men over the age of 50 as the risk for BPH rises with age. United States health care spending grew almost 4.12% in the year 2022, reaching USD 4.51 trillion that is USD 13,490 per person. The rising investment is also a reason for the expanding urology devices market in the region. Over the forecast period, technological advancements and a high percentage of urology-related cases in hospitals are projected to be major growth drivers for the market. The North America dominated the market share with a revenue of USD 12.31 billion in the year 2022.
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*Rising product launches by companies to Drive the Growth in the Asia Pacific Region*
The Asia Pacific urology devices market is estimated to garner the largest revenue by the end of 2035. There are rising number urological surgeons in the region are making market players inclined towards investing in the domain. For instance, in China there are almost 18,980 urological surgeons and the average price of Urology procedures in China is USD 5060. The China’s urological devices market size was valued at nearly USD 541 million, with over 2.4 million urological procedures performed every year. Other than this, in Japan the urological device market size was valued at USD 383 million with over almost 540,000 urological procedures in the year 2020. With the rising population in the Asia Pacific region, market players are investing in the domain.
*Urology Devices Segmentation by Disease Type *
· Kidney Disease
· Urological Cancer & BPH
· Pelvic Organ Prolapse
The kidney diseases segment is anticipated to hold the largest revenue by the end of 2035. The segment is anticipated to offer lucrative opportunities on the back of the rising number of patients. The current total number of individuals affected by Chronic Kidney Diseases stages worldwide is projected to be 843.1 million in the year 2022. Other than this, in people aged 65 to 74 globally, it is estimated that 1 in 5 men and 1 in 4 women are suffering from Chronic Kidney Diseases.
*Urology Devices Segmentation by End User *
· Hospitals
· Dialysis Centres
· Ambulatory Surgical Centres
The hospital’s segment is anticipated to hold the largest revenue by the end of 2035. There are now almost 7,510 dialysis clinics in the United States and as the number of patients is rising the number is expected to increase globally.
A few of the well-known indutry leaders in the global urology devices market that are profiled by Research Nester are Boston Scientific Corporation, Coloplast A/S, Ethicon, Inc, Ambu A/S, KARL STORZ SE & Co. KG, Olympus Corporation, Richard Wolf GmbH, Stryker, Cook Medical, Rocamed, and other key market players.
*Recent Development in the Urology Devices Market*
· In December 2022, Precision Optics Corporation Inc, announced a new product development order for single-use urology program aiming to expand its focus on medical devices market.
· In September 2022, Advanced MedTech Soltions Pvt acquired Shenzhen Huikang Medical Apparatus Co., Ltd to strengthen market position.
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