Urology Devices Market Size to Surpass USD 55.26 Billion by 2030, exhibiting a CAGR of 7.2%

According to the report by Fortune Business Insights, the global Urology Devices Market size is projected to reach USD 55.26 Billion in 2030, at a CAGR of 7.2% during the forecast period, 2023-2030

Urology device market

Pune, India, Sept. 18, 2023 (GLOBE NEWSWIRE) — The urology devices market size stood at USD 32.35 billion in 2022. and market is predicted to reach USD 55.26 billion in 2030, exhibiting a CAGR of 7.2% during the forecast period. Urology devices are widely used to diagnose and treat many urological diseases. They are generally utilized to diagnose bladder and urethra-related disorders.

Fortune Business Insights™ shares this information in its report titled “Urology Devices Market, 2023-2030.”

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Key Takeaways:

• Recent innovations in urology devices are boosting market value.
• The report provides a detailed analysis of the top segments and the latest trends in the market
• Leading companies are introducing urology devices, thereby spurring global urology devices market growth.
• Segment is expected to expand at a significant CAGR during the forecast period.
• North America dominated the urology devices market share with a revenue of USD 12.33 billion in 2022.

Notable Industry Development

• April 2021 –  Ambu received Health Canada approval to distribute its latest product, a single-use flexible cystoscope named aScope 4 Cysto.

Discover the Leading Players Featured in the Report:

“Companies leading the global Urology Devices Market are Boston Scientific Corporation (U.S.), Coloplast A/S (Denmark), Ethicon, Inc. (Johnson & Johnson Services, Inc.) (U.S.), Ambu A/S (Denmark), KARL STORZ SE & Co. KG (Germany), Olympus Corporation (Japan), Richard Wolf GmbH (Germany), Siemens Healthcare GmbH (Germany), Stryker (U.S.), Cook Medical (U.S.), Dornier Medtech (Germany), Rocamed (Monaco)”

Report Scope & Segmentation

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Segmentation

Increasing Introduction of Urological Accessories Boosted Segment Growth

By product type, the market is classified into endoscopes, laser & lithotripsy devices, dialysis devices, other devices, and accessories.

The accessories segment accounted for the largest market share. An increase in the introduction of urological accessories is expected to boost segment growth.

Rising Prevalence of End-stage Kidney Diseases Accelerated Segment Growth

Based on application, the market is divided into urolithiasis, urethral malignancies, bladder disorders, kidney diseases, and others.

The kidney diseases segment held a leading market share. The growing prevalence of end-stage kidney diseases is driving segment growth.

Hospitals & Ambulatory Surgical Centers Gained Traction due to Rise in Hospital Patient Visits with Urology-related Diseases

In terms of end-user, the market industry is categorized into hospitals & ambulatory surgical centers, dialysis centers, and others.

Hospitals & ambulatory surgical centers segment accounted for a substantial market share. Patients widely prefer hospitals & ambulatory surgical centers. A rise in hospital patient visits with urology-related diseases is the key attribute to boost segment expansion during the projected period.

Product Type

• Endoscopes

• Cystoscopes
• Disposable
• Reusable
• Ureteroscopes
• Disposable
• Reusable

Other Endoscopes

• Laser & Lithotripsy Devices
• Dialysis Devices
• Other Devices
• Accessories

By Application

• Urolithiasis
• Urethral Malignancies
• Bladder Disorders
• Kidney Diseases
• Others

By End-user

• Hospitals & Ambulatory Surgical Centers
• Dialysis Centers
• Others

By Region

• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Rest of the World

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Drivers and Restraints

Rising Incidence of Kidney Disorders is Steering Market Growth

The growing prevalence of kidney disorders such as kidney failure and chronic kidney diseases are the key elements driving market growth. Growing usage of dialysis devices due to the large patient pool for dialysis treatment globally is expected to fuel market expansion over the projected period. Key producers are introducing novel urology devices, fostering market growth.

For instance, in April 2023, to emphasize kidney health and patient-centric technological systems for enhancing patient experience and increasing access to care globally, Medtronic and DaVita, Inc. introduced Mozarc Medical Holding LLC.

On the other hand, high costs of urology devices are expected to hamper market expansion over the projected period.

Regional Insights

North America Commanded the Global Market due to Rise in Patients Suffering from Kidney Diseases

North America led the urology devices market share in 2022 and is likely to continue its dominance over the projected period. Market growth is attributed to the rise in patients suffering from kidney diseases and the growing number of patient visits for disease treatment and diagnosis.

The market in the Asia Pacific region is projected to expand at the highest CAGR over the projected period. Market growth is driven by a rise in product launches, the rising efforts for the development of healthcare infrastructure, and increasing awareness about urology disorder diagnosis.

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Competitive Landscape

Top Market Participants are Focusing on Introducing Advanced Products to Treat Urology-related Disorders, Augmenting Market Growth

Leading companies include NIPRO, Fresenius Medical Care AG & Co., Coloplast A/S, Boston Scientific Corporation, and B.D. held the major market share in 2022. Top urology device producers are constantly concentrating on introducing advanced products to maintain their position in the market. They are focusing on increasing their product offerings to treat urology-related disorders easily.

In March 2021, to obtain Lumenis LTD’s global surgical business, Boston Scientific Corporation made an agreement with an affiliate of Baring Private Equity Asia (BPEA). The company offers urology and otolaryngology products.

FAQ’s

What is the market for Urology Devices?

The Urology Devices Market size was valued at USD 32.35 Billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.2% during the forecast period, 2023-2030.

How big is the Urology Devices Market?

The global Urology Devices Market size estimated at USD 34.06 billion in 2023 and is expected to reach USD 55.26 billion in 2030.

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