Urology Device Market Projected to Reach $23.8 Billion, at a CAGR of 6.2% by 2034

Urology device manufacturers should focus more on South Asia & Pacific countries, especially India, due to the large diabetic patient pool, says Fact.MR.


Rockville, MD, July 25, 2024 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, reveals in its updated research report. The global urology device market size has been approximated at a value of US$ 13.07 billion in 2024 and is projected to increase at a CAGR of 6.2% to reach US$ 23.8 billion by the end of 2034.

The increasing prevalence of urology diseases such as chronic kidney disorders and end-stage renal diseases is driving the adoption of cutting-edge technologies for effective treatment results. Most target patients are opting for minimally invasive surgical options due to quick recovery, less hospitalization time, and minimum pain. 

For More Insights into the Market, Request a Sample of this Report: 
https://www.factmr.com/connectus/sample?flag=S&rep_id=352

According to a 2023 report by the International Society of Nephrology, around 850 million people across the world are affected by chronic kidney disease (CKD).

Urinary incontinence is a prevalent yet serious issue of urinary disorders. It is also one of the most common medical conditions among women and the aging population.

According to a report by the National Institutes of Health, more than 4 in 10 women 65 and older experience issues related to urinary incontinence.

Rising cases of prostate and kidney cancer due to improper living lifestyles, stress, and poor eating habits are supporting the global urology device market growth. Manufacturers are focusing on the development of advanced urology technologies for disease diagnosis and treatment procedures.

The risk of bladder cancer formation is 1 in 28 among men, according to the American Cancer Society. According to the same source, around 9 out of 10 people with bladder cancer are over the age of 55. 

Key Takeaways from the Market Study

  • Global demand for urology devices is forecasted to increase at a CAGR of 6.2% from 2024 to 2034.
  • The United States market is evaluated at US$ 4.06 billion in 2024.
  • The market in India is set to register a CAGR of 9.4% through 2034.
  • Sales of dialysis devices are anticipated to reach US$ 7.38 billion in 2024.
  • South Korea is projected to hold 23.4% of the East Asia market share by 2034.
  • Laser & lithotripsy device sales are foreseen to rise at a CAGR of 6.2% during the next 10 years.

“Integration of artificial intelligence (AI) and machine learning algorithms in urology treatment procedure has enhanced personalized and patient-centric care,” says a Fact.MR analyst.

Winning Strategy

Some of the leading manufacturers of urology devices are Abbott, Boston Scientific Corporation, Baxter International Inc., Medtronic, Johnson & Johnson Services Inc., Stryker Corporation, Olympus Corporation, and Siemens AG.

Key market players are investing heavily in research and development activities to develop smart robotic surgical devices. They are also focusing on the integration of digital technologies such as machine learning, artificial intelligence, the Internet of Things, and the Internet of Robots to develop cutting-edge urology devices. Mergers, collaborations, and geographical expansions are also some of the other key tactics being adopted by urology device manufacturers. 

Get Customization on this Report for Specific Research Solutions: 
https://www.factmr.com/connectus/sample?flag=S&rep_id=352

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global urology device market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights on the market based on product type (dialysis devices, endoscopes, lasers & lithotripsy devices, robotic systems, endovision systems, peripheral instruments, urodynamic systems), disease (kidney diseases, cancer & BPH, pelvic organ prolapse, others), and end-user (hospitals & clinics, dialysis centers, others), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

Key Market Players  

Siemens AG; Baxter International Inc.; Medtronic; Abbott; Boston Scientific Corporation; Stryker Corporation; Olympus Corporation; Johnson & Johnson Services Inc.; Fresenius Medical Care AG & Co. KGaA; Cook Medical Inc.; Cardinal Health; Intuitive Surgical; KARL STORZ GmbH & Co. KG; Richard Wolf GmbH; Dornier MedTech.

Urology device Industry News 

  • In March 2024, Intuitive received FDA clearance for the Fifth-Generation Robotic System 'da Vinci 5'.
  • In January 2022, Ascend Wellness Holdings, a dialysis testing laboratory, signed a strategic partnership with Siemens Healthineers to expand the testing capacity at Ascend’s new laboratory in California
  • In November 2021, a Taiwan-based company, Brain Navi Biotechnology, received CE (Conformité Européenne) mark for its robotic-assisted surgical robot NaoTrac.

Checkout More Related Studies Published by Fact.MR Research: 

The global next-generation wound closure device market, valued at USD 16.25 billion in 2022, is projected to grow at a CAGR of 7.1%, reaching USD 32.27 billion by 2032. In the upcoming years, this market is likely to witness an opportunity of USD 250 million

Global neurology diagnostics devices market was valued at US$ 8.24 billion and is anticipated to reach US$ 21.1 billion by 2032, expanding at a high CAGR of 8.9% over the 2022-2032 time frame.

Global sales of neurology devices Market are anticipated to increase at a CAGR of 6.2% from 2022 to 2027. At present, the global neurology devices market is valued at US$ 9.6 billion and is projected to reach a market size of US$ 13 billion by 2027.

The global speech generating device market size is approximated at US$ 282.7 million in 2024 and is projected to increase at a CAGR of 10% to reach US$ 733.3 million by 2034-end.

Worldwide sales of 3D printing medical devices Market are estimated at US$ 3.76 billion in 2024 and projected to reach US$ 13.79 billion by 2034, increasing at a CAGR of 13.9% from 2024 to 2034.

About Us: 

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.  

Follow Us:LinkedIn | Twitter | Blog

 

Coordonnées