Urology Devices Market Size, Share & Analysis Report, 2023-2032
The global urology devices market size was exhibited at USD 34.10 billion in 2022 and is projected to hit around USD 69.63 billion by 2032, growing at a CAGR of 7.4% during the forecast period 2023 to 2032.
Key Takeaways:
Report Scope of The Urology Devices Market:
| Report Coverage | Details |
| Market Size in 2023 | USD 34.10 Billion |
| Market Size by 2032 | USD 69.63 Billion |
| Growth Rate From 2023 to 2032 | CAGR of 7.4% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Product,By Application,By End User,By Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | Fresenius Medical Care AG & Co. KGaA (Germany), Baxter International, Inc. (US), Boston Scientific Corporation (US), Becton, Dickinson and Company (US), B. Braun Melsungen AG (Germany) |
The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. Investments by hospitals in procuring advanced instruments, expanding units, and establishing new centers are expected to boost the market for urology devices. Moreover, increased demand for MIS robotic systems is expected to increase in the coming years, which is expected to propel the market growth.
Urology Devices Market Dynamics
DRIVER: Rising incidence of urological diseases
With the rising incidence of urological diseases and surgical procedures for their treatment, the demand for urology devices has increased. The prevalence of urological conditions, such as chronic kidney diseases (CKD), end-stage renal diseases (ESRD), urinary incontinence, kidney and ureteral stones, and bladder and prostate cancer, have increased significantly globally. Patients with chronic conditions often require regular procedures to manage their conditions, while surgical procedures, especially major surgeries, necessitate significant technologically advanced devices for safe and successful outcomes. This is expected to positively impact the market. According to the American Kidney Fund (AKF), in 2022, kidney diseases affected 37 million Americans, with 807,000 living with kidney failure, over 562,000 undergoing dialysis, and more than 245,000 receiving kidney transplants.
RESTRAINT: High degree of consolidation among key players
Intense competition characterizes this market, which is heavily dominated by major players. Significant capital investments, elevated R&D and manufacturing costs make entry difficult for newcomers. Moreover, the established top-tier companies benefit from brand loyalty, further solidifying their market position. The considerable consolidation within the industry serves as a formidable barrier for potential entrants. For instance, according to a 2020 article in Investigative and Clinical Urology, many companies have expressed keen interest in entering this global market and developing their own surgical robotic systems.
OPPORTUNITY: Potential growth opportunities in emerging economies
The market's growth is significantly driven by the private healthcare sector's expansion, aimed at meeting the increasing demands of the expanding middle-class population. The middle-class population in the Asia Pacific is expected to increase to 66% by 2030 from 28% in 2009 (Source: OECD). According to the same source, the purchasing power of the growing middle-class population is expected to increase to 59% by 2020 from 23% in 2009. As disposable incomes increase and the middle class requires more medical attention, manufacturers of urology devices must devise new strategies to address this demand. Emerging markets, yet to be fully explored by major players, represent significant untapped market potential.
CHALLENGE: Product recalls witnessed by major market players
Product recalls in the medical device industry occur when a product is found to be defective, potentially harmful, or not in compliance with regulatory standards. Recalls can be initiated voluntarily by the manufacturer or mandated by regulatory agencies. The market growth is significantly affected by the product recalls due to the significant financial and reputational impacts on manufacturers. Regulatory bodies like the FDA in the United States or the CE Marking system in Europe oversee these recalls to ensure patient safety and compliance with regulations. Frequent product recalls during 2020–2021 witnessed by giant companies, such as Fresenius Medical Care, Olympus Corporation, Karl Storz, and Cook Medical, pose a major challenge to the growth of the urology device market.
Instruments segment accounted for the largest share of the urology devices industry in 2022, by product.
The urology devices market is categorized into instruments and consumables & accessories based on product. The instruments segment emerged as the dominant force in the market in 2022. The market is being driven by technological advancements coupled with launch of new urology devices and increasing incidence of kidney diseases. Nevertheless, the risk of infections from the repeated utilization of surgical instruments poses a significant hurdle to the market's expansion.
Kidney diseases segment accounted for the largest share in the urology devices industry in 2022, by application.
The global urology devices market is categorized into kidney diseases, urological cancer, pelvic organ prolapse, benign prostatic hyperplasia, urinary incontinence, erectile dysfunction, urinary stones and other applications based on application. In 2022, the kidney diseases segment held the largest share in the market, categorized by application. Throughout the world, kidney disease stands as a prominent cause of mortality. Early identification and treatment play a crucial role in minimizing additional kidney harm. Without proper intervention, it can progress to end-stage renal failure. Therefore, the growing incidence of kidney diseases coupled with the health complications associated with them is driving the demand for urological interventions to manage them, which, in turn, is propelling the market for urology devices.
Hospitals, ASCS & clinics segment accounted for the largest share in the urology devices industry in 2022, by end user.
Based on end users, the urology devices market has been segmented into hospitals, ASCS & clinics, dialysis centers and home care settings. In 2022, the hospitals, ASCS & clinics segment accounted for the largest share of the market. Urology diagnostic services and treatments are available across hospitals, ASCs and clinics, each possessing substantial infrastructure for both invasive and non-invasive procedures. These facilities boast advantages such as enhanced and specialized testing options, streamlined billing systems, and cost-effectiveness. Additionally, the growth in the number of ASCs, coupled with the growing number of surgical procedures performed in ASCs, is expected to drive the demand for urology devices in this end-user segment.
North America accounted for the largest share of the urology devices industry in 2022.
The urology devices market is segmented into five major regions: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America emerged as the leading contributor, claiming the largest portion of the market share in the urology devices industry. The region has a robust infrastructure for R&D, which has led to the rapid adoption of innovative techniques and platforms. Also, North America houses several major companies operating in the urology devices sector. These companies have significant expertise, resources, and established distribution networks, which contribute to the region's market dominance. Also, the high burden of chronic conditions on regional healthcare systems is another major driver for market growth.
Some of the prominent players in the Urology devices Market include:
By Product
By Application
By End User
By Region
Recent Developments of Urology Devices Industry
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers