Urology Devices Market to Surpass Market Valuation of USD 61.62 Billion by 2031 | SkyQuest Technology
Westford, USA, Nov. 13, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Urology Devices Market will reach a value of USD 61.62 Billion by 2031, with a CAGR of 4.8% during the forecast period (2024-2031). Urology devices market entails a broad range of medical devices to treat and diagnose diverse urological diseases. The market is fueled by the increasing cases of urological disorders like urinary incontinence and kidney stone condition, improvements in minimally invasive surgeries, and the growing geriatric population. Furthermore, growing awareness about urological well-being is propelling the market growth. The market is also expected to progress with improvements in functionality and device design to enhance patient outcomes and surgical efficacy.
To Learn More About This Report, Request a Free Sample Copy - https://www.skyquestt.com/sample-request/urology-devices-market
Urology Devices Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 42.35 Billion |
| Estimated Value by 2031 | USD 61.62 Billion |
| Growth Rate | Poised to grow at a CAGR of 4.8% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Emergence of Minimally Invasive Procedures |
| Key Market Drivers | Growing Awareness Among Patient for Better Urological Health |
Instruments Segment to Lead Market Owing to its Rising Prominence Due to Innovations in Design
By product, the instruments segment registered a major share of the urology devices market in 2023 and is projected to lead over the estimated period as well owing to its importance in surgeries and growing technological advancements in design. Surgical instruments are vital for diverse urological surgeries, comprising less invasive procedures, which increases the demand for these instruments. Moreover, improvements in instrument design, like ergonomics and precision, are gaining traction among healthcare professionals and enhancing surgical procedures.
On the other hand, the consumables & accessories segment is expected to grow at a considerable rate owing to its increased use rates and broad applications. Consumables like stents, catheters, and diagnostic kits are largely used in different urological procedures, resulting in constant demand. They are used for a broad range of urological diseases and surgeries, which increases their integrity and ultimately the market presence. Moreover, development of cost-effective consumables is attracting healthcare experts, fueling the segment’s growth.
Get Customization on this Report for Specific Research Solutions: https://www.skyquestt.com/speak-with-analyst/urology-devices-market
Growing Patient Volume and Access to Advanced Technologies to Drive Hospitals Segment
By end user, the hospitals segment led the urology devices market in 2023 and is expected to continue dominating in future as well owing to increasing patient volume, exhaustive services and facilities offered, and availability and access to improved technologies. Hospitals manage an increasing number of urological incidences, resulting in mounting demand for urological surgeries and procedures. Hospitals also offer broad therapeutic and diagnostic services, demanding a wide range of urology devices. These settings also treat patients with improved technologies and healthcare experts, streamlining the adoption of improved devices.
Nonetheless, the ASCS & clinics segment is expected to grow at a faster pace owing to the rising use of minimally invasive procedures and their cost-efficiency. ASCs and clinics mostly emphasize outpatient and less invasive surgeries that need dedicated devices, impacting the demand for different urology devices. These facilities offer low-cost substitutes than hospitals, increasing their appeal to patients and rising use of devices.
Strong R&D Infrastructure and High Prevalence of Urology Diseases to Fuel Market in North America
Geographically, North America held a majority share in the 2023 in terms of revenue due to higher prevalence of urological diseases and strong R&D infrastructure. North America leads the market in terms of increased cases of urological conditions like urinary incontinence, kidney diseases, and prostate cancer that majorly demands urological devices. Also, the region is a key center to several leading research institutes and medical device producers, driving NPDs and innovations.
Asia-Pacific is projected to grow as the fastest growing region owing to the increasing cases of urological diseases that demand advanced urological devices. Regional growth is also impacted by the increasing ageing population and growing education and awareness for better urological health. Furthermore, current investments in medical facilities enhance access to urology devices and care in the region.
Urology Devices Market Insight
Drivers:
- Growing Incidences of Urological Diseases
- Improving Healthcare Infrastructure
- Continuous Investments in Research and Development
Restraints:
- High Price of Advanced Urology Devices
- Lack of Skilled Experts for Effective Use of Devices
- Complex and Lengthy Regulatory Challenges
Take Action Now: Secure Your Urology Devices Industry Today - https://www.skyquestt.com/buy-now/urology-devices-market
Prominent Players in Urology Devices Market
- Boston Scientific Corporation (US)
- Olympus Corporation (Japan)
- Cook Medical Incorporated (US)
- Medtronic plc (Ireland)
- Karl Storz SE & Co. KG (Germany)
- Dornier MedTech GmbH (Germany)
- Richard Wolf GmbH (Germany)
- Fresenius Medical Care AG & Co. KGaA (Germany)
- Coloplast A/S (Denmark)
- Stryker Corporation (US)
- Teleflex Incorporated (US)
- Baxter International Inc. (US)
- Ethicon, Inc. (US)
- Hollister Incorporated (US)
- Becton, Dickinson and Company (US)
- Endo International plc (Ireland)
- Siemens Healthineers AG (Germany)
- Terumo Corporation (Japan)
- Abbott Laboratories (US)
- UroLift System by Teleflex (US)
- NantHealth (US)
Key Questions Answered in Global Urology Devices Market Report
- What is the estimated size of the Global Urology Devices Market, as per SkyQuest Technology?
- What are the key marketing strategies adopted by players in the Urology Devices Market?
- What are the leading drivers and opportunities in the Urology Devices Market?
Read Urology Devices Industry Report Today - https://www.skyquestt.com/report/urology-devices-market
This report provides the following insights:
Analysis of key drivers (growing healthcare expenditure, rising awareness about better urological health, favorable government initiatives), restraints (patient reluctance due to fear, strong competition from alternate treatments, poor reimbursement), opportunities (increasing shift towards personalized medicine, development of improved devices, growth of telemedicine for urological care), and challenges (speedy technological changes, operational and maintenance costs, growing hesitation among patients) influencing the growth of urology devices market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the urology devices market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the urology devices market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
In Vitro Fertilization Market is growing at a CAGR of 7.79% in the forecast period (2024-2031)
Wearable Medical Devices Market is growing at a CAGR of 25.40% in the forecast period (2024-2031)
Medical Waste Management Market is growing at a CAGR of 6.2% in the forecast period (2024-2031)
Sports Medicine Market is growing at a CAGR of 5.6% in the forecast period (2024-2031)
Advanced Wound Care Market is growing at a CAGR of 5.4% in the forecast period (2024-2031)
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact Us:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
© Copyright Globe Newswire, Inc. All rights reserved. The information contained in this news report may not be published, broadcast or otherwise distributed without the prior written authority of Globe Newswire, Inc.
