Urology Devices Industry worth $48.6 billion by 2028

 The global urology devices market, valued at US$32.6 billion in 2022, is forecasted to grow at a robust CAGR of 7.3%, reaching US$34.1 billion in 2023 and an impressive US$48.6 billion by 2028. 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.

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In 2022, the instruments segment held the largest share of the urology devices market by product segment.

The urology devices market is segmented into instruments and consumables & accessories based on products. The instruments segment accounted for the largest share of the urology devices market in 2022. This segment covers the most commonly used products, such as dialysis devices, endoscopes, laser & lithotripsy devices, endovision & imaging systems, robotic systems, insufflators, endoscopy fluid management systems, urodynamic systems and other instruments. These products are commonly used in hospitals, dialysis centers and home care settings. As technologies continue to evolve, the efficiency and accuracy of these products contribute significantly to the urological procedures.

The kidney diseases segment held the largest share of the urology devices market by application segment in 2022.

The global urology devices market is differentiated into kidney diseases, urological cancer, pelvic organ prolapse, benign prostatic hyperplasia, urinary incontinence, erectile dysfunction, urinary stones and other applications. In 2022, the kidney diseases segment dominated the urology devices market. The urology devices market in kidney diseases is expected to grow at a high rate owing to the rising incidence of kidney diseases and chronic diseases. With a burgeoning global population, the need for urology devices has significantly increased due to the increased number of procedures required. Hospitals and dialysis centers are at the forefront of this surge, as they cater to routine medical care and handle emergencies.

The hospitals, ASCA & clinics segment held the largest share of the urology devices market by end-user segment in 2022.

The global urology devices market is differentiated into hospitals, ASCS & clinics, dialysis centers and home care settings. In 2022, the hospitals, ASCS & clinics segment dominated the urology devices market. The urology devices market in hospitals is expected to grow at a high rate owing to the increasing number of surgical procedures related to urology care. The expanding network of healthcare institutions directly translates to a substantial market share, reflecting the pivotal role hospitals play in safeguarding patient well-being.

North America is the largest regional market for urology devices market.

The market for urology devices has been divided into five key geographical regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. In 2022, North America held the predominant portion of the urology devices market. This can be attributed to the region’s advanced healthcare facilities and substantial healthcare investments, which are pivotal in fueling the requirement for urology devices. Moreover, the projected rise in urological procedures is anticipated to contribute to the expansion of the market. As the demand for urological procedures rises, so does the need for precise urological devices to ensure successful and safe procedures.

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Urology Devices Market Dynamics:

Drivers:

1. Rising incidence of urological diseases

2. Growing preference for minimally invasive procedures

3. Rising focus on R&D and product launches

4. Growing number of hospitals and surgical centers

Restraints:

1. High degree of consolidation among key players

Opportunities:

1. Growing Potential growth opportunities in emerging economies

2. Technological advancements

Challenge:

1. Increasing number of product recalls by key players

2. Shortage of skilled urologists

Key Market Players of Urology Devices Industry:

The major players operating in urology devices market are 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), Cardinal Health (US), Olympus Corporation (Japan), Intuitive Surgical (US), Coloplast A/S (Denmark), Stryker Corporation (US), Teleflex Incorporated (US), Convatec Group PLC (UK), Medtronic PLC (Ireland), Karl Storz (Germany), Cook Medical (US), Richard Wolf GmbH (Germany), CompactCath (US), Dornier MedTech (Germany), Nikkiso Co., Ltd. (Japan), Dialife SA (Switzerland), Erbe Vision (Germany), Well Lead Medical Co., Ltd. (China), ROCAMED (Germany), EndoMed Systems GmbH (Germany), Amniso International, Inc. (US), Medispec (US), Medical Technologies of Georgia (US), Vimex Sp. z o.o. (Poland), Balton Sp. z o.o. (Poland), Hunter Urology (UK), Ribbel International Ltd. (India).

The break-up of the profile of primary participants in the urology devices market:

• By Company Type: Tier 1–40%, Tier 2–30%, and Tier 3–30%
• By Designation: C-level — 27%, D-level — 18%, and Others — 55%
• By Region: North America — 51%, Europe — 21%, Asia Pacific — 18%, Latin America — 6%, and Middle East & Africa- 4%

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