Global Nephrology and Urology Devices Market: Restraints
High installation prices of device for lithotripters and advanced machines is expected to hinder growth of the global nephrology and urology devices market. Advanced technology devices such as ESWL, dialysis machines, and endoscopy devices are not affordable for small and many midsized healthcare providers. Lithotripter machines integrated with localization systems and lithotripsy table cost US$ 380,000 to US$ 450,000 in Europe. Installation of low budget lithotripsy machine costs at an average US$ 250,000, whereas in India, installation of lithotripters machines cost at an average US$ 350,000.
Moreover, product recalls are also expected to hinder growth of the global nephrology and urology devices market. For instance, in May 2020, The U.S. Food and Drug Administration designated Applied Medical’s recall of three latex balloon catheters as a class 1 recall, the most serious kind, which will affect 19,400 catheters (Python embolectomy catheters, Bard embolectomy catheters, OTW Latis cleaning catheters).
Global Nephrology and Urology Devices Market: Opportunities
R&D in nephrology and urology is expected to offer lucrative growth opportunities for players in the global nephrology and urology devices market. For instance, in August 2019, researchers at the Mayo Clinic reported development of a legitimate penile traction therapy (PTT) device for men with Peyronie’s disease that may work when used for just 30 to 90 minutes daily.
Moreover, increasing geriatric population is also expected to boost demand for nephrology and urology devices. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Increasing prevalence of chronic kidney diseases is expected to propel growth of the global nephrology and urology devices market over the forecast period. For instance, according to the study, ‘Risk Factors and Rate of Progression of CKD in Children’, published in June 2019 in Kidney International Reports, 38% children experienced progression of chronic kidney disease within 2 years of follow-up.
Moreover, increasing preference for minimally invasive and non-invasive treatment procedures is also expected to boost demand for nephrology and urology devices. Minimally invasive and non-invasive surgical treatments for urology diseases such as incontinence, urinary stone, and benign prostatic hyperplasia (BPH) as it considerably reduces the treatment cost and time over conventional surgical methods. Advanced treatment methods used for urinary stone treatments such as extracorporeal shock wave lithotripsy (ESWL) and laser stone surgery increases treatment efficacy and speed and minimizes hospitalization days, which reduce the financial burden from the patient.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients