Market Challenges And Opportunities

Global Urology Device Market Drivers:

High incidence of urologic conditions to drive market growth

One of the key factors expected to augment the growth of the global urology device market during the forecast period is the growing incidence of urologic conditions worldwide. Such a high burden of urologic diseases leads to an increase in demand for urology devices, driving the market growth. According to the National Institute of Health (NIH), urinary tract infections (UTIs) are some of the most common bacterial infections, affecting around 150 million people each year worldwide. Moreover, according to the American Urology Association, UTIs are very common in the U.S. In fact, UTIs are the second most common type of infection in the body and are the reason for more than 8 million visits to the doctor each year.

Growing geriatric population to underpin market growth

Another factor which is driving the growth of the global urology device market is the increasing geriatric (aging) population around the world. For instance, urologic disease/disorders are among the most common clinical conditions seen in geriatric patients, and are more prevalent in geriatric hospitals than in other hospitals. Therefore, with the growing geriatric population, the demand for urology devices is also increasing. According to the World Health Organization (WHO), by 2030, one in six people in the world will be aged 60 years or over, and by 2050, the world’s population of people aged 60 years and older will double (2.1 billion).

Global Urology Device Market Opportunities:

Rise in demand or adoption of urology devices across the world is expected to provide significant growth opportunities for players in the global urology device market. For instance, with the rise in prevalence or incidence of urologic diseases and increase in awareness among people, the demand for safe and effective urology devices is also increasing with a rapid pace. In January 2023, Cook Medical announced the launch of streamlined portfolio of urological bipolar electrodes in the U.S. to help physicians focus on treating patients with products they use frequently. The electrodes are for daily use in bladder and prostate procedures.

Research and development (R&D) in the field of urology is expected to provide significant growth opportunities for player in the global urology device market. For instance, in August 2020, Dornier MedTech (Dornier) announced the launch of UroX, a community that connects professionals from various disciplines to cultivate innovation and solve the most pressing challenges in urology. The UroXChallenge is Asia’s largest medtech call for innovations in urology, where up to SGD$ 500k of funding will be offered to innovative proposals with the potential to make a breakthrough in urological patient care and treatment. Areas of interest include kidney stones, urological cancers, urinary incontinence, medical devices, digital solutions, and precision medicine.

Global Urology Device Market Restraints:

High cost of urology devices to hinder market growth

One of the key factors expected to hamper growth of the global urology device market is the high cost of urology devices. Urology device, such as lasers and lithotripters, are extremely costly. For instance, holmium-based lasers are especially known for being extremely expensive and the usual price range is in thousands of USD. Moreover, the disposable category of urology devices, such as catheters, guide wires, and extraction bags, are also extremely expensive. However, players in the market are launching low-cost or affordable devices in the market.

Stringent rules and regulations to hamper market growth

Another factor which is hampering the growth of the global urology device market is the stringent regulatory policies for validation of medical devices. For instance, regulatory authorities, such as the Medical Device Directive (MDD), Europe and the U.S. Food and Drug Administration (FDA) regulates the safety and marketing of medical devices. Moreover, European Union (EU) follows four-class medical device classification scheme, the higher the level of classification, the closer is the scrutiny of devices. A manufacturer who intends to manufacture a medical device needs to get device notification, device certificate, and device approval, based on class of the device.