UROLOGY DEVICE MARKET ANALYSIS

Urology Device MarketSize and Trends

The global urology device market was valued at US$ 17,538.4 Mn in 2023 and is forecast to reach a value of US$ 25,535.3 Mn by 2030 at a CAGR of 4.8% between 2023 and 2030. The urology device market is experiencing strong growth due to the rise in burden of urologic conditions and increasing geriatric (aging) population around the world. Moreover, rise in demand or adoption of urology devices and research and development (R&D) in the field of urology is expected to boost the growth of the market. However, factors such as high cost of urology devices and stringent rules and regulations are expected to hamper the market growth.

Global Urology Device Market Trends:

Adoption of minimally invasive surgeries is a recent trend

The adoption of minimally invasive and robotic surgeries, along with the development of dialysis centres, have contributed to the growth of the market. Minimally invasive urological surgery uses very small incisions and a laparoscope or surgical robot to help perform the surgery. These tools allow a surgeon and surgical team to see affected areas and perform the surgery without damaging much of the surrounding areas. This trend is expected to continue over the forecast period, driving the growth of the global urology device market.

Rise in awareness about kidney diseases is another trend

Most kidney diseases, such as chronic kidney disease, cystic kidney diseases, lupus nephrite, renal cyst, hemolytic-uremic syndrome, and others, lead to kidney failure, which require early diagnosis for prompt treatment. Thus, players in the market are focusing on developing a low-cost, safe, and effective treatments. Moreover, with the rise in awareness among people about urologic diseases and available treatments, the demand for urology devices is also increasing with a rapid pace. This trend is also expected to continue over the forecast period, driving the market growth.