Urology Devices Market Trends

Growth Drivers

• Rising Prevalence of Chronic Kidney Diseases (CKD) - Chronic kidney disease (CKD occurs when the kidneys get damaged and do not filter blood the way they should. The disease is referred to as "chronic" since the damage to the kidneys occurs gradually over time. Diabetes and high blood pressure are two of the most common causes of CKD. Therefore, the rising prevalence of chronic kidney disease is fueling the demand for various urology devices to detect and treat these disorders. Moreover, chronic kidney disease drugs and urology devices are used to remove the waste from the patient’s blood, and it is expected to drive the urology devices market growth. For instance, until 2019, chronic kidney disease (CKD) was acknowledged as a major global public health issue. The number of people with end-stage kidney disease (ESKD) who require renal replacement therapy is estimated to be between 4.903 and 7.085 million worldwide. The estimated prevalence of CKD has reached 13.5% (11.6-15%).
• Increasing Prevalence of Prostate Cancer - Prostate cancer is the second most common cancer in males. It was observed in a clinical report, in 2020, approximately 1,514,260 people were diagnosed with prostate cancer worldwide.
• Upsurge in Bladder Cancer – According to the Centers for Disease Control and Prevention (CDC), around 57,000 men and 18,000 women are diagnosed with bladder cancer each year in the United States, and 12,000 men and 4,700 women die from the disorder.
• Raise in Urinary Incontinence Cases – For instance, it is estimated that approximately 422 million people (20 and older age) worldwide suffer from urinary incontinence. Whereas, in the United States, urinary incontinence affects nearly 12 million people.
• Escalating Healthcare Investment and Surge in Acquisitions – According to the World Economic Forum, the healthcare industry has witnessed a huge surge of investment, advancement, and new entrants from the diverse verticals of technology, telecommunications, and consumer sectors. Globally, USD 44 billion was raised in health innovation in 2021 on its own – twice as often as in 2020 – and the mergers and acquisitions of health and health tech companies increased by 50%.

Challenges

• High Costs of Urology Devices - Urology devices are very expensive to afford, resulting in expensive treatment, hence, not everyone can receive them. People are less aware of these diseases and look for traditional methods of treatment. Furthermore, the manufacturing cost of urology devices is also high, which is one of the major factors to hamper the urology devices market growth over the forecast period.
• Rising Concern About the Risks Associated with Urologic Surgeries
• Stringent Government Rules for Approval of Novel Treatment Methods