The global nephrology and urology devices market size is expected to reach USD 31.3 billion by 2024, according to a new report by Grand View Research, Inc., exhibiting a 7.1% CAGR during the forecast period. Increasing prevalence of chronic kidney diseases is expected to fuel market growth.
This high prevalence of diseases can be attributed to unhealthy lifestyle habits of people around the world. Moreover, growing geriatric population, who are more prone to hypertension, obesity, diabetes, urinary disorders, and other kidney chronic conditions, is expected to fuel demand for nephrology and urology devices.
Advancements in device technology, such as inclusion of prosthetics in urology, percutaneous methods for stone disintegration and extraction, and extracorporeal shockwave lithotripsy, are anticipated to boost the market over the forecast period. Furthermore, presence of highly advanced pipeline products such as bioartificial kidney is presumed to present the market with lucrative growth opportunities in future.
Increase in demand for minimally invasive techniques is also likely to propel the market in the coming years. Nephrology and urology devices facilitate early diagnosis and shorter treatment duration in most surgical procedures. Minimal pain, heightened cost efficiency, safety, efficacy, rapid recovery, and reduced hospital stay are other benefits offered by these devices. This is expected to boost adoption over the forecast period.
View summary of this report, click the link below:https://www.grandviewresearch.com/industry-analysis/nephrology-urology-devices-market/request/rs1
Further key findings from the report suggest:
- The global urology segment is anticipated to reach USD 21.4 billion by 2024, at a CAGR of 6.9% from 2016 to 2024
- By type, the benign prostatic hyperplasia segment is anticipated to witness lucrative growth over the forecast period
- Europe held the dominant revenue share as of 2015 owing to a large target population. Growth across this region is primarily driven by presence of prominent market players implementing extensive expansion strategies such as product development and mergers and acquisitions
- Asia Pacific, especially countries such as India and China, is expected to observe remarkable growth in the coming years
- The global industry is dominated by few players and is marked by extensive new product development and high-end investments in R&D. Level of competition is expected to remain high over the forecast period
Some of the key players in the market are Baxter International, Inc.; Fresenius Medical Care AG & Co. KGaA; Boston Scientific; and C.R. Bard Inc.