According to a new report published by market research firm MarketsandMarkets, the global market for urology devices – including surgical instruments and hemodialysis equipment – is set to grow to over $44 billion by the year 2022. This market is currently valued at just over $31 billion, meaning the demand for urology devices could increase by as much as 42 percent in the next five years.
According to MarketsandMarkets, “factors driving the growth of this market include the growing geriatric population, rising incidence of cancer, increasing healthcare expenditure, and technological advancements in urology devices.”
The majority of the growth in this industry is expected to come from instrument sales, including those that are increasingly being found in hospitals and clinics. Urology consumables, including balloon dilators and catheters, will comprise the remainder of sales.
As the incidence of kidney disease is on the rise, instruments and consumables aimed at treating and monitoring the condition are expected to account for the majority of the urology devices market this year. In 2015, 14 percent of individuals in the US had some form of kidney disease.
Hospitals and clinics focused on diagnosing and treating urological cancers, including bladder cancer and prostate cancer, will be the largest consumers of urological devices. While the MarketsandMarkets report is a global forecast, the North American market is expected to make up the bulk of urology device sales.
The market research firm also named some of the dominant players in the urology devices market, located in both North American and around the world. US medical device companies like Baxter and Boston Scientific, along with international manufacturers, including Japan’s Olympus and Germany’s Siemens Healthcare, will likely benefit the most from this growing market.