According to a new market report published by us, The Global Urology Surgical Instrument Market is expected to expand at a CAGR of 7.6% from 2018 to 2024, reaching US$14.06 Bn by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the urology surgical instrument market in 2018.
Increasing investment in the Healthcare industry by the government and non-government organizations are driving the urology surgical instrument market
Urology surgical instrument is used in treating urology surgical specialties. The Urology surgical specialty is the procedure which deals with the treatment of conditions involving the male and female urinary tract and the male and female reproductive organs. Instruments of the Urological surgery, such as stone baskets/retrieval devices, help breaking down the urinary stones into small particles and then allows them to move out of the body without any surgery. Traditionally, open urological surgeries involve large formation of incision, and require longer duration for healing and thus leads to long stay at hospital. Nowadays, laparoscopic urologic surgeries have diminished the loss of blood, quicker healing tenure and shorter stay in hospital. Due to less discomfort post operation patients can resume their daily activities and chores early, in comparison to those who had undergone open urological surgeries.
Increase in the expenditure of Healthcare globally, owing to the diseases that are becoming increasingly prevalent and growing initiatives by the government and non-government organisations are a major driving force for the urology surgical instrument market. According to the World Health Organization (WHO), the total expenditure in Healthcare is increasing all over the world, which is leading to the advancement in healthcare infrastructure which in turn leads to increase in the consumption of urology surgical instruments including accessories and consumables, endoscopes, and digital cameras. This growth in healthcare investment leads to increase in affordability and accessibility of the urology surgical instruments for different medical conditions such as CKD, UTI’s, and prostate cancer. Although, there are huge variations among the healthcare spending of different countries, healthcare has been one of the primary and essential focus for all. Healthcare spending in the developed economies of North America and Europe is considerably higher in comparison to the developing countries. Increase in the expectancy of life and fall in birth rates are the major causes of aging population. Extensive care is required by the elderly people, since they are more prone to illness due to their low immunity levels and high recovery tenure. The elderly people are more susceptible to CKD and infections, such as UTI’s thus leading to increase in demand for better treatment in urological procedures.
Urology Surgical Instrument Market: Scope of the Report
The global urology surgical instrument market is segmented on the basis of product and application. On the basis of product, the market is segmented consumables & accessories, endovision system, urology endoscope, and peripheral instrument. The consumables & accessories was the largest segment in the global urology surgical instrument market in 2018, and is estimated to witness the highest growth during 2018-2024. On the application basis, the market is segmented into CKD, urinary stone, BPH, UI & POP oncology, and others. The CKD accounted for the largest segment in the global urology surgical instrument market in 2018.
On the basis of region, the market is segmented into four parts namely North America, Europe, Asia Pacific and Rest of the world. North America was the largest region in the global urology surgical instrument market and Asia Pacific is estimated to grow over a CAGR over 8.5% during 2018-2024.
Urology Surgical Instrument Market: Competitive Dynamics
Companies, such as KARL STORZ Gmbh & Co, Olympus Corporation, Coloplast A/S, Richard Wolf Gmbh, Cook Medical, Medtronic Plc., Coopersurgical, Inc., and Boston Scientific Corporation are the key players in manufacturing urology endoscopes which are essential for global urology surgical instrument market. In terms of product offerings, KARL STORZ Gmbh& Co is the major player in the market, providing various urology surgical instruments. It offers a range of urology surgical instruments, such as endoscopes, videoscopes, borescopes, flexoscopes, and cameras.
Market Segmentation: Global Urology Surgical Instrument Market
• consumables & accessories
• endovision system
• urology endoscope
• peripheral instrument
• urinary stone
• UI & POP oncology
In addition, the report provides analysis of the urology surgical instrument market with respect to the following geographic segments:
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific (APAC)
o South Korea
o Rest of Asia Pacific
This post was originally published on Market Reports