Nephrology And Urology Devices Market Growth & Trends
The global nephrology and urology devices market size is anticipated to reach USD 9.44 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.8% from 2022 to 2030. An unhealthy lifestyle, a rise in smoking and alcohol consumption, and dietary irregularities are some of the factors resulting in nephrological and urological disorders. This is anticipated to increase the demand for nephrology and urology devices during the forecast period. Increasing cases of chronic kidney diseases are expected to enhance the industry’s growth. According to the National Kidney Foundation 2019, it is estimated there are more than 2 million people around the world that suffer from chronic kidney diseases (CKDs) and millions of people die from this condition every year. This number continues to increase at a rate of 5–7% per year.
The market for nephrology and urology devices was adversely impacted by the COVID-19 pandemic as the majority of elective urological procedures were postponed to free-up limited space in healthcare settings to treat COVID-19 patients. For instance, a recently published survey from the European Association of Urology found that the bed occupancy in the urological departments was reduced by 48.6% in order to hospitalize COVID-19 patients, and clinical activities were halted in 54.2% of the hospitals. However, COVID-19 patients have subsequently shown new or worsening symptoms of overactive bladder (OAB), which might be expected to create a favorable environment for industry growth in the near future.
Moreover, the growing adoption of minimally invasive procedures is expected to fuel market growth. Numerous noninvasive techniques such as condom catheter, Doppler ultrasound video urodynamic, intravesical prostatic protrusion, and penile cuff have been introduced in the market that helps to avoid painful catheterization. These factors have led to an increase in the sale of nephrology and urology devices in the market.
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Nephrology And Urology Devices Market Report
Nephrology And Urology Devices Market Report Highlights
- On the basis of product, the other segment dominated the market in 2021 with a revenue share of over 25.0% owing to the high prevalence of urological and nephrological associated disorders globally and the launch of technologically advanced products by the key players
- PCN catheters are expected to expand at the highest CAGR of 7.8% from 2022 to 2030 owing to their increasing application in various kidney-associated medical conditions as they are used for temporary diversion during urinary obstruction
- North America dominated the market with a revenue share of over 30.0% in 2021. The presence of prominent players, advanced healthcare infrastructure, and high public funding in the healthcare system are some of the factors responsible for the regional market growth
