Nephrology and Urology Device Market Share Worldwide Industry Growth, Size, Statistics, Opportunities & Forecasts up to 2024
Nephrology and Urology are terms used to study the kidney as well as urinary systems. These are also use while referring to the various complications and illnesses associated with them. This branch of medical science uses nephrology and urology devices to gain a better perception of these central systems of the human body. According to World Health Organization (WHO), more than 200 million men suffer illnesses related with prostate glands such as inflammation of glands that results in blockage and shrinkage of the flow of urine through the body. Moreover, according to the same reports, approximately 190 million patients suffer chronic renal failure and undergo renal dialysis. This high prevalence of diseases has attracted the specialists towards the use of forward-looking nephrology and urology devices that significantly reduce recovery time and treatment cost.
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Nephrology and Urology Device Market is driven by factors such as rising number of cases of chronic kidney and urinary tract diseases. According to the ‘United States National Institute of Diabetes and Digestive and Kidney Diseases (NIDDK)’ reports, more than 2 million kidney stone patients are diagnosed every year in the U.S. Such high number of patients eventually requiring treatments is expected to be major driving factor for the market growth.
Innovation in urology and nephrology devices and an increase in healthcare expenses are also factors positively impacting the global market growth. Furthermore, increasing awareness of the advantages associated with these devices such as reduced recovery time and treatment cost is also boosting the overall Nephrology and Urology Device Market. The rising number of cases among growing geriatric population is accountable for this evolution in the market.
Increasing prevalence of kidney and urinary system disorders along with requirement of better outcome from its treatment enhances the market growth.
Key players in the Nephrology and Urology Device Market:
- Baxter International Inc.
- Fresenius Medical Care AG & Co KGaA
- Cook Group Incorporated
- Braun Group
- Bard Inc.
- Nxstage Medical Inc.
- Dornier MedTech Systems GmbH
- Rockwell Medical Inc
Product launch, merger & acquisition, and research & development are the strategic initiatives adopted by these players to enhance their global presence in the market. For instance, in September 2013, Baxter acquired Gambro, a medical device company. The acquisition had expanded Baxter’s dialysis product portfolio and its geographic presence in the dialysis business.
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The Asia Pacific Nephrology and Urology Device Market is anticipated to dominate the global market in the upcoming years. The high intensity of R&D, as well as the growing awareness in the emerging economies, such as Japan, China, and India, are factors enhancing the market growth in this region. In addition, growing popularity of medical tourism is also anticipated to significantly enhance the market with lucrative growth opportunities. The high presence of global key players and R&D investments by the government to enhance the global market growth in Europe.
Nephrology and Urology Device Market is segmented on the basis of device and geography.
On the basis of Device, this market is segmented into:
- Dialysis
- Urinary Stone
- Urinary Incontinence & Pelvic Organ Prolapsed
- Benign Prostatic Hyperplasia
- Endoscopy
Geographically, the Nephrology and Urology Device Market is segmented into North America, Europe, Asia pacific, Latin America, Middle East, and Africa. Europe accounted to hold a share more than 40% in the regional nephrology and urology devices market. The major growth in this region is primarily due to the presence of key market players executing extensive growth strategies. In addition, research and development (R&D) investments by the government are also anticipated to be the growth factor responsible for the major market share in this region. Furthermore, increasing of patient pool requiring advanced technological treatment is anticipated to widen the base for growth.
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