The global urology surgical instrument market was valued at $7,204.4 million in 2015 and it is expected to grow at a CAGR of 8.3% during 2016 – 2022. The urology surgical instrument market is growing due to increasing geriatric population, increasing prevalence of kidney diseases, and growing cases with urinary tract infections. In addition, increasing healthcare expenditure resulting in improvement in surgical infrastructure is further driving the market growth.
Among the various product types of urological surgical intrument, consumables and accessories accounted for the largest market in the global market in 2015, and it is expected to witness 8.6% CAGR during 2016 – 2022. Among the various applications, chronic kidney disease segment is expected to witness the fastest growth during the forecast period.
Geographically, North America has been globally the largest market of urology surgical instruments, owing to the improvement in healthcare infrastructure and increasing cases with urology diseases in the region. Furthermore, advancements in minimally invasive surgeries are also driving the market growth in this region. However, the urology surgical instrument market is expected to witness fastest growth in Asia-Pacific, with a CAGR of 8.7% during the forecast period. The high growth is attributed to increasing awareness about urology surgical instruments and increasing cases with kidney transplants in the region.
However, the high cost urology surgical instruments are the key restraint in the growth of the market worldwide. The high cost of urology endoscopes and endovision systems limits the affordability of the users, hampering the growth of the market.
Some of the key companies operating in the global urology surgical instrument market include Richard Wolf GmbH, Karl Storz GmbH & Co. Kg, Olympus Corporation, Coopersurgical, Inc., Cook Medical Incorporated, Boston Scientific Corporation, Coloplast, Medtronic PLC, Stryker Corporation, Teleflex Incorporated and Conmed Corporation.
News Courtesy: P&S Market Research