DUBLIN--(BUSINESS WIRE)--The "Global Urology Care Devices and Platforms Market: Focus on Product Type, Application, Indication, End User, and Regional Analysis" report has been added to ResearchAndMarkets.com's offering.
The Global Urology Care Devices and Platforms Market is to Reach $33.64 Billion by 2030.
Key Questions Answered in the Report
- How has COVID-19 impacted the adoption of urology care devices and platforms applications?
- What are the key regulations governing the urology care devices and platforms market in key regions?
- What are the technological developments projected to have the maximum influence on the global urology care devices and platforms market?
- Who are the leading players holding significant dominance in the global urology care devices and platforms market currently?
- What are the drivers and restraints for the global urology care devices and platforms market?
- Which region has the highest growth rate in the urology care devices and platform market?
- Who are the key end-users of the global urology care devices and platform market?
- Which are the emerging companies in the global urology care devices and platforms market?
Global Urology Care Devices and Platforms Market Drivers
The factors driving growth include rising prevalence of urological disorders, rising technology integration, and product portfolio expansion through mergers and acquisitions. The high susceptibility of diabetic patients to urinary tract infections (UTI) is a major factor for growing urological disorder cases. Thus, with the rise in diabetic patients across the world, UTIs are becoming widespread.
There has been a shift in preference by urologists toward single use endoscopes as compared to reusables. This is due to the risk of contamination associated with reusable endoscopes. Additionally, the usage of minimally invasive procedures as treatment for lower urinary tract symptoms (LUTS) has drastically increased since 2013.
Lastly, there have also been several key mergers and acquisitions in the field of urology that have driven the global urology care devices and platforms market. This assists the companies in gaining access to newer technologies and strengthening their product offering.
Global Urology Care Devices and Platforms Market Challenges
The restraints to the global urology care devices and platforms market include high upfront cost of the devices and data privacy concerns.
While single use instruments such as endoscopes have benefits that outweigh those of reusable devices, a major limitation encountered with single use instruments is their high upfront cost which puts pressure on the global urology care devices and platforms market. This causes an increase in hospital expenditure which subsequently leads to higher treatment costs. As a result, healthcare becomes both less affordable and accessible.
Data breaches are a huge source of concern for healthcare organizations as such incidents can cause legal issues and increase the risk of the practice being shut down. Such cases negatively influence the global urology care devices and platforms market and thus, pose a hindrance to the growth of the market.
Global Urology Care Devices and Platforms Market Opportunities
The opportunities for the global urology care devices and platforms market lie in the adoption of telesurgery in urological practices, emergence of regional companies, and development of remote patient monitoring devices.
Under the realm of telemedicine, telesurgery is one of the most challenging yet promising areas. Technological advancement and the development of high-speed internet with a wide bandwidth have positively influenced the field of telesurgery and telesurgical monitoring. While telesurgery holds potential in the field of global urology care devices and platforms market, it is advancement in telecommunication technologies that will allow telesurgery's applications in the field of education as well as assistance in urological procedures.
With more companies venturing into developing products with novel technologies, there is increased competition among the players in the global urology care devices and platforms market. While the major players in the global urology care devices and platforms market hold a larger market share, newer start-ups are focusing on entering the market by launching products that integrate concepts like artificial intelligence AI and machine learning (ML) into their devices. This gives them an edge over the already existing products.
Market Dynamics
Growth Drivers
- Rising Prevalence of Urological Disorders
- Rising Technology Integration in Urology Care
- Product Portfolio Expansion through Mergers and Acquisitions
Challenges
- High Upfront Cost of Devices
- Data Privacy Concerns
Opportunities
- Adoption of Telesurgery in Urology Care
- Emergence of Regional Companies in Global Urology Care Devices and Platforms Market
- Development of Remote Patient Monitoring Devices
Companies Mentioned
- Avenda Health
- B. Braun Melsungen AG
- Becton, Dickinson and Company
- Boston Scientific Corporation
- Cardinal Health, Inc.
- Cook Group
- Fresenius Medical Care AG & Co. KGaA
- Intuitive Surgical, Inc.
- KARL STORZ SE & Co KG
- Lucida Medical Ltd
- Medtronic plc
- Px HealthCare Ltd.
- Richard Wolf GmbH
- Rocamed
- Urologix, LLC.
For more information about this report visit https://www.researchandmarkets.com/r/enx7fn
