Hemodialysis and peritoneal dialysis are used for dialysis of kidney in patients with kidney failure. Hemodialysis is the most commonly used method for kidney dialysis. Ablation therapies such as transurethral needal ablation (TUNA), holmium laser ablation of the prostate (HoLAP), and ultrasound/high intensity focused ultrasound (HIFU) are becoming increasingly popular in the treatment of benign prostatic hyperplasia due to the high cost and infectiveness of traditional drug and surgical therapies.
The global nephrology and urology devices market is estimated to account for US$ 23,192.8 Mn in terms of value in 2020 and is expected to reach US$ 35,823.0 Mn by the end of 2027.
Global Nephrology and Urology Devices Market: Drivers
Approval and launch of new devices is expected to propel growth of the global nephrology and urology devices market over the forecast period. For instance, in April 2020, Outset Medical received the U.S. Food and Drug Administration clearance for Tablo Hemodialysis System for patient use in the home.
Global Nephrology and Urology Devices Market: Opportunities
R&D in nephrology and urology is expected to offer lucrative growth opportunities for players in the global nephrology and urology devices market. For instance, in May 2019, researchers from Alliance Urology Specialists, Greensboro, North Carolina, found that eCoin, an investigational battery-powered overactive bladder device that is being developed by Valencia Technologies Corp., produces durable efficacy at 12 months in patients with refractory overactive bladder (OAB) syndrome with urgency urinary incontinence (UUI).
Global Nephrology and Urology Devices Market: Restraints
Product recalls are expected to hinder growth of the global nephrology and urology devices market. For instance, in November 2019, Coloplast recalled nine total batches of its Biosoft Duo double loop ureteral stent kit and Vortek double loop ureteral stent kit due to a packaging anomaly.
Key Takeaways:
The global nephrology and urology devices market was valued at US$ 21,796.2 Mn in 2019 and is forecast to reach a value of US$ 35,823.0 Mn by 2027 at a CAGR of 6.4% between 2020 and 2027. Major factor driving the growth of global nephrology and urology devices market during the forecast period include technological advancement, and product launches.
Dialysis Devices held dominant position in the global nephrology and urology devices market in 2019, accounting for 71.3% share in terms of value. Leading manufacturers such as Fresenius Medical Care AG & Co. KGaA are focusing on product launches as well as merger and acquisitions which is expected to support growth of the segment over the forecast period.