Technological advancements and product improvements over the past years have made urology endoscopes suitable for wider adoption in the healthcare setting. Adopting the right pricing strategy is as important to ensure the product is accessible for the wider market.
Advancements in optical imaging technologies have been one of the cornerstones in the development of innovative endoscopes used for urology procedures. Newer technologies such as Narrow Band Imaging (NBI) and Photodynamic Diagnosis (PDD) integrated into endoscopes have advanced the viewing capabilities of these scopes and provides the user with high-resolution and wide-field view of the vasculature, compared with standard optical mode of White Light Cystoscopy (WLC) for evaluation of bladder urothelium. New product features also include single use ureteroscopes which is primarily introduced for overcoming the challenges posed by cleaning and reprocessing of scopes.
While these advancements have improved the performance of the scopes used for urology procedures, there is an element of higher cost associated with these improvements which affects the adoption of these scopes in healthcare settings limited by financial resources. The higher prices for these scopes may be justified by the industry; however it is inevitable that these prices are reduced for countries where there is a budget constraint or, as an alternative, companies develop a low cost solution to meet similar demands as the original prototype.
According to GlobalData, the global market for urology endoscopes, including cystoscopes, resectoscopes, and ureteroscopes, was valued at approximately $813.3m in 2016. The market is expected to grow at a Compound Annual Growth Rate (CAGR) of 8.4 percentage to reach a valuation of $1.4bn in 2023. The figure below highlights the region wise contribution to the global market for urology endoscopes in 2016.