Report: Global urology endoscopes market forecast to reach $1.4bn by 2023

23 February 2017 (Last Updated November 22nd, 2018 11:26)

The urology endoscopes market is expected to increase in value from $813m in 2016 to $1.4bn by 2023, at a compound annual growth rate (CAGR) of 8.4%, according to a report by GlobalData.

Report: Global urology endoscopes market forecast to reach $1.4bn by 2023

The urology endoscopes market is expected to increase in value from $813m in 2016 to $1.4bn by 2023, at a compound annual growth rate (CAGR) of 8.4%, according to a report by GlobalData.

Titled ‘MediPoint: Urology Endoscopes – Global Analysis and Market Forecasts’, the report covers the urology endoscopes market in 39 markets.

The global urology endoscopes market includes cystoscopes, resectoscopes, and ureteroscopes, which are used for diagnosing and treating disorders related to the urinary tract, kidney stones, ureter, bladder, and urothelial tumours.

"The technology, however, has limitations due to its unreliability in determining low-grade and high-grade cancer."

The report attributes the market growth to technological advancements in optical imaging and improvement in product performance, which enable urologists to diagnose and treat the main causes of the diseases.

White light cystoscopy, for example, is the standard optical mode used by urologists to diagnose bladder urothelium. The technology, however, has limitations due to its unreliability in determining low-grade and high-grade cancer.

Recent technological advancements have helped in addressing the issue with features such as narrow-band imaging, which provide high-resolution and enhanced visualisation without the need to use a contrast dye.

In terms of market-size, the North American region is the biggest and is projected to grow at a CAGR of 10.7%. Within North America, the US is the biggest with a market value of $273m in 2016, followed by Canada and Mexico. The main driving factors for growth in the region are the growth in the number of urologic procedures and increase in the prevalence of urinary tract-related diseases.

The Asia-Pacific (APAC) region is projected to grow at a CAGR of 7%, followed by Europe at 5.1%. The APAC region holds potential for expansion in the future as urologists increase their efforts towards learning new techniques and adopting best practices.

Regional adoption of urology endoscopes, however, will be dependent on a number of factors such as reimbursement and infrastructure capabilities, adds the report.