Global urology devices market to reach $8.6bn by 2022: study

7 November 2012 (Last Updated November 22nd, 2018 11:26)

The global market for urology devices will reach $8.6bn by 2022, according to Visiongain, a London-based business information provider.

The global market for urology devices will reach $8.6bn by 2022, according to Visiongain, a London-based business information provider.

Urology devices, in general, are used for treating urinary incontinence, prostate cancer, benign prostatic hyperplasia and kidney stones.

The growth of urology device market is expected to be driven by patient demographics and continued advancements in minimally invasive and non-invasive surgical technologies in the urology field.

"The growth of urology device market is expected to be driven by patient demographics and continued advancements in minimally invasive and non-invasive surgical technologies in the urology field."

Healthcare industry analyst Rodrigo Gutierrez Gamboa said strong R&D will drive growth across all segments of the urology devices market over the next decade.

"There will be a sustained influx of innovative and cost-effective urology technologies in the coming years that will continue to offset economic pressures in key regional markets," Gamboa said.

"Pricing pressures have led R&D investments to be primarily focused on developing cost-effective technologies with improved safety profiles and ones that are able to streamline procedures. Over the next decade, innovation will thus be completely focused on the ability to achieve excellent clinical outcomes".

In addition, Visiongain's research also suggests that the world urology devices market may benefit from globalisation.

In 2011, the urology device market, similar to other markets in the medical device industry, remained under pressure and generated $4.4bn.