The market is expected to reach USD 40.31 Billion by 2021 from USD 28.35 Billion in 2016 at a CAGR of 7.2%.
The global urology devices market is segmented on the basis of product, disease type, and region. The market is witnessing high growth due to factors such as the rising prevalence of urological and kidney diseases, increasing investments by hospitals to improve infrastructure, rising geriatric population, and technological advancements. On the other hand, high cost of endoscopy systems and unfavorable healthcare reforms in the U.S. are expected to restrain the growth of this market during the forecast period.
The high growth potential in emerging markets has opened an array of opportunities for the urology devices market. However, implementation of excise duty by the U.S. government is expected to restrain the growth of this market to a certain extent during the forecast period.
Major players in the urology devices market include Olympus Corporation (Japan), KARL STORZ GmbH & Co. KG (Germany), Richard WOLF GmbH (Germany), Cook Medical Inc. (U.S.), and Medtronic plc (Ireland).
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