SAN FRANCISCO, Feb. 25, 2021 /PRNewswire/ --The global nephrology and urology devices market size is anticipated to reach USD 7.21 billion by 2028 registering a CAGR of 6.6% over the forecast period, according to a new report by Grand View Research, Inc. Unhealthy lifestyle and rise in smoking & alcohol consumption along with dietary irregularities are some of the factors resulting in urological and nephrological disorders. This is anticipated to increase the demand for devices to treat these disorders.
Key suggestions from the report:
On the basis of product, the others segment dominated the market in 2020 with the share of 28.49%
This growth can be attributed to the high prevalence of urological & nephrological disorders globally and the launch of technologically advanced products by the key players in this segment
However, the Percutaneous Nephrostomy (PCN) catheters segment is expected to register the fastest CAGR of 7.6% from 2021 to 2028 due to the increasing application scope of PCN in various kidney-related medical conditions
North America dominated the market with the highest revenue share of 33.20% in 2020 and will retain the leading position throughout the forecast period
The presence of prominent players, advanced healthcare infrastructure, and high public funding in the healthcare system are some of the factors responsible for the region's growth
Increasing cases of Chronic Kidney Disease (CKD) are expected to boost the market growth. According to the National Kidney Foundation 2019, it is estimated that there are more than 2 million cases of CKD across the globe and this number continues to grow at a rate of 5-7% per year. Moreover, the growing adoption of minimally invasive procedures is expected to drive market growth.
Numerous non-invasive techniques have been introduced in the market, such as condom catheter, Doppler ultrasound video urodynamic, Intravesical Prostatic Protrusion (IPP), and penile cuff, which helps avoid painful catheterization. Technological advancements play a crucial role in driving market growth. For instance, certain companies introduced antimicrobial catheters to reduce catheter-associated infections and cases of thrombosis. Palindrome HSI heparin-coated & silver ion antimicrobial catheter by Medtronic PLC helps reduce clot formation and microbial colonization on the catheter surface.
Grand View Research has segmented the global nephrology and urology devices market on the basis of product and region:
Urinary Catheters Market – The global urinary catheters market size was valued at USD 4.65 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028.
Urology Surgical Instruments Market – The global urology surgical instruments market size was valued at USD 7.27 billion in 2016 and is projected to expand at a CAGR of 7.9% during the forecast period.
Nephrostomy Devices Market – The global nephrostomy devices market size was valued at USD 940.26 million in 2018 and is anticipated to expand at a CAGR of 7.8% from 2019 to 2026.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.