Nephrology and urology are medical science branches that deal with the study of kidneys and urinary systems in the human body. Nephrology and urology devices are widely used for the treatment of various diseases of the kidneys and the urinary system. The devices are an affordable and cost-effective solution for cost-sensitive markets, which is the major factor driving the global nephrology and urology devices market.
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In 2011, the global market for nephrology and urology devices was valued at US$13.3 bn and is anticipated to reach a value of US$20.5 bn by the end of 2018. The market is projected to exhibit a 6.40% CAGR between 2012 and 2018.
Lack of Awareness about Advanced Technologies to Curb Growth of Nephrology and Urology Devices Market
Furthermore, the rising incidence of chronic kidney diseases, innovation and new product development to enhance the efficiency of urology disease treatment, increasing popularity of noninvasive and minimally invasive treatment procedures, and favorable healthcare policies are some of the other factors that are expected to fuel the growth of the market in the near future. On the other hand, lack of awareness regarding technologically advanced devices in developing economies, high installation prices of the devices for advanced machines and lithotripters, and slow growth in healthcare spending in developed markets are the major factors hampering the growth of the global market for nephrology and urology devices.
The global market for nephrology and urology devices can be classified on the basis of type of device into urinary incontinence and pelvic organ prolapse treatment devices, dialysis devices, urinary stone treatment devices, benign prostatic hyperplasia devices, and endoscopy devices. In 2011, the dialysis devices segment accounted for the largest share in the overall market and is estimated to remain in the leading position in the near future.
On the other hand, the benign prostatic hyperplasia devices segment is estimated to grow at a fast pace and augment the growth of the global market for nephrology and urology devices in the next few years.
Asia Pacific Market for Nephrology and Urology Devices to Witness Rapid Growth
The global market for nephrology and urology devices can be divided on the basis of geography into North America, Europe, Asia Pacific, and Rest of the World. Among these regions, Europe dominated the overall market and is projected to remain in the leading position in the next few years, owing to the easy availability of minimally invasive procedures for the treatment of renal diseases.
On the other hand, the Asia Pacific market is projected to grow at a fast pace due to growing consumer healthcare spending, strong adoption of advanced technologies, and increasing awareness among people.
Mergers and Acquisitions to Strengthen Competitive Scenario of Global Market for Nephrology and Urology Devices
The global market for nephrology and urology devices witnesses cutthroat competition owing to the presence of several players in the market. In addition, the major players are taking constant efforts to develop and introduce technologically advanced devices, which will help them in creating a niche for themselves. In addition, mergers and acquisitions are expected to help the leading players maintain their dominating position in the overall market.
Some of the major players operating in the global market for nephrology and urology devices are Nipro Corporation, B. Braun Group, Terumo Corporation, Dornier Medtech, Fresenius Medical Care, Nikkiso Co., Ltd., Rockwell Medical Technologies, Inc., Cook Group Incorporated, Nxstage Medical Inc., Asahi Kasei Corp., C. R. Bard Inc., and Baxter International, Inc.