Nephrology and Urology Devices Market Outlook, Opportunity And Demand Analysis, Forecast 2016-2024
Nephrology and urology devices are used in the treatment of urinary systems such as chronic kidney disease, kidney stone, urinary incontinence, and end-stage renal disease. According to the Global Burden Disease study, which was conducted in 2015, chronic kidney disease was ranked the 17th leading cause of death globally. In many developed countries, chronic kidney disease ranks as the 5th leading cause of death. Kidney stones have become an epidemic in U.S. with a prevalence rate of 8.8% as per the statistics released by National Kidney Foundation. According to the study conducted by Rajiv Gandhi University of Health Sciences, an estimated 5-7 million people suffer from kidney stone disease in India. With the advancement in technology, the adoption of innovative Nephrology and Urology devices has increased significantly.
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Novel technologies such as wearable medical devices and shortwave lithotripsy are foraying into the market
Several manufacturers are introducing innovative nephrology and urology devices into the market, as a means of differentiating their product offerings. The rise in healthcare expenditure in developed economies such as the U.S. and China has had a positive impact on growth of the market. Development of wearable artificial kidney, which provides minimally invasive dialysis technology, has majorly contributed to growth of the nephrology and urology devices market. In 2016, Linux Hospital conducted clinical trials for wearable artificial kidney and it concluded that the technology will be able to provide dialysis for patients in home settings and remote locations. Short wave lithotripsy is a minimally invasive procedure that is used to remove kidney stones.
Nephrology and Urology market to witness high growth in the Asia Pacific region
Europe is the largest market for the nephrology and urology market due to large population base and presence of key players in the region. According to the data published by European Association of Urology, one in ten people suffer from kidney stones in Europe. This is attributed to unhealthy and sedentary lifestyle, which has led to high prevalence of obesity. The association further stated that an around 55 million people are estimated to be diagnosed with kidney stones in Europe. North America is the second-largest market for nephrology and urology devices. As per the data released by the U.S. renal data system, 468,000 patients underwent dialysis in 2013, which shows an astonishing 47% increase in the patient pool over 40 years. Growing geriatric population and rising prevalence of obesity in the region are expected to boost growth of the market in North America.
Asia Pacific is expected to witness fastest growth, owing to the high prevalence of kidney-related diseases. According to National Kidney Foundation, the cases of kidney failure are expected to significantly rise in countries such as China and India, owing to growing geriatric population in these economies. As per a study conducted by Coherent Market Insights, conducted in India, 16% of the population suffers from renal disease. As the patient pool increases coupled with improving healthcare infrastructure, the demand for novel nephrology and urology devices will increase.
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The key players in the Nephrology and Urology devices market are competing by acquiring small players to gain market share
The key players in the Nephrology and Urology devices market are Boston Scientific Corporation, Cook Medical, Fresenius Medical Care, Baxter International, American Medical Systems and Olympus Medical Systems. The market has witnessed the entry of new players which are able to offer innovative products at competitive pricing. The key companies have adopted mergers and acquisition strategy to gain market share and maintain dominant position in the nephrology and urology devices industry. For instance, Baxter International completed the acquisition of Gambro in 2013. The market is expected to witness consolidation as the large companies continue to acquire small players to expand their product portfolio and geographic presence.
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