LONDON, Sept. 28, 2016 /PRNewswire/ -- The global
nephrology and urology devices market is expected to reach
USD 31.3 billion by 2024, according
to a new study by Grand View Research, Inc. The market is driven by
technological advancements that are anticipated to serve the market
with future growth opportunities. These advancements include
inclusion of stem cells, wearable artificial kidneys, combined use
of ion-sensitive sensors & electrodes, living membranes,
shockwave, and laser lithotripsy.
These technologies serve as efficient methods of renal care,
which are capable of improving overall patient health and quality
of life. In addition, improved uremic toxin and fluid removal,
relatively less hypotension episodes, better control of blood
pressure, overall improvement in mineral metabolism, better
survival rate, and reduction in hospitalization rates & costs.
In addition, these advancements also have a substantial impact on
patient's quality of life through increased volume of dialysate,
ultrafiltration capacity, and higher solute clearance.
The unprecedented adoption of unhealthy lifestyle has exerted a
major impact on the market, leading to high prevalence of chronic
diseases, such as cancer and diabetes, which serve as a
contributing factor toward developing kidney and urinary diseases.
Moreover, the widening of geriatric population base, which is
highly susceptible to developing the aforementioned chronic
diseases is expected to impel the demand for highly efficient
devices.
Furthermore, increasing geographical presence of major market
players is expected to raise the levels of awareness pertaining to
advanced technologies available for treatment in emerging
economies, thus impelling the market growth throughout the forecast
period. In addition, increasing participation in research studies
to further improve these devices is expected to propel high scale
growth for this market during the forecast period.
Further Key Findings from the Study Suggest:
The dialysis devices in the product segment held a dominant share
in 2015. This is a consequence of the high clinical urgency to curb
the unprecedented growth in renal failure globally. Moreover, easy
availability and presence of a wide-scale portfolio in the global
market is facilitating a higher penetration of dialysis devices,
thus resulting in a higher share
In 2015, Europe dominated the
overall nephrology and urology devices market with a share of over
40.0%. The increasing number of product approvals by healthcare
organizations and presence of large patient volume requiring
dialysis across this region are anticipated to be a contributing
factor toward substantial share
Asia Pacific is anticipated to
witness at a lucrative CAGR of over 7.0% during the forecast
period. This can be attributed to rising per capita healthcare
spending and increasing availability of minimally invasive devices
& awareness pertaining to the, amongst patient base present
across the region
The dominant players are indulging into collaborative strategies
and new product development in order to capture a larger share of
the market. The increasing number of mergers & acquisitions are
believed to strengthen the competitive scenario of nephrology and
urology market
For instance, in September 2013,
Baxter International, Inc. acquired Gambro AB, a dialysis products
manufacturer, to facilitate expansion and enhancement of renal
therapy product portfolio, in order to gain a competitive advantage
over other players
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