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Urology forceps are used for the treatment of urological disorders or surgeries. Urological disorders are most commonly seen in women when compared to men. It has various applications which include chronic kidney disease, urinary tract infection, pelvic organ prolapse and others which is boosting the growth of the market during the forecast period. According to National Institute of Diabetes and Digestive and Kidney Disease stated that the prevalence of chronic kidney disease in the U.S was around 14% in 2016.
Rise in prevalence of urinary tract diseases, increase in the geriatric population, rise in prevalence of renal diseases, and increase in diabetic patient population are the major driving factors that are positively influencing the growth of the market during the forecast period. For instance, according to Centers of Disease Control in 2017, almost 1 in 3 adults diagnosed with diabetics in the U.S are suffering with chronic kidney disease leading to rise in urological surgeries.
Key Market Driver -
Increase in prevalence of urinary tract disorders
Key Market Restraint -
Stringent regulations and high cost of the product
Additionally, owing to the rise in urological oncology, benign prostatic hyperplasia is also anticipated to contribute to the growth of urology forceps market. Furthermore, the increase in technological development coupled with research and development activities are propelling the growth of the market. For instance, robotic-assisted surgeries are helping in minimally invasive surgeries leading to faster recovery of the patient. Moreover, manufacturers’ initiatives for the development of product line is also triggering the growth of the urology market.
However, the rise in the cost of urological products which include endoscope and laparoscope, lack of skilled professionals, stringent regulations are hampering the growth of the urology market in the near future.
The major companies in the global urological forceps market report include Boston Scientific Corporation, Sklar Surgical Instruments, meditechdevices.com, Olympus Corporation, Millennium Surgical Corp, and Cook Medical.
Geographically, the urology forceps market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is dominating the market owing to the rise in the prevalence of urinary tract disorders, a rise in healthcare expenditure, and early adoption of technology. Along with this, owing to the presence of major key players contributing the market in this region which include Boston Scientific Corporation, Skylar Surgical Instruments, and others are also propelling the growth of the market.
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For instance, Boston Scientific Corporation is the leading key player of the market owing to its major contribution in stone management devices which is influencing the growth of the market. Europe is the second-largest contributor in the market owing to the rise in healthcare awareness and improved healthcare infrastructure. Asia Pacific is anticipated to witness lucrative growth owing to the rise in geriatric population, increase in healthcare awareness, and government initiatives related to healthcare treatments, increases in research and development activities. Middle East and Africa are also expected to experience lucrative growth during the forecast period.
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