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The laser is preferred in urology due to the ability of the it to ablate tissues with minimal internal bleeding. Moreover, the lasers being minimally invasive in nature, it has concentrated most of the interest in urological practices. Nowadays, lasers have been adopted widely in urology for treatment and to deal with many conditions such as urinary calculi, stricture, benign prostatic hyperplasia, and tumours. The urology lasers market is growing due to factors such as growing geriatric population, increasing prevalence of chronic kidney diseases.
Increase in the prevalence of kidney diseases and the growing geriatric population are the major factors driving the growth of the market. The elderly population is more prone to develop various kidney problems and conditions. According to the National Institute of Health 2017, benign prostatic hyperplasia (BPH) is one of the most general diseases affecting kidneys in elderly people and the most common source of lower urinary tract symptoms (LUTS). The prevalence of BPH is more among elderly population more than 40 years of age. Moreover, according to the journal of urology 2018, urolithiasis is expected to affect 12% of the global population by 2025. The overall growth of the market can be accredited to the increasing geriatric population, technological advancements, and minimally invasiveness nature of the lasers. Also rising initiatives by public and private organizations to improve healthcare across the globe is fuelling the growth of this market.
However, high cost of the lasers and stringent regulatory requirements for the medical approval of lasers are also impeding the growth of the market.
Key Market Driver -
Introduction of minimally invasive procedures and growing prevalence of kidney diseases
Key Market Restraint -
High cost of products and stringent regulatory requirements for the medical approval
Globally, the urology lasers market can be segmented on the basis of type, applications, end-users, and region. Based on the type, the market can be segmented into holmium laser system, diode laser systems, thulium laser system, and others. Based on the application, the market can be segmented into urinary calculi, benign prostatic hyperplasia, tumors, and others. Based on the end-users the market can be segmented into hospitals, urology clinics, ambulatory surgical centres, and others.
Geographically, the urology lasers market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
Some of the major companies that are present in the urology lasers market are Olympus Corporation, Boston Scientific Corporation, Richard Wolf GmbH, Cook Group, Medtronic, biolitec AG, Lumenis, Asclepion Laser Technologies GmbH and other prominent players.
Geographically, the urology lasers market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North American region is likely to have the lion’s share of the market and is also projected to follow the same impulsion during the forecast period. The growth of the market in this region can be recognized by the presence of skilled professionals, sophisticated healthcare groundwork along and the presence of baby boomer population. Moreover, an increase in the prevalence of chronic kidney diseases and availability & adoption of technologically advanced product is also driving the market in this region. Europe is projected to be the second most productive market throughout the forecast period. The factors such as the implementation of innovative medical technologies, increase in the prevalence of kidney diseases, rise in geriatric population, growing awareness regarding physical and health-related issues in this region are anticipated to boost the growth of the urology lasers market in this region. However, Asia-Pacific holds great potential for the growth of the market. The high potential for the growth of the market can be accredited to the increase in the aged population, growing incidence and prevalence of kidney disorders. The market in Latin America and the Middle East and Africa are expected to grow reasonably in the forecast period
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