The growing demand for urological surgical instruments due to the increasing benign prostatic hyperplasia (BPH) and urinary tract infection (UTI) prevalence, surging geriatric population, and increasing healthcare spending helped the urology surgical instrument market grow to $8.3 billion in 2017. It is expected to advance at an 8.6% CAGR during the forecast period (2018–2023). Urology surgical instruments are used in different urological surgeries, such as urethroplasty, laparoscopy, and endoscopy.
The market is being driven by the rising prevalence of BPH, which is driving the demand for BPH-related procedures. The Canadian Journal of Urology revealed that the prevalence of BPH is 14.3% in males of 55–64 age group, compared to 4.7% in men in the 45–54 age group. Similarly, the European Association of Urology Research Foundation reported that 2,072 patients across Germany, Spain, France, Italy, and the U.K. registered for the diagnosis and treatment of lower urinary tract infections, which are associated with BPH, between February 2010 and April 2011.
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Further, the urology surgical instrument market is being positively influenced by the increasing focus on providing quality healthcare. The governments of many countries are increasing their budgetary allocation for the healthcare sector to improve the related infrastructure and counter the growing disease prevalence. Improved healthcare facilities such as digital cameras, consumables and accessories, and endoscopes for the treatment of urological diseases, namely prostate cancer, chronic kidney disease, and UTIs, are leading to the increased utilization of urology surgical instruments.
The peripheral instruments category of the product segment is further classified into endoscopy fluid instrument systems and insufflators. In 2017, insufflators accumulated a higher revenue share of 59.8% in the urology surgical peripheral instrument market. The rising volume of hysteroscopic and laparoscopic surgeries is expected to drive the insufflators market at an 8.0% CAGR during the forecast period. These devices create sufficient space between the viscera and abdominal wall, which is imperative for such procedures.
Therefore, the market for these instruments is projected to grow with the increasing demand for minimally invasive procedures to treat urological conditions.
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This post was originally published on Financial Sector