Nephrology and Urology Devices Market to Reach $47.8 Billion, Globally, by 2032 at 4.3% CAGR: Allied Market Research

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Dec 11, 2023, 10:01 ET

Rise in prevalence of kidney & urological disorders, surge in technological advancements, and increase in demand for minimally invasive medical procedures drive the growth of the global nephrology and urology devices market

PORTLAND, Ore., Dec. 11, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Nephrology and Urology Devices Market by Product (Instruments and Consumables & Accessories), by Application, (Kidney Diseases, Urological Cancer & BPH, and Others), and by End User, (Hospitals, Dialysis Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global nephrology and urology devices industry generated $31.3 billion in 2022, and is anticipated to generate $47.8 billion by 2032, witnessing a CAGR of 4.3% from 2023 to 2032. 

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Prime determinants of growth

Increase in prevalence of kidney and urological disorders such as chronic kidney disease, urinary tract infections, kidney stones, & urologic cancers; surge in technological advancements; and rise in demand for minimally invasive medical procedures drive the growth of the global nephrology and urology devices market. However, the high cost of urology devices restricts market growth. Contrarily, growth prospects in emerging markets present new opportunities in the coming years.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$31.3 billion
Market Size in 2032	$47.8 billion
CAGR	4.3 %
No. of Pages in Report	290
Segments covered	Product, Application, End User, and Region.
Drivers	Rise in prevalence of kidney and urological disorders  Surge in technological advancements Increase in demand for minimally invasive medical procedures
Opportunity	Growth opportunities in emerging markets
Restraint	High cost of urology devices

Economic Downturn Analysis: Impact of Recession in 2023 on the Nephrology and Urology Devices Market

During recession, individuals and governments might tighten their budgets, leading to reduced healthcare spending. This could affect patients' ability to access & afford nephrology and urology devices, potentially leading to decreased demand for diagnostics. In addition, economic downturns lead to reduced funding for medical research and development. This could slow down the advancement of technologies and tools for nephrology and urology devices, potentially limiting the availability of more effective and less invasive diagnostic methods.
However, rise in the prevalence of urological and nephrological diseases, increase in technological advancements, and growth in awareness about early diagnosis & treatment could boost the need for these devices, leading to a positive impact from the global recession.

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The consumables and accessories segment to maintain its leadership status throughout the forecast period

Based on product, the consumables and accessories segment held the largest market share in 2022, accounting for more than three-fifths of the global nephrology and urology devices market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 4.5% from 2023 to 2032. This is attributed to rise in prevalence of chronic kidney diseases and growth in aging population, which led to surge in demand for urological devices such as consumables.

The kidney diseases segment to maintain its leadership status throughout the forecast period

Depending on application, the kidney diseases segment held the largest market share in 2022, accounting for more than half of the global nephrology and urology devices market and is estimated to maintain its leadership status throughout the forecast period. Increase in the number of people suffering from chronic kidney diseases has led to increase in the demand for urology and nephrology devices which propels the segment growth.

However, the urological cancer & BPH segment is projected to manifest the highest CAGR of 5.4% from 2023 to 2032. This is attributed to increase in awareness of urological cancers, advances in medical technology, and rise in aging population, bring more susceptible to urological conditions such as cancer and BPH.

The hospitals segment to maintain its lead position during the forecast period

As per end user, the hospitals segment accounted for the largest share in 2022, contributing to nearly more than two-fifths of the global nephrology and urology devices market revenue, and is projected to maintain its lead position during the forecast period. This is attributed to rise in technological advancements and innovations in nephrology and urology devices making it increasingly feasible to perform procedures in hospital settings.

However, the dialysis centers segment is projected to manifest the highest CAGR of 4.8% from 2023 to 2032. This is attributed to the dialysis centers offering specialized care & medical expertise in managing kidney-related conditions, as a result of which, patients prefer these centers for the convenience of receiving treatment from trained professionals in a clinical setting.

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North America to maintain its dominance by 2032

According to region, North America held the largest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global nephrology and urology devices market revenue and is likely to dominate the market during the forecast period. This is attributed to the well-established healthcare system, rise in prevalence of urological diseases, technological advancement in devices, and rise in number of product approvals.

However, Asia-Pacific is expected to witness the highest CAGR of 4.9% from 2023 to 2032. Rise in awareness about early diagnosis & treatment, increase in prevalence of urological & kidney diseases, and development of healthcre industry are expected to drive the growth of the nephrology and urology devices market.

Leading Market Players:

B. Braun SE
Baxter International Inc.
Becton, Dickson and Company
Boston Scientific Corporation
Coloplast Ltd
Karl Storz GmbH & Co. KG
Medtronic plc
Olympus Corporation
Stryker Corporation
Teleflex Incorporated

The report provides a detailed analysis of these key players in the global nephrology and urology devices market. These players have adopted strategies such as product launch, product approval, acquisition, agreement, and partnership to increase their market share and maintain dominant position in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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