LONDON, Feb. 22, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Urology Surgical Instruments Global Market Report 2024, the urology surgical instruments market has experienced rapid expansion, fueled by a surge in urological disorders and the expansion of healthcare infrastructure. Projections foresee sustained growth, with the urology surgical instruments market expected to reach $12.88 billion in 2024, growing at a compound annual growth rate (CAGR) of 10.8%. Forecasts anticipate further expansion, with expectations of reaching $18.64 billion by 2028, maintaining a steady CAGR of 9.7%.
Drivers of Growth: The increasing prevalence of urological conditions, including kidney diseases, urological cancers, and urinary tract infections, serves as a primary driver for the urology surgical instruments market. With an aging population and heightened awareness about urological health, there is escalating demand for advanced diagnostic and treatment procedures, propelling the adoption of urology surgical instruments.
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Innovative Trends and Developments: Major players in the urology surgical instruments market are prioritizing innovation to fortify their market standing. Advancements such as the development of advanced robotic surgery devices, including single-port robotic systems, are revolutionizing urological procedures, offering minimally invasive options for patients. For instance, University Hospital (UH) recently introduced single-port robotic surgery for urological cancer treatment, enhancing surgical precision and patient outcomes.
Moreover, strategic acquisitions, exemplified by Alleima AB's acquisition of Endosmart, are expanding companies' product portfolios and market reach. Endosmart, specializing in medical devices for urology and oncology, complements Alleima's expertise, enabling them to offer a comprehensive range of surgical supplies and equipment.
Market Landscape Analysis: In 2023, North America emerged as the largest region in the urology surgical instruments market, attributed to its advanced healthcare infrastructure and high healthcare expenditure. However, Asia Pacific is poised to witness the fastest growth, fueled by increasing healthcare investments and a rising prevalence of urological conditions.
Segmentation and Applications Overview: The urology surgical instruments market is segmented based on product type, disease type, and end-user. Key product categories encompass urology endoscopes, endovision systems, and urology consumables. Hospitals and clinics represent the largest end-user segment, commanding a significant market share.
The Urology Surgical Instruments Market Report provides invaluable insights into the industry's growth trajectory and dynamics. By leveraging the urology surgical instruments market report's comprehensive analysis and segmentation, industry players can identify emerging trends, capitalize on growth opportunities, and devise strategic initiatives to bolster their market presence and profitability.
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Urology Surgical Instruments Global Market Report 2024 by The Business Research Company provides insights on the urology surgical instruments market size, urology surgical instruments market segments, urology surgical instruments market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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