Albany - NY, Oct. 20, 2015 (GLOBE NEWSWIRE) -- A new Transparency Market Research report states that the global nephrology and urology devices market was valued at US$13.3 billion in 2011 and is predicted to reach US$20.5 billion by 2018, growing at a CAGR of 6.4% between 2012 and 2018. The title of the report is "Nephrology and Urology Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018".According to the U.S. National Institute of Diabetes and Digestive and Kidney Diseases, over two million individuals in the U.S. are diagnosed with stones in their kidneys. The rising dialysis market owing to the increasing occurrence of chronic kidney diseases (CKD), coupled with the rising aging population, are the key factors stimulating the market for nephrology and urology devices.
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In addition, the rising awareness on the advantages such as quick recovery time and reduced treatment in patients having renal diseases boosts the demand for nephrology and urology devices. Furthermore, another prime factor stimulating the demand for nephrology and urology devices is the rise in healthcare spending by individuals. However, reduced or nil medical devices reimbursement for purchasing new technologies and devices is the key factor impeding the growth of the market in developing economies.
On the basis of type, the global nephrology and urology devices market is segmented into urinary stone treatment, devices for dialysis, pelvic organ prolapse and urinary incontinence treatment, endoscopy, and benign prostatic hyperplasia (BHP). The segment of dialysis devices held the biggest share in the market. On the other hand, the BHP devices segment is anticipated to experience exponential growth in the forecast horizon.On the basis of geography, the nephrology and urology devices market is segmented into North America, Asia Pacific, Europe, and Rest of the World. Increased healthcare spending has resulted in the redevelopment of the market for lithotripters in Asia Pacific and other emerging economies in the world. Due to this, many consumers in Europe and North America have refurbished their clinics and hospitals using cutting-edge technologies and innovations.
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Europe is leading the market and is predicted to maintain its superiority all through the forecast horizon. On the other hand, Asia Pacific is the most swiftly developing region in the market. A lot of hospitals and numerous healthcare providers nowadays have also immensely invested in advanced technologies and devices. This is why the medical tourism industry in Asia is on the rise. The developing economic conditions in nations such as India, China, and Australia will increase the investment of funds for better healthcare technologies and infrastructure.
Fresenius emerged as the key leader in the segment of dialysis devices, trailed by Baxter Corporation and Gambro. Some other leading players in the global nephrology and urology devices market are Terumo Corporation, B Braun Group, Nikkiso Co. Ltd., Asahi Kasei Corp., and Dornier Medtech.
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Source:Transparency Market Research