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Urology Surgical Instrument Market Identifies the Key Drivers of Growth and in Depth Analysis of Key Industry Players

November 13
00:50 2018
The global urology surgical instrument market is forecasted to attain revenue of $13.7 billion by 2023, according to P&S Market Research.

Urology surgical instrument is used in treating urology surgical specialties. Urology surgical specialty deals with the treatment of conditions involving the male and female urinary tract and the male and female reproductive organs. The urology surgical instrument market has been growing at a steady pace since the past few years and it is projected to maintain the growth rate for the next few years. The market is majorly being driven by increasing prevalence of urinary tract infections (UTIs) in women, surging geriatric population, and rising prevalence of benign prostatic hyperplasia (BPH) procedures.

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Furthermore, as per the United Nations Department of Economic and Social Affairs (UNDESA) report on the global aging population, the number of people aged 60 years or over is projected to grow by 56% globally, i.e. from 901 million in 2015 to 1.4 billion by 2030. The report further stated that by 2050, the global geriatric population is projected to reach nearly 2.1 billion. Further, the number of people aged 60 years and above is expected to reach approximately 437 million in China, 324 million in India, 107 million in the U.S. and 58 million in Brazil by 2050. With the increase of urinary tract diseases and infections in the geriatric population, consumption of urology surgical instruments increases at higher rate in surgeries and biopsies thus, driving the growth of this market.

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There are various procedures conducted using urology surgical instruments and there are side effects associated with them as well. For instance, ED is caused due to damage to the nerve bundles that control blood flow to the penis. Elder men have a higher chance of permanent ED after prostate cancer surgery. BPH surgeries also involve various side effects (denoted in %) such as clot removal (3.7% after prostatectomy, 3.4% after transurethral resection of the prostate [TURP]), surgery for urethral stenosis (1.3% after prostatectomy and 2.7% after TURP), and surgery for UI (0.09% after prostatectomy and 0.18% after TURP). Other side effects of urological procedures include pain or discomfort in pelvic area, chest infection, pulmonary embolus, stroke, deep vein thrombosis, heart attack and death between one in 50 and one in 250 patients. Urine infection is also a major side effect affecting one in 30 patients and requires antibiotics for the treatment. These side effects negatively impact the adoption rate of the urology surgical instruments.

Some of the key players, operating in the urology surgical instrument industry are Olympus Corporation, Karl Storz GmbH & Co. KG, Cook Medical LLC, Richard Wolf GmbH, Stryker Corporation and Medtronic plc.

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