Urolithiasis refers to the process of stone formation in the kidney, bladder, or urinary tract. It has been estimated that about 1 in 20 people across the world suffer from kidney stones at some phase of their life. Also, geriatrics are more prone to different cases of urolithiasis. Concurrently, the demand for the devices that help manage these conditions has been steadily rising across the globe. According to a report by Transparency Market Research, the global market for urolithiasis was valued at US$1.26 bn in 2016 and, rising at a healthy CAGR of 4.5% during the forecast period of 2016 to 2024, the valuation is expected to reach US$1.78 bn by 2024.
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Technologically Advanced Devices Augmenting Growth
Investors prefer R&D activities that deal with diseases that are life-threatening, widespread, and require diagnostics and management for long durations. The prevalence of urolithiasis has prompted global investors to help develop new and advanced devices that are affordable and perform quality urolithiasis management. The introduction of several non-invasive treatment methods has not only reduced the duration of the treatment but is also yielding effective results.
Moreover, factors such as obesity, changing lifestyles, and rising population of people aged over 60 who frequently suffer from kidney problems are further augmenting the demand for urolithiasis management devices. As per the United Nations’ department of economic and social affairs, the number of geriatric will rise to 1.4 billion by 2030.
Risk of Damage to Urinary Tract Restraining Expansion
The TMR report observes that certain urolithiasis management procedures, such as lithotripsy, involve shockwaves that are sent through the body to remove kidney stones. These types of treatments can damage the soft tissues in the body and may lead to a permanent loss of renal functions. This factor is the primary challenge on the global market for urolithiasis management devices market. Another restraint on the growth rate is the high cost of certain latest technologies.
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Vast Population in Asia Pacific Offering Lucrative Opportunities
Geographically, North America is currently the dominant market for urolithiasis management. According to the TMR report, 36.0% of the demand was served by the region in 2015, which was a result of robust healthcare infrastructure in countries such as the U.S. and Canada. However, countries such as India and China, which contribute to nearly one third of the global population, will ensure that Asia Pacific will extend the demand for urolithiasis management devices in the next few years. Several emerging economies in this region are actively investing in improving their healthcare infrastructure, which will further fuel the demand.
Browse the full Press Release of Global Urolithiasis Management Devices Market at :http://www.mrrse.com/global-urolithiasis-management-devices-market
Few Players Dominating Global Market via Financial Might
The report identifies Boston Scientific Corporation, C. R. Bard, Inc., and Cook Group as leaders in the global market for urolithiasis management devices. These players dominate with their substantial budget for the R&D of new technologies and frequently introduce innovative products. With their strong geographical presence, robust distribution networks, and financial power to acquire niche device developers, the strong hold of these players is expected to continue in the near future.
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