Nephrology and urology devices are used to treat ailments related to the urinary system, such as chronic kidney disease, kidney stone, urinary incontinence, and end stage renal disease. According to the Global Burden Disease study which was conducted in 2015, chronic kidney disease is ranks as the 17th leading cause of death globally. In many developed countries, chronic kidney disease ranks as the 5th leading cause of death. Kidney stones have become an epidemic in U.S. with a prevalence rate of 8.8% as per the statistics released by National Kidney Foundation. According to the study conducted by Rajiv Gandhi University of Health Sciences, an estimated 5-7 million people suffer from kidney stone disease in India. With the advancement in technology, the adoption of innovative Nephrology and Urology devices has increased significantly.
Novel technologies such as wearable medical devices and Short wave lithotripsy are foraying into market
Nephrology and Urology devices market is undergoing a wave of transformation, as key players are introducing innovative products into the market in order to differentiate their product offerings. The rise in healthcare expenditure in developed economies such as the U.S. and China has had a positive impact on growth of the market. Wearable artificial kidney has been a revolution in the nephrology and urology devices market. Wearable artificial kidney has the potential to provide minimally invasive dialysis technology. In 2016, Linux Hospital conducted clinical trials for wearable artificial kidney and it concluded that the technology will be able to provide dialysis for patients in home settings and remote locations. Short wave lithotripsy is a minimally invasive procedure that is used to remove kidney stones. The technique was first used in 1980 and today it has become an essential part of the market. The market will witness strong growth during the forecast period as the demand for minimally invasive products increases.
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Nephrology and Urology market will experience high growth in the Asia Pacific region
Europe is the largest market with respect to geography for the nephrology and urology market due to large population base and presence of key players in the region. According to the data published by European Association of Urology, one in ten people suffer from kidney stones in Europe. This is attributed to the shift towards unhealthy lifestyle which has led to high prevalence of obesity. The association further stated that an estimated 55 million people are currently suffering from kidney stone in Europe. North America is the second largest market for Nephrology and Urology market. As per the data released by U.S. renal data system, 468,000 patients underwent dialysis in 2013 which shows an astonishing 47% increase in the patient pool over 40 years. With the increase in aging population and rise in prevalence of obesity, the market for Nephrology and Urology devices market is estimated to grow in North America.
Asia Pacific countries such as China and India constitute significant patient population for nephrology and urology devices. According to National Kidney Foundation, the cases for kidney failure will increase substantially in countries such as China in the near future as the geriatric population surges. As per an independent study conducted in India, 16% of the population suffers from renal disease. As the patient pool increases coupled with improving healthcare infrastructure, the demand for novel nephrology and urology devices will increase.
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The key players in the Nephrology and Urology devices market are competing by acquiring small players to gain market share
The key players in the Nephrology and Urology devices market are Boston Scientific Corporation, Cook Medical, Fresenius Medical Care, Baxter International, American Medical Systems and Olympus Medical Systems. The market has witnessed the entry of new players which are able to offer innovative products at competitive pricing. The key companies have adopted mergers and acquisition strategy to gain market share and maintain dominant position in the nephrology and urology devices industry. For instance, Baxter International completed the acquisition of Gambro in 2013. The market is expected to witness consolidation as the large companies continue to acquire small players to expand their product portfolio and geographic presence.
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