The global urology devices market is expected to be worth $8.6 billion by 2022, up from $4.4 billion in 2011, according to a report from London-based business intelligence firm Visiongain.
The company projects that in 2012, the market will grow slightly to $4.6 billion. In 2011, the overall worldwide medical devices market was worth $266 billion.
At 36.9 percent of the overall urology devices market, products aimed at treating urinary continence continued to command the largest share. In 2022, this market is expected to be worth $3 billion globally. Growth in this market is being helped along by favorable reimbursement policies in key regions of the market as well by an aging population, the report found.
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For instance, Minnetonka, Minnesota-based Urooplasty saw sales of its Urgent PC Neuromodulation system – an office-based treatment for urinary incontinence – skyrocket after it obtained a unique CPT code key to getting Medicare and private insurance reimbursement.
Two other large markets within the urology devices market are the prostate cancer and enlarged prostate markets. Minimally invasive devices are also fueling growth in the urology devices market.
For instance, companies like UroTech Surgical, based in Simi Valley, California, is developing an minimally invasive alternative to traditional surgical methods that treat benign prostatic hyperplasia or BPH.
The U.S. will continue to be the largest consumer of urology devices market with the market reaching 4.9 billion in 2022. In 2011, the U.S. accounted for 56.9 percent of the $4.4 billion global urology devices market.
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Boston Scientific, Coloplast, C.R. Bard, Olympus, Karl Storz and Endo Pharmaceuticals are companies of note in the urology devices sector, according to the report.
“Patient demographics and a strong R&D pipeline will continue to drive growth across all segments of the urology devices market [between 2012 and 2022],” said “Rodrigo Gutierrez Gamboa, healthcare industry analyst at Visiongain in the company’s news release. “There will be a sustained influx of innovative and cost-effective urology technologies in the coming years that will continue to offset economic pressures in key regional markets.”
