Visiongain, a business intelligence company based in London, recently released a report predicting that the global urology device market will increase to $8.6 billion in the next decade. This is an increase from $4.4 billion in the 2011 year. According to the report, the 2011 global market for all medical devices was $266 billion.
The report further predicted which urological medical devices would hold the most market sway. As of now, an estimated 36.9 percent of the urology market is dedicated to urinary incontinence products. By 2022, the global urinary incontinence market will be worth an estimated $3 billion. This increase is due to a rapidly-aging population in many parts of the developed world.
Two other areas in the urology medical device market are also expected to grow. Treatment technology for enlarged prostates and prostate cancer are expected to command significant sales in the future. In addition, minimally invasive device technology will also play an important role in the next decade.
According to the report, the United States will be the largest global consumer of urology products. An estimated 59.9 percent of urology devices were sold in the United States in 2011. By 2022, the U.S. market for these devices is predicted to be worth $4.9 billion, up from $4.4 billion last year.
According to a news release by Visiongain, “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]. 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.”