The growth of the overall urology surgical instruments market can be contributed to rising prevalence of kidney diseases and urinary tract infections; rising number of hospitals and growing hospital investments in surgical infrastructure; availability of investments, funds, and grants from government bodies; and rising geriatric population. However, High cost of urology endoscopes and endovision systems, and unfavorable healthcare reforms in the U.S. is expected to restrain the growth of this market to a certain extent. Moreover, the growing healthcare market in emerging economies, and increasing number of free-trade agreements are expected to provide growth opportunities for players operating in this market.
The consumables and accessories segment is expected to account for the largest share of the urology surgical instruments market in 2016. Increasing surgical intervention for urology conditions, advancements in minimally invasive surgeries, increasing prevalence of chronic kidney disorders that can lead to increase in kidney transplants, increase in awareness of urology conditions at early stages, and rising geriatric population are factors contributing to the large share of this segment.
In the coming years, North America is expected to account for the largest share of the urology surgical instruments market. Factors such as the favorable reimbursement scenario and government initiatives to combat prostate cancer in the U.S., investments by hospitals to upgrade surgical/operating rooms and purchase new urology surgical equipment, and increase in the number of ambulatory surgical centers (ASCs) in the U.S., high incidence rate of urological cancer and the new funding model for Canadian hospitals are contributing to the large share of the North American region. However, the Asia-Pacific region is expected to grow at the highest CAGR.