Published By : 02 Dec 2016 | Published By : QYRESEARCH
Urolithiasis relates to the disorder of formation of stones in the urinary tract. It is estimated that 1 out of 20 people suffer from kidney stone diseases and those past 65 years of age are more prone to urolithiasis. As per National Institute of Aging (NIH), the number of geriatrics will rise to 1.5 billion by 2050. Concurrently, the demand for the devices that help manage urolithiasis is on the rise. A recent study by Transparency Market Research estimates that the global market for urolithiasis management devices to value US$1.78 bn by 2024, expanding at a decent CAGR of 4.5% during the forecast period 2016–2024.
Asia Pacific Contains Vast Untapped Market
The TMR report suggests that geographically, North America serves the widest market for urolithiasis devices due to user-friendly healthcare infrastructure and high rate of awareness about kidney stone among the patients. Moreover, several urolithiasis management devices manufacturers are based in this region. However, the region of Asia Pacific, which resides more than half of world’s population, contains wide opportune landscapes for the vendors in the global market for urolithiasis management devices. Governments of developing countries in Asia Pacific such as China, India, and Japan are actively investing to improve their healthcare framework. This factor is expected to significantly add to overall revenue in the global market for urolithiasis management devices.
Three Players Dominate Global Market against Several Domestic Players
Boston Scientific Corporation, C. R. Bard, Inc., and Cook Medical are the leading global companies in the market for urolithiasis management devices. These companies with strong financial backgrounds, command top position via robust distribution networks and acquisition of niche device developers. These players also invest in R&D of advanced technologies and have a diverse portfolio of urolithiasis treatment products. These devices include huge lithotripters and micro accessories for stone removal such as baskets, guidewires, and scalpels. However, high cost of these devices has paved way for several domestic players to introduce cheaper products. Though these products are neither diverse nor delicate, they target the broader segments for maximum profits and are often efficient.