by Progress in Narrow Band Imaging Technology Likely to Boost Market Growth
Technological advancements continue to play an essential role in the healthcare industry. At present, urologists are increasingly relying on newer technologies to offer safe and effective treatments. Advancements in technology have paved the way for minimally invasive procedures and robots in the healthcare sector. Moreover, imaging in the medical field has improved at a considerable pace primarily driven by innovations and progress in technology. Moreover, focus on research and development is expected to generate significant interest in nanotechnology and tissue engineering marking the start of a new era in the field of urology. Urology imaging equipment and diagnostics continue to evolve at an impressive rate and the uptake of the same is also witnessing substantial growth.
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Over the past few years, narrow-band imaging in endoscopy to improve mucosal detail has gained a significant amount of popularity due to a range of factors. In comparison with the existing white-light cystoscopy, the improved ability of narrow-band imaging in the detection of cancerous tissues is a major factor that is projected to increase the prospects of the urology imaging equipment market during the forecast period. Furthermore, the growing adoption of magnetic resonance imaging (MRI) due to progress in nanotechnology will also augment the urology imaging equipment market, which is expected to attain a market value of ~US$ 1.9 Bn by the end of 2027. The launch of state-of-the-art urology imaging equipment, particularly in developed regions including North America and Europe is expected to increase the adoption of urology imaging equipment in the coming years.
Progress in Nanotechnology to Offer Growth Opportunities
With significant rise in the number of chronic kidney diseases, tissue regeneration is expected to gain a notable amount of traction in the coming years. Healthcare experts and researchers are focusing on improving the potential of stem-cell therapies in the urological field by negotiating various challenges, including epigenetic changes and immune reactions. Participants in the current urology imaging equipment market are also expected to explore the potential of nanotechnology in targeted therapies. Studies have revealed that nanoparticles have the ability to improve the chemotherapeutic action of apoptosis in prostate cancer cells. In addition, the uptake of nanoparticles in gene therapy is on the rise, as they are safer and efficient than the other vector alternatives. Apart from targeted therapies, nanotechnology is anticipated to play a major role in the development of next-generation urological imaging equipment. Moreover, nanotechnology has also played a key role in improving MRI scanning– a factor that is expected to boost the growth of the urology imaging equipment market in the upcoming years.
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At present, with nanotechnology hovering around the urology imaging equipment market, training of modern-day urologists is imperative. Progress in computing capacity and interactivity will boost the prospects of the urology imaging equipment market during the forecast period.
Over the next few years, urological technology is expected to advance at a steady pace due to which, the growth of the urology imaging equipment market is expected. Participants in the current market landscape are projected to focus on improving the efficiency of urology imaging equipment.
Companies Launch New Urology Imaging Equipment to Gain Competitive Edge
Companies involved in the current urology imaging equipment market are expected to leverage the benefits of new technologies to develop cutting-edge urology imaging systems. The flurry of new urology imaging systems in the upcoming years will continue to drive the market growth. For instance, in 2018, Siemens Healthineers launched the Acuson Sequoia, an advanced ultrasound system to overcome the existing challenges in ultrasound imaging. Additionally, Guerbet launched the L-F Hydra Vision TM Digital Urological Imaging Equipment, which aims to enhance the efficiency of urological imaging and organize workflows. Companies are likely to align their product development strategies in accordance with evolving requirements of modern-day diagnostic imaging. During the forecast period, fluoroscopy imaging systems, endovision systems, and ultrasound systems are likely to gain considerable popularity.
Analysts’ Viewpoint
The global urology imaging equipment market is expected to grow at a CAGR of 4% during the forecast period. Some of the leading factors that will contribute to market growth include advancements in medical imaging technologies, progress in computing capacity, advent of nanotechnology in urology, and growing demand for minimally invasive procedures. The adoption of multimodality imaging technologies will continue to grow in the coming years, due to which the demand for urology imaging equipment is projected to rise. Companies in the urology imaging equipment market should focus on launching new imaging systems with improved efficiency and capabilities to gain an edge over their competitors.
Urology Imaging Equipment Market: Overview
The global urology imaging equipment market for the historical period (2017–2018) and forecast period (2019–2027), inclination toward minimally invasive procedures and increase in demand for early diagnosis are projected to boost the growth of the global urology imaging equipment market during the forecast period. Moreover, adoption of multimodality imaging technologies is anticipated to drive the global urology imaging equipment market.
According to the report, the global urology imaging equipment market was valued at US$ 1.3 Bn in 2018 and is expected to expand at a CAGR of 4% from 2019 to 2027
Rise in Prevalence of Urology Diseases: Key Drivers
Changing lifestyles, rapidly aging population, and rise in prevalence of diabetes and hypertension contribute to increase in prevalence of renal diseases. A research published by NCBI indicated that the global prevalence of chronic kidney diseases was 13.4% in 2016, and is higher in developed regions of the world.
Rise in prevalence of kidney stone, owing to poor dietary habits is likely to fuel the growth of the global urology imaging equipment market. According to the Southern Cross, 10% to 15% of the population of New Zealand is likely to be affected by kidney stones at least once in their lifetime.
According to an article published in the International Journal of Current Microbiology and Applied Sciences, globally, nearly 150 million people are diagnosed with UTI each year
Furthermore, increase in demand for minimally invasive surgeries is anticipated to drive the global urology imaging equipment market. For instance, an article published in BJUI International stated that open stone surgery continued to decline in 2014–2015 due to increase in use of ureteroscope for the treatment of stone diseases.
Moreover, computer-aided digital technology provides an opportunity to obtain real-time 3D visualization of the surgical target. Hence, rapid changes in technologies are likely to drive preference for minimally invasive surgeries.
Urology imaging has had a major impact on diagnosis and treatment of urological diseases in the last few decades. Advances in imaging have led to change in diagnosis and management of urological diseases.
Ultrasound technique is the initial choice of examination for urological diseases and the use of ultrasound has increased in the last few decades
Hence, rise in demand for early diagnosis, owing to technological advancements is likely to fuel the growth of the global urology imaging equipment market
Adoption of Multimodality Imaging Technologies
Multimodality integrated technologies play a vital role in diagnosis and treatment of various urological diseases by improving the ability of clinicians to perform screening, surveillance, staging, prognosis, planning & therapy guidance, monitoring therapy efficacy, and assessing recurrence. The integrated technologies comprise two or more detection technologies to form a new way of imaging, which helps to provide convenient information gain in treatment, monitoring, and diagnosis.
Development of multimodality integration technology was a major breakthrough in medical imaging. Hence, adoption of multimodality integration technologies is anticipated to propel the global urology imaging equipment market.
Product Recall and High Cost to Restrain Urology Imaging Equipment Market
Product recalls by Food and Drug Administration have negative impact on product sales
Product recalls affect the brand image and market share of companies manufacturing these devices. Hence, this factor is likely to restrain the global urology imaging equipment market.
High cost is a major factor influencing the selection of treatment. Cost of device depends on the features. High cost of devices is likely to hamper the growth of the global urology imaging market.
Urology Imaging Equipment Market: Competition Landscape
This report profiles major players in the global urology imaging equipment market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
The global urology imaging equipment market is moderately fragmented with presence of a small number of large players in international markets and large number of small players in regional markets. Top four to five players hold majority share of the global urology imaging equipment market. Prominent players operating in the global urology imaging equipment market include
- Stryker
- Olympus Corporation
- Guerbet
- GE Healthcare (General Electric Company)
- KARL STORZ
- Siemens Healthineers
- Richard Wolf GmbH
- CANON MEDICAL SYSTEMS CORPORATION
- Koninklijke Philips N.V.
- Boston Scientific Corporation.
Key Questions Answered in Urology Imaging Equipment Market Report
- What is the scope of growth of product companies in the global urology imaging equipment market?
- What will be the Y-o-Y growth of the global urology imaging equipment market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global urology imaging equipment market?
- Will North America continue to be the most profitable regional market for urology imaging equipment providers?
- Which factors will hamper the growth of the global urology imaging equipment market during the forecast period?
- Which are the leading companies in the global urology imaging equipment market?
Urology Imaging Equipment Market – Segmentation
Product
- Endovision Systems
- X-ray/Fluoroscopy Imaging Systems
- Urology Operating Tables
- Ultrasound Systems
- Others
Application
- Diagnostics
- Interventional
End User
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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