urethral stricture market Expected To Reach At A Highest Growth During Forecast Period
Market Research Future’s (MRFR) latest report predicts that the global urethral stricture Surgery market is projected to surge at a CAGR of 7.30% during the forecast period (2018–2023). Urethral stricture is a chronic disease which can narrow the urethral opening due to injuries, scars, genetic disorders and sexually transmitted diseases. This can restrict urine flow and be a major cause of various urological disorders.
The urethral stricture market is expanding steadily due to the rise in the treatment of injuries, kidney stones, poor dietary habits, obesity, and other medical conditions that require urethral stents, dilators, and catheters. Apart from this, improving healthcare facilities and growing awareness about the disease and treatment positively affect the market size globally. Surgeries like urethral dilations are popular in countries like India and China due to their high efficiency and low cost. Furthermore, the introduction of new and advanced medications and treatments is likely to boost the market growth during the forecast period.
On the flip side, restraints opposing the market growth include lack of knowledge about the disease and minimal access to medical facilities. Despite the restraints, major drivers such as growing penetration by market players and elevating need to gain access to affordable treatments are likely to boost the market size in the coming years. Technological advancements such as tissue engineering is the latest trend changing the dynamics of the market. Due to tissue engineering technology, surgeons are no longer limited by the quantity and quality of urethral substitutes existing in a patient.
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Global Market for Urethral Stricture– Segmental Analysis
According to the report, the urethral strictures market is segmented on the basis of type, condition, cause, treatment, gender, end-user, and region. By type, the market is segmented into posterior urethral stricture and anterior urethral stricture. The posterior urethral stricture segment currently holds the maximum market share and likely to continue its dominance throughout the forecast period. Growing injuries such as pelvic fractures, and an increasing number of patients undergoing treatment for prostate cancer drives the posterior urethral stricture market across the globe.
Based on condition, the market is segmented into hypospadias & epispadias, urinary incontinence, and others. The hypospadias & epispadias segment was worth more than USD 468.8 million in 2017. Increasing birth defects, elevating hormonal malfunctions, and large male population are factors expediting the market expansion across the globe. By cause, the market is segmented into iatrogenic, idiopathic, infection-induced, and trauma. In 2017, the iatrogenic segment accrued over USD 284.0 million. Primary drivers for the growth of iatrogenic segment are increasing public awareness about the disease, growing pharmaceutical companies, and advancement in medical technology. Based on treatment, the market is segmented into urethral dilation, direct vision internal urethrotomy (DVIU), urethroplasty, and others. The urethroplasty market is leaping ahead due to evolving surgical treatments and a growing number of skilled medical surgeons.
By gender, the market pertains to male and female. The male segment held the largest market share in 2017. Anatomically, males are more prone to urethral strictures than females due to the presence of longer urethras and being more susceptible to injury and infections. The end-users in the urethral strictures market are hospitals, urologic clinics, ambulatory surgical centers, and others. The hospitals segment is expected to retain its dominance over the market share throughout the forecast period.
Geographically, the market is spread across North and South America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). The America region presently holds the largest market share and will continue its lead in the coming years. The market growth in the region is due to sophisticated treatment provided by health facilities in both the United States (U.S) and other Latin American countries. Also, the medical device industry is thriving and holds massive potential for further growth in the US. Moreover, innovative technology and frequent product development in the region give way to the growth of the market. Recently, surgeons in North America developed a new smartphone-based tool that detects a urethral blockage, which is convenient for patients to test themselves for the condition at home. The Europe market is expected to grow significantly during the forecast period owing to owing to the high availability of advanced treatment facilities and healthcare expenditure. Furthermore, increasing population prone to diseases also fuel the market growth. Asia Pacific market’s upward trajectory can be attributed to growing expensive equipment and infrastructure, and increasing research and development initiatives to improve the quality and effectiveness of new and modern instrumentations. Countries such as India and China contribute massively to the market expansion owing to the rapid development of healthcare infrastructure and surging demand for diagnostic and treatment services. On the other hand, the Middle East and Africa market is expected to experience a steady growth rate driven by the growing availability of new and advanced diagnostic and treatment methods.
Global Market for Urethral Stricture – Competitive Dashboard
The key players mentioned in the report are Stryker Corporation, Lumentis Ltd, Boston Scientific Corporation, Olympus Corporation Bard Medical, and Cook Medical Incorporated, Cook Medical, Richard Wolf, SRS Medical, and others.