Urology surgical instrument is used in treating urology surgical specialties. Urology surgical specialty deals with the treatment of conditions involving the male and female urinary tract and the male and female reproductive organs. The global urology surgical instrument market is growing at a significant rate, due increasing healthcare expenditure, and increasing hospital investments in surgical infrastructure. The high cost of urology surgery instrument is inhibiting the growth of the market. The increasing number of product launches is the key trend that have been observed in the global urology surgical instrument market.
Factor such as high cost of urology surgical instrument is the key restraint of this market. These products are very essential in urologic surgeries to make procedures smoother and hassle free. These urology surgical instruments are used in various treatment procedures including CKD, urinary stone, BPH, UI & POP, oncology, and hernia. High cost of instruments, such as video endoscopy systems, laparoscopes, cystoscopes, limits the affordability of surgical clinics across developing countries hampering the market growth.
Geographically, North America had been the largest market for urology surgical instruments due to increasing prevalence of bladder cancer in the U.S., improved healthcare infrastructure and growing geriatric population. Aldo, factor such as new funding model for Canadian hospitals drives the growth of the North American market. Previously, Canadian hospitals were funded through annual lump-sum payments. Previously, these funds were administratively simple which lack incentives and funding was not areas according to the treatment. although in the new funding model called activity-based funding (ABF), hospital is expected to receive a pre-determined fee for each patient’s particular diagnosis, regardless of the actual costs for any particular patient. The fee is expected to be on the basis of complexity, type, volume and intensity of care. With this new funding model, patients have to pay minimum to get the treatment done. Thus, with the introduction of new funding model is expected to boost North American urology surgical instrument market.
Some of the other key players, other than those mentioned above, operating in the urology surgical instrument industry are Olympus Corporation, Karl Storz GmbH & Co. KG, Cook Medical LLC, Richard Wolf GmbH, Stryker Corporation, Medtronic plc, CONMED Corporation, CooperSurgical Inc. and Teleflex Incorporated.