Nephrostomy Devices Market Growth & Trends
The global nephrostomy devices market size is anticipated to reach USD 1.71 billion by 2026 registering a CAGR of 7.8%, according to a new report by Grand View Research, Inc. Increasing awareness about nephrostomy devices among physicians and rising cases of kidney stone disease are driving the market. Increasing prevalence of ovarian, bladder, and prostate cancers and improving healthcare infrastructure in the developing economies are also among the key factors fueling the market growth.
North America is expected to register the highest market share owing to increasing prevalence of kidney stone disorder and ovarian, bladder, and prostate cancers. For instance, according to the American Cancer Society, around 22,240 new cases of ovarian cancer were diagnosed in 2018 in U.S. Major companies in this market are emphasizing on new product launches and innovations in the existing products. For instance, in February 2017, Cook Medical introduced Universa along with the two sets of percutaneous urinary drainage.
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Nephrostomy Devices Market Report Highlights
- Guidewires segment led the global nephrostomy devices market in 2018 and is anticipated to expand further at the highest CAGR from 2019 to 2026
- The segment growth is attributed to rising cases of kidney and urine related disorders, and preference for guidewires as they are less invasive
- The hospital segment dominated the market in 2018. Percutaneous nephrostomy are majorly performed in the hospitals as compared to the emergency clinics, which drives the segment growth
- ASCs segment is anticipated to register the highest CAGR as nephrostomy devices are widely used by ASCs due to their benefits, such as significant cost saving and personalized services
- North America leads the market due to high prevalence of target diseases, availability of skilled surgeons, presence of well-established healthcare sector, and quick adoption of advanced medical tools
- Key companies in the market focus on strategies, such as innovations in the existing products, introduction of new products, and mergers and acquisitions to strengthen their presence in the industry