“Global Urology Laser Market to reach a market value of USD 1.8 Billion by 2031 growing at a CAGR of 6.3%”
The Global Urology Laser Market size is expected to reach $1.8 billion by 2031, rising at a market growth of 6.3% CAGR during the forecast period.
North America has a high healthcare expenditure, which enables greater access to advanced medical technologies such as urology lasers. Therefore, the North America segment captured $372.5 million revenue in the market in 2022. This has contributed to the increasing use of these in the region. Increased awareness among patients about the benefits of these and educational efforts by healthcare providers have contributed to their increased use in North America.
Urological disorders, including kidney stones, BPH, and urinary tract infections, are experiencing an increase in prevalence on a global scale. The Urology Foundation states that bladder cancer ranks sixteenth among female cancers and eighth among male cancers. Every year, an estimated 5,500 fatalities are attributed to bladder cancer. Thus, the increasing prevalence of urological disorders drives its demand.
Additionally, the global population is experiencing a demographic shift towards an older age profile, with the number of older adults aged 65 and above increasing significantly. This demographic trend, often referred to as the aging population or the rise in the geriatric population has profound implications for healthcare systems worldwide. Therefore, the aging population is more prone to urological disorders, contributing to a higher demand for these procedures among older adults.
However, the high cost of urology laser systems is a significant barrier to their widespread adoption, particularly in emerging economies and smaller clinics. The initial purchase cost can be substantial, making it difficult for healthcare facilities with limited budgets to invest in this technology. Hence, the high cost associated with these treatments may hamper their adoption throughout the forecast period.
Mixed effects were observed on the market as a result of the COVID-19 pandemic. One key impact was the disruption of healthcare services, including elective procedures such as those performed with urology lasers. These procedures experienced a transient decline due to the prioritization of resources towards COVID-19 patients by numerous hospitals and healthcare facilities, which compelled them to postpone or cancel non-urgent procedures. Thus, the pandemic had an overall moderate impact on the market.
On the basis of application, the market is classified into benign prostatic hyperplasia (BPH), urolithiasis, non-muscle-invasive bladder cancer (NMIBC), and others. The benign prostatic hyperplasia (BPH) segment 46.1% largest revenue share in the market in 2022. These provide a minimally invasive substitute to conventional surgical procedures for treating BPH.
Based on laser type, the market is characterized by holmium laser system, thulium laser system, diode laser system, and others. The thulium laser system segment procured 32.1% growth rate in the market in 2022. Thulium lasers are known for their precision and efficacy in targeting and treating specific tissues. This makes them ideal for urological procedures where precision is crucial, such as in treating BPH and other urological conditions.
Free Valuable Insights: Global Urology Laser Market size to reach USD 1.8 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment garnered 29.0% growth rate in the market in 2022. The Asia-Pacific region has seen an increase in the prevalence of urological disorders such as kidney stones, bladder tumors, and benign prostatic hyperplasia (BPH).
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 1.1 Billion |
| Market size forecast in 2031 | USD 1.8 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 6.3% from 2024 to 2031 |
| Number of Pages | 198 |
| Number of Tables | 280 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Laser Type, Application, Region |
| Country scope |
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| Companies Included | Olympus Corporation, Biolitec AG, Stryker Corporation, Boston Scientific Corporation, Richard Wolf GmbH, Cook Medical, Inc.(Cook Group), Karl Storz SE & Co. KG, OmniGuide, Inc., Allengers Medical Systems Ltd., Becton, Dickinson and Company |
By Laser Type
By Application
By Geography
The Market size is projected to reach USD 1.8 billion by 2031.
Rising proportion of the geriatric population are driving the Market in coming years, however, Stiff competition from alternative treatments restraints the growth of the Market.
Olympus Corporation, Biolitec AG, Stryker Corporation, Boston Scientific Corporation, Richard Wolf GmbH, Cook Medical, Inc.(Cook Group), Karl Storz SE & Co. KG, OmniGuide, Inc., Allengers Medical Systems Ltd., Becton, Dickinson and Company
The expected CAGR of this Market is 6.3% from 2024 to 2031.
The Holmium Laser System segment is registering maximum revenue in the Market by Laser Type in 2023; thereby, achieving a market value of $586.5 million by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $567.6 million by 2031.
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