According to the latest market study released by Technavio, the global urodynamic devices market is expected to grow at a CAGR of close to 6% during the forecast period.
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Technavio has published a new report on the global urodynamic devices market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Urodynamic Devices Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Barath Palada, a lead analyst at Technavio forurology devices research, "The demand for urodynamic testing is increasing at a significant rate in emerging countries due to growing awareness towards early diagnosis and preventive medicine. The shift towards early diagnosis and increasing awareness regarding the availability of invasive and non-invasive diagnostic techniques in these regions has given vendors an opportunity to increase their presence in these fast-growing markets."
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The market research analysis categorizes the global urodynamic devices market into three major product segments. They are:
- Hospitals
- Diagnostic labs
- Others
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Hospitals
Hospitals form a key end-user category and have a major impact on the market growth of Urodynamic devices. There are multi-specialty hospitals and hospitals which work under government sponsorship or through private entities. These hospitals have more than 500 hospital beds with outpatient and inpatient accommodation of people and generate more revenue. Hospitals have state of the art infrastructure to fulfill the needs of the patients. They have facilities for diagnosis, monitoring the chronic diseases, highly equipped special operating rooms.
Hospitals engage closely with many suppliers in the market, to procure medicinal products and consumables in bulk. They also tie up with reimbursement authorities and government organizations. In a medium sized hospital of 200-300 beds where the administration is often decentralized, such hospitals require support of third party laboratory testing and medical equipment for their healthcare services. Hospitals are key end-users that will influence the market growth of urodynamic procedures and devices.
Diagnostic labs
A diagnostic laboratory or medical laboratory is the place where tests are being carried out to obtain information about health of patients. Some of these laboratories are attached to the hospital while some are privately held. Urodynamic labs diagnose and calculate the flow rate of urine. Urodynamic procedures such as Uroflowmetry, cystometry, EMG, VLPP, UPP and video urodynamics test are carried out in these diagnostic labs. A certified lab technician will diagnose stress urinary continence, urge urinary continence and many other complications of lower urinary tract in these labs.
"The number of diagnostic labs has been increasing gradually with the increase in disorders. These diagnostic labs are highly equipped with advanced software to analyze and evaluate patient data, therefore, the increase in demand for diagnostic labs will fuel the growth of urodynamic devices market," says Barath.
Others
This segment includes physician offices, private clinics, and healthcare centers. Many people are undergoing treatments due to improved patient care, presence of favorable reimbursement processing and availability of easy appointment. As per CDC report in 2016, around 125.7 million people visited out-patient settings, while visit to physicians' offices were 922.6 million in the US in 2014. The number of patients visiting physician's office is increasing gradually which will lead hospitals to implement business models that involve their collaboration with physicians' offices for conversion into hospital-based providers.
The top vendors highlighted by Technavio's market research analysts in this report are:
- LABORIE
- CooperSurgical
- Verathon
- Albyn Medical
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