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New product Launches was the Most-preferred Strategy Followed by Key Players in the Urology Devices Market
The urology devices market is consolidated in nature due to the presence of a few large players. Prominent key players in the urology devices market include Fresenius Medical Care AG & Co. KGaA (Germany), Baxter International, Inc. (U.S.), Olympus Corporation (Japan), KARL STORZ GmbH & Co. KG (Germany), and Richard WOLF GmbH (Germany).
Fresenius Medical Care AG & Co. KGaA (Germany) was the global leader in the urology devices market in 2015. The company’s dominance in the market can be attributed to its robust product portfolio and strong geographic presence. The company is innovation-centric and invests heavily on R&D activities for maintaining its market share. The company also focuses on organic growth strategies such as new product launches to enhance its market share. In May 2016, company launched the 6008 CAREsystem for the treatment of patients with ESRD.
KARL STORZ (Germany) held the second position in the urology devices market in 2015. This can be attributed to the company’s strong portfolio of urology devices products. The company adopts organic growth strategies such as expansions to boost its market share. In March 2014, KARL STORZ expanded its current Dundee plant in Scotland. The plant was redeveloped and tripled in size with an investment of ~USD 2.6 million (GBP 1.7 million).
Baxter International, Inc. held the third position in the urology devices market in 2015. This can be attributed to the company’s focus on developing advanced products and expanding its geographical presence worldwide to sustain its position in this market. Baxter manufactures its products in 29 countries and distributes these products in over 100 countries, globally. Baxter significantly invests in R&D (it invested ~USD 1.4 billion for R&D in 2014, as opposed to USD 1.1 billion in 2012) to develop breakthrough technologies through its own research as well as collaborations and partnerships across the globe.
The key strategies followed by most companies in the urology devices market are organic strategies such as, new product launches and expansions. The strategy of new product launches accounted for the largest share of the overall growth strategies mapped from 2013 to 2016. Some of the leading players that adopted this strategy include Olympus Corporation (Japan), KARL STORZ GmbH & Co. KG (Germany), Richard WOLF GmbH (Germany), Fresenius Medical Care (Germany), and Dornier MedTech (Germany). Expansions accounted for the second-largest share of the overall growth strategies adopted by players in this market.
Urology Devices Market by Product (Endoscopes, Visualization Systems, Robotic Systems, Lasers & Lithotripsy, Dialysis, and Urodynamic), Disease (Kidney Disease, Urinary Incontinence, Stones, BPH, Urologic Cancer, and Pelvic Organ Prolapse) - Global Forecast to 2021
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