Fresenius Medical Care AG & Co. KGaA (Germany) and Baxter International, Inc. (US) are Leading players in the Urology Devices Market
The urology devices market is valued at an estimated USD 34.1 billion in 2023 and is projected to reach USD 48.6 billion by 2028 at a CAGR of 7.3% during the forecast period. Growth in the urology devices market is mainly driven by factors such as the rising incidence and prevalence of urological conditions, growing preference for minimally invasive procedures, and a growing number of hospitals and surgical centers.
The key players in urology devices market are Fresenius Medical Care AG & Co. KGaA (Germany), Baxter International, Inc. (US), Boston Scientific Corporation (US), Becton, Dickinson and Company (US), B. Braun Melsungen AG (Germany), Cardinal Health (US), Olympus Corporation (Japan), Intuitive Surgical (US), Coloplast A/S (Denmark), Stryker Corporation (US), Teleflex Incorporated (US), Convatec Group PLC (UK), Medtronic PLC (Ireland), Karl Storz (Germany), Cook Medical (US), Richard Wolf GmbH (Germany), CompactCath (US), Dornier MedTech (Germany), Nikkiso Co., Ltd. (Japan), Dialife SA (Switzerland), Erbe Vision (Germany), Well Lead Medical Co., Ltd. (China), ROCAMED (Germany), EndoMed Systems GmbH (Germany), Amniso International, Inc. (US), Medispec (US), Medical Technologies of Georgia (US), Vimex Sp. z o.o. (Poland), Balton Sp. z o.o. (Poland), Hunter Urology (UK), Ribbel International Ltd. (India).
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Fresenius Medical Care AG & Co. KGaA (Germany) maintained its dominant position in the urology devices market in 2022. The company’s strong distribution networks spanning North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa have contributed to its sustained leadership in the market. The company employs organic and inorganic growth strategies to enhance its market dominance, such as product launches, approvals, mergers, collaboration and expansion. In April 2021, the company opened a new technology center in Schweinfurt for developing dialysis machines. In line with this, in November 2021, Fresenius launched new device CorAL which is a dialyzer for hemodialysis. In April 2020, Fresenius Medical Care North America collaborated with DaVita Inc. and other dialysis providers in response to COVID-19, which aimed to support the broader kidney care community in the United States. These strategic initiatives enable Fresenius Medical Care to secure a larger market share and strengthen its position in the urology devices market.
In 2022, Baxter International, Inc. (US) held a significant market share in the urology devices market. The company’s leading position can be attributed to its robust global sales and distribution network in around 100 countries, which effectively promotes its products across various countries. Baxter International has strategically emphasized research & development (R&D) initiatives to develop innovative and superior offerings compared to its competitors. By investing in R&D, the company aims to optimize its product portfolio and allocate capital wisely, thereby fostering future growth and maintaining its competitiveness.
Furthermore, Baxter International implements both organic strategies, such as regulatory approvals and product launches, to further strengthen its standing in the urology devices market. In November 2022, the company launched a hemodialysis device named HDx Therapy. This strategic move expanded the company’s product line considerably and enhanced its market visibility, bolstering its overall position in the industry. In April 2022, Baxter received U.S. FDA Clearance of ST Set used for renal replacement therapy.
Boston Scientific Corporation (US), a prominent player in the global urology devices market, secured a significant market share in the urology devices market in 2022. The company’s strong presence in North America, Europe, Asia Pacific, Middle East & Africa strengthens its geographical reach. Boston Scientific Corporation caters to a diverse customer base across various geographic locations. In addition to its R&D efforts and supply chain management, Boston Scientific leverages inorganic growth strategies to maintain its market leadership. For example, in December 2022, Boston Scientific acquired 65% stakes in Acotec Scientific Holdings Limited. Such developments contribute to the company’s continued success and its sustained leading position in the urology devices market.
Related Reports:
Urology Devices Market by Product (Dialysis, Laser, Lithotripsy, Robotic, Insufflators, Guidewires, Catheters, Stents, Implants), Application (Kidney Diseases, Cancer, Pelvic Organ Prolapse, BPH, Stones), End User, and Region - Global Forecast to 2028
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