U.S. Urological Device Market to Reach Nearly $2.3 Billion by 2016
According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, the United States urological device markets will see moderate growth over the next five years, driven largely by increases in procedure volumes due to the expanding elderly and obese populations, who often require treatment for urinary incontinence.
This mature market is dominated by large multinational companies with stable market shares, most of which will benefit from the steady growth in the majority of segments. Physicians tend to prefer using equipment with which they are familiar and resist switching brands. As a result, large companies with an established reputation and customer base tend to retain market dominance. All segments of the US urological market are dominated by large multinational manufacturers, including American Medical Systems (AMS), C. R. Bard, Coloplast, Boston Scientific, Olympus/Gyrus-ACMI and KARL STORZ.
As a result, a key method for gaining share or entering a new market niche is through mergers and acquisitions. Established companies can expand their urological device product lines, while new companies can enter the market with the benefit of an established brand name from their parent company.
“Acquisitions in recent years include Endo Pharmaceuticals’ purchase of AMS, GE Healthcare’s purchase of Oncura and Elekta’s purchase of Nucletron,” said MRG Analyst Jennifer Smith. “AMS will benefit from this acquisition as it can take advantage of Endo Pharmaceuticals’ large distribution base and considerable brand recognition among physicians.”
Millennium Research Group’s US Markets for Urological Devices 2012 report includes procedure, unit, average selling price and revenue information, along with market drivers and limiters and competitive landscape for urinary incontinence devices, stone management devices, BPH devices, urological endoscopes, prostate cancer treatment devices and erectile dysfunction devices sold in the United States.
Source: Millennium Research Group via Business Wire