Market Trends of Renal Medical Devices And Services Industry
Renal Kidney Stone Disease is Expected to Register a High CAGR over the Forecast Period.
A kidney stone is a complex, crystalline mineral formed within the kidney or urinary tract. It is a common cause of blood in the urine (hematuria) and often severe pain in the abdomen, flank, or groin. The rising geriatric population and the increasing prevalence of kidney diseases worldwide are expected to increase the growth of the renal kidney stone segment over the forecast period.
Kidney stones can cause permanent kidney damage. Stones also increase the risk of urinary and kidney infections, which can spread germs into the bloodstream. For instance, according to an article published in the Healthcare Journal in September 2022, the prevalence of nephrolithiasis was approximately 20% across the globe in 2022. Also, the health and economic burdens caused by kidney stone disease are enormous worldwide. Thus, the large number of people affected by kidney stone diseases requiring adequate renal medical devices is expected to propel the growth of the studied segment during the forecast period.
With their innovative treatments for kidney stone management, several key market players are expected to propel the growth of the renal medical devices and services market. For instance, in January 2022, Applaud Medical received Food and Drug Administration's breakthrough device designation for its Acoustic Enhancer technology. The Acoustic Enhancer technology is used with ureteroscopy with laser lithotripsy to fragment calcium-based urinary stones. Such product approval is likely to promote segment growth over the forecast period.
Hence, the growing burden of kidney diseases and product launches by the market players is expected to boost the segment growth over the forecast period.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
In the North American region, factors such as a growing burden of kidney diseases, a rising geriatric population, the increasing prevalence of risk factors, and a technologically advanced healthcare system are responsible for a significant share of North America in the studied market.
For instance. according to the research study published in the Journal of Americal Urological Association in January 2024, among United States adults aged 20 years and older, 9.9% (23.7 million) of individuals reported a history of kidney stones during their lifetime, and 1.8% (4.4 million) had passed a kidney stone in the past 12 months. Therefore, such a high prevalence and incidence of kidney stones in the country is anticipated to increase the adoption.
With the region's growing burden of renal diseases, the companies are investing heavily to improve product availability and efficiency and launch novel devices, which is expected to impact the market’s growth significantly. Furthermore, increasing collaboration between service providers for renal care is also expected to boost the market for services, thereby boosting market growth.
For instance, in February 2023, Rockwell Medical, Inc. reported Company signed a three-year product purchase agreement with Concerto Renal Services, a dialysis provider in skilled nursing facilities in the United States. Such development in the renal medical devices segment is expected to boost the growth of the renal medical devices and services market in the North American region over the forecast period.
Therefore, owing to the rising prevalence of kidney stone disorders and key strategies adopted by the market player such as partnerships are anticipated to boost the market growth.
