Urology Laser Market Size

Urology Laser Market Analysis

The urology laser market was valued at approximately USD 944.79 million in 2020 and is expected to record a CAGR of 5.51% over the forecast period.

The COVID-19 pandemic is expected to significantly impact the market's growth. In addition to the effects of the coronavirus on public health, there has been the collateral effect of nearuniversal disruption and cancelation of surgical services, which had unprecedented implications for surgical services and patients with surgical conditions. Operating theaters and anesthesia machines are being temporarily converted to respiratory support units in regions with a high disease burden. Additionally, as per the study titled, 'Elective Surgery Cancellations due to the COVID-19 Pandemic: Global Predictive Modeling to Inform Surgical Recovery Plans,' published in May 2020, approximately 2.5 million urological benign surgeries were reported to have been canceled during the peak disruption of the COVID-19 pandemic. Over the coming weeks, healthcare workers, including urologists, may face increasingly complex challenges. Thus, they should adopt the triage strategy to avoid wasting medical resources. They should also endorse good protection policies to guard against infection when dealing with COVID-19 patients. Owing to the abovementioned factors, the pandemic is likely to have a short-term negative impact on the market studied due to the postponed elective surgeries.

One of the major factors driving the market studied is the high prevalence of urologic conditions worldwide. The prevalence of urinary incontinence is higher in women than in men. According to the Global Forum on Incontinence, 2020, urinary incontinence affects between 4-8% of the population or the lives of almost 400 million people worldwide. Also, the rising adoption of minimally invasive surgical procedures in holmium systems and thulium laser treatment systems is one of the major factors propelling the market for urology lasers. These systems offer several benefits, such as greater efficiency, safety, and rapid recovery, resulting in increased demand for thulium and holmium systems.

Furthermore, laser procedures provide benefits such as faster recovery, shorter hospital stays, decreased blood loss, and lower overall body pain resulting from smaller incisions. Hence, these systems' reliability and safety features are expected to drive market growth. Additionally, key players in the market studied are focusing on frequent product developments and approvals, which is expected to substantially drive the market during the forecast period. For instance, in June 2020, Olympus launched its new Soltive SuperPulsed Laser System (Soltive Laser System), a new application of thulium fiber laser technology designed for stone lithotripsy and soft tissue applications. Thus, such factors are likely to drive the market's growth during the forecast period.