Urologist Dr. Cletus Georges takes an expert look at the impressive growth forecast within the urology devices market in coming years.
With the urology devices market set to enjoy a compound annual growth rate of more than 7 percent between now and 2023, Florida-based physician and urology specialist Dr. Cletus Georges provides a closer look at the figures, plus several of the reasons behind the significant anticipated growth.
“The urology devices market is expected to see a compound annual growth rate of 7.1 percent by 2023,” reveals Dr. Georges, a physician, and urology specialist for more than 30 years, today based in Orlando, Florida.
From endoscopy devices, dialysis equipment, and urinary stone and benign prostatic hyperplasia treatment equipment to minimally invasive surgery and robotic innovations, the forecast global growth is anticipated to be led by the United States, Japan, and Germany, according to Dr. Georges. “The urology devices market is growing rapidly, largely due to the increase of incidences of urinary tract system disorders and prostate cancer cases,” he reveals, “particularly in the United States.”
Ongoing development of urology devices designed to treat increasing numbers of patients with kidney diseases is understood to be another key driving force. “Market growth is further substantiated by growing awareness surrounding the availability of such devices,” Dr. Georges adds, “as well as benefits including vastly reduced treatment and recovery times.”
High costs, however, continue to impede growth in some markets. “Growing financial support for global research and development into urology devices is now beginning to offset this,” suggests Dr. Georges, “as is increasing per capita expenditure within healthcare tied to urological complaints and conditions.”
Major recent shifts toward less-invasive methods of treatment are further expected to play a part in accelerating growth within the urology devices market, according to the expert. “Less-invasive alternatives to traditional prostate cancer treatment, for example, will certainly foster growth within the market over the next three to five years,” Dr. Georges suggests.
The most significant growth is expected to occur in the Asia Pacific region, as well as in North America and across Europe. The North American region currently claims dominance over the international urology devices market according to the latest reports, largely supported by huge per capita urological healthcare expenses which are less common in other regional markets.
Europe, meanwhile, is understood to be leading research and development activities, according to Dr. Georges. “Beyond North America, Europe, and the Asia Pacific region, similarly impressive growth within the urology devices market across the rest of the world will likely follow in years to come,” he adds, wrapping up.
Dr. Cletus Georges attended Weill Cornell University Medical College in New York City, graduating in 1991 and completing his residency in urology at Chicago’s Northwestern University McGaw Medical Center in 1997. Shortly after, urology specialist Dr. Georges began his practice in Sebring, Florida, before relocating to the Orlando area where he remains settled today. Dr. Georges’ certifications and licensure include the American Board of Urology certification in urology and a Florida State Medical License. A doctor is also a fellow of the American College of Surgeons, a scientific and educational association founded in 1913 dedicated to improving the quality of care for patients by establishing unrivaled standards in surgical education and practice.