Rising Incidence of Prostrate and Bladder Cancer to Bolster Market Growth
According to the report published by Globocan in 2018, there were 1,276,106 new cases of prostate cancer. Furthermore, 549,393 new cases of bladder cancer were also recorded in 2018. Increasing demand for early detection and treatment of prostrate and bladder cancer is expected to contribute to growth of the single use cystoscope market. Single use cystoscopes have a wider application in diagnosis of prostrate and bladder cancer, as they have their own source of light and recording features, allowing a urologist to have a better visualization of the patient’s bladder and urethra. With the use of single use cystoscopes, physicians and urologists can observe structures and signs of bladder and prostate cancer.
High Demand for Cystoscopy Procedures to Create Opportunities for Single Use Cystoscope Manufacturers
Cystoscopy is a minimally invasive procedure used for diagnosis, monitoring and treatment of conditions affecting the bladder and urethra. Patients prefer minimally invasive surgeries and procedures over highly invasive surgeries as the former require a shorter recovery period and reduce overall post-surgical complications. According to the report published by National Health Statistics Reports in February 2017, a total of 479,000 cystoscopy surgeries procedures were performed in the U.S of which 45% of these procedures were performed on women. Many physicians prefer to use singe use cystoscopies, attributable to reduced reprocessing cost and significant reduction in risk of infection. Thus, rising demand for minimally invasive procedures worldwide offers significant growth opportunities for manufacturers in the single use cystoscope market.
Inadequate Reprocessing Facilities in Emerging Nations to Propel Single Use Cystoscope Market Growth
Reusable cystoscopes require reprocessing after every procedure to maintain the sterility of cystoscope. Additionally, high risk of cross contamination and higher number of hospital acquired infections recorded over the past years due to improper reprocessing of endoscope devices creates an opportunity for manufacturers in the single use cystoscope market. Single use cystoscopes are disposable and do not require any reprocessing and cleaning between procedures. Most emerging countries such as India and China lack adequate reprocessing facilities and trained staff, thus creating more scope for sales of single use cystoscopes. Reduced cost of maintenance for single use cystoscopes as compared to conventional cystoscopes creates high growth prospects for single use cystoscope market in these regions.
Cost Advantage of Single Use Cystoscopes to Boost Sales
Conventional cystoscopes currently manufactured in developing economies are heavy and thus requires a long set up time and dedicated procedure room. The bulky cystoscopes have downtime as they must be sterilized and reprocessed between procedures, making them expensive to maintain and repair. The single use cystoscopes are designed in such a way that does not require reprocessing and cleaning. This makes single use cystoscopes affordable for physicians and urologists, and makes office-based cystoscopy feasible, thereby reducing cost of the procedure. The potential re-processing cost commonly associated with reusable cystoscopes is minimized by using single use cystoscopes, thus creating favorable growth opportunities for the single use cystoscope market.
Favorable Reimbursement Scenario to Benefit Single Use Cystoscope Manufacturers
Medicare has approved reimbursement policies in the U.S., which allows the payment of US$ 170.3 at the national level for separate procedures using flexible cystoscopes with CPT code 52000. Medicare includes payment for hospitals and ambulatory surgical centers. Availability of favorable reimbursements by Medicare and Medicaid will enable more patients to undergo cystoscopy and boost product sales in the singles use cystoscope market.
A comprehensive perspective of the single use cystoscope market has led our analysts to infer that the market is growing at a remarkable rate, with Europe leading the global single use cystoscope market, attributable to higher adoption of flexible single use cystoscopes in the region by physician and urologists. Growing demand for safer diagnostic procedures has led to adoption of single use cystoscope in developed countries of North America and Europe. New product launches are anticipated to create more opportunities for players in the single use cystoscope market.
Single Use Cystoscope Market - Scope of the Report
Persistence Market Research (PMR) recently published a market report on the global single use cystoscope market. The report provides detailed assessment on the key market dynamics, including drivers, trends, opportunities restraints, and detailed information about the single use cystoscope market structure. PMR’s report presents exclusive information about how the single use cystoscope market is expected to grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, and compounded annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the single use cystoscope market during the forecast period.
The study is relevant for stakeholders in the single use cystoscope market, including single use cystoscope therapy manufacturers, suppliers, distributors, and investors, and can help them to develop effective strategies to grow in the market. Stakeholders in the single use cystoscope market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the single use cystoscope market. Furthermore, small businesses and new entrants in the single use cystoscope market can make use of the information presented in this study to make efficient business decisions to gain momentum in the market.
Key Segments of Single Use Cystoscope Market
PMR’s study on the single use cystoscope market offers information divided into three important segments- product type, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in PMR’s Single Use Cystoscope Market Report
Single Use Cystoscope Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the single use cystoscope market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of the conclusions in this report.
Secondary resources referred to by analysts during production of the single use cystoscope market study include statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in the single use cystoscope market, and makes PMR’s projection on the growth prospects of the single use cystoscope market more accurate and reliable.