PUBLISHER: Grand View Research | PRODUCT CODE: 1362902
PUBLISHER: Grand View Research | PRODUCT CODE: 1362902
The global artificial urinary sphincter market size is expected to reach USD 853.30 million by 2030, expanding at a CAGR of 7.1% from 2023 to 2030, based on a new report by Grand View Research, Inc.. Stress urinary incontinence (SUI) is the most prevalent form of urinary incontinence among women. According to the National Association for Incontinence, SUI affects an estimated 15 million adult women in the U.S. Furthermore, certain neurological conditions, such as multiple sclerosis, Parkinson's disease, or spinal cord injuries, can affect the nerves that control bladder function. When these nerves are damaged or impaired, it can lead to SUI. Thus, an increasing number of women patients suffering from SUI is projected to fuel demand for AUS during the forecast period.
Market players adopt various strategies to increase the reach of their products and improve availability in diverse geographic areas. In July 2023, UroMems announced that it had completed the first-ever implant of the "UroActive Smart" automated AUS in a female patient with SUI. This device is powered by a MyoElectroMechanical System (MEMS). Thus, introducing a technologically advanced AUS is expected to boost market growth. Moreover, major players are undertaking various initiatives, such as mergers & acquisitions of small firms, to strengthen their product portfolio. For instance, in August 2020, Creo Medical Group acquired Albyn Medical, a manufacturer of urology, endoscopy, and gastroenterology products, for USD 27.43. This acquisition improved Creo Medical's extensive worldwide sales, logistics, service, production, and export capability, driving the market growth.