Any genitourinary disorders are noted in the urinary tract and the genital organs. The conditions in these parts of the human body could occur due to various bacterial infections or STDs. Genitourinary ailments also include various cardnomas such as prostate cancer, ovarian cancer, bladder cancer, and cervical cancer. The prevalence of these conditions is high worldwide and is continuously increasing. Lifestyle disorders such as stroke, autoimmune conditions such as multiple sclerosis, obesity, diabetes, or age-related ailments such as Alzheimer's are significantly responsible for genitourinary conditions. The prevalence of such health conditions is rising globally due to the sedentary lifestyle. Such a high prevalence of genitourinary diseases will drive the market growth during the forecast period. analysts have predicted that the genitourinary drugs market will register a CAGR of almost 3% by 2023.
Technological advances in diagnostics
Advances in technology help in increasing patient adherence to treatment and gaining effective and swift results. They help in improving the condition of patients and reducing the diagnostic time. With the recent advances, both in the molecular laboratory diagnosis and point-of-care (POC) diagnostics technology, the vendors of the global genitourinary drugs market are also providing effective and quick results with less cost.
Patent expiries of novel drugs
Patent expiries of novel therapeutics lead to the introduction of generic drugs. Therefore, generic drugs are more cost-effective than novel therapeutics. Patents of many novel drugs used for the treatment of genitourinary conditions have expired, and a few of them are about to lapse during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the genitourinary drugs market during the 2019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.