Fact.MR’s recently published lithotripsy devices report expects the market to surpass US$ 2 Bn by 2031, registering a CAGR of around 5% across the forthcoming decade. Growth is spurred by rising frequency and incidence of kidney stones globally.
As per the report, sales of lithotripsy devices expanded at approximately 4% CAGR, reaching almost US$ 1.5 Bn at the end of the 2016-2020 historical period. While a temporary setback was experienced amid COVID-19, prevalence of renal colic and distal ureteral stone disorders amongst infected patients sustained demand to a large extent.
There are fewer opportunities for finding effective treatments for the disease. Urolithiasis is expected to affect 12% of the global population at some time in their life. According to data from the European Association of Urology and the National Kidney Foundation in 2019, the prevalence of this condition has been found to be more than 10% in high-income countries such as the United States, Canada, and Sweden. These statistics suggest that future sales of lithotripsy devices are likely to surge manifold.
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Market Segmentation
- Product Type
- Extracorporeal Shock Wave Lithotripsy Devices
- Intracorporeal Lithotripsy Devices
- Laser Lithotripsy Devices
- Electrohydraulic Lithotripsy Devices
- Ultrasonic Lithotripsy Devices
- Mechanical Lithotripsy Devices
- Application
- Lithotripsy Devices for Kidney Stones
- Lithotripsy Devices for Ureteral Stones
- Lithotripsy Devices for Pancreatic Stones
- Lithotripsy Devices for Bile Duct Stones
- End User
- Lithotripsy Devices for Hospitals
- Lithotripsy Devices for Ambulatory Surgical Centers
- Lithotripsy Devices for Other End Users
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Competitive Landscape
The lithotripsy device market has been shown to be competitive. EDAP TMS, Boston Scientific Corporation, Olympus Corporation, Accuron, and DirexGroup are among the main industry participants in lithotripsy devices. Certain strategic efforts, such as mergers, new product launches, acquisitions, and collaborations, are being implemented by the corporations to assist them enhance their market positions. In addition, businesses are concentrating on expanding the applications of lithotripsy devices in order to improve their positions during the forecast period.
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Key Takeaways from the Market Study
- Extracorporeal shock wave lithotripsy (ESWL) likely to generate 2 out of 5 sales
- Hospitals remain primary lithotripsy devices end users, generating 50% revenue
- Specialized clinics sales to expand at approximately 5% CAGR until 2031
- By application, treatment for kidney stones to remain dominant, yielding over 2/5th of the revenue
- U.S to emerge as an opportunistic market, expanding at a CAGR of 5%
- Around 3 out of 10 lithotripsy device sales are poised to occur in the U.K
- Asia to emerge as a highly lucrative growth regions, with India, Japan and China at the forefront
“The market is being driven by the rising prevalence of urolithiasis, an increase in the number of extracorporeal shock waves lithotripsy operations, technical developments, and increased awareness” – says the Fact.MR analyst.
For More Insight- https://www.factmr.com/article/124/latest-trends-in-the-healthcare-industry-how-has-it-transformed-businesses
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