By End User, Hospitals Are Expected To Account For Bulk Of The Demand For Lithotripsy Devices To Address Gall Bladder & Kidney Stones
By End User, Hospitals Are Expected To Account For Bulk Of The Demand For Lithotripsy Devices To Address Gall Bladder & Kidney Stones
Fact.MR – A Market Research and Competitive Intelligence Provider: The global lithotripsy market is expected to witness US $ 2 Billion by 2031 and is anticipated to grow at a rapid pace of 5% during forecast period.
The market is driven by high prevalence of urolithiasis, surge in the number of extracorporeal shock waves lithotripsy operations, and technical developments in the medical industry. Historically, sales of lithotripsy devices grew at approximately 4% CAGR from 2016 to 2020.
The recurrence and prevalence of kidney stone disorders are rising across the globe. Moreover, urolithiasis is expected to impact 12% of the world’s population at some point in their lives. Moreover, as per the European Association of Urology, the prevalence of this illness has been expected to be more than 10% in nations with high standards of living such as Canada, United States and Sweden.
Besides this, the rapid use of minimally invasive methods in various general surgeries, as well as their lower risk of complications, anticipated to boost the demand of lithotripsy equipment.
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Moreover, methods such as laser surgeries are becoming common, which are expected to heighten prospects for the market. Also, surge in stone illnesses have led to increased adoption of lithotripsy.
Besides this, emergence of innovative procedures and equipment in the treatment of stone diseases is expected to drive solutions for patients and healthcare practitioners.
In addition to this, many regions across the globe, have been witnessing greater emphasis on replacing and updating hospital infrastructure, which will ultimately results in high usage of lithotripsy equipment in the coming years.
Key Takeaways:
- Sales of lithotripsy devices in the US are expected to grow at a CAGR of around 5% until 2031. Moreover, with surge in prevalence of renal illness, over 50,000 lithotripsy surgeries are performed in the United States every year, further fuelling the market for lithotripsy devices.
- Asia is the fastest growing market and is projected to witness impressive growth due to considerable unmet medical needs. Moreover, countries such as China, India and Japan are expected to be the frontrunners of the higher demand.
- Hospitals have accounted for bulk of the demand for lithotripsy devices. Moreover, higher frequency of hospital visits to address various diseases such as gall bladder stones and kidney stones are boosting demand. Moreover, a revenue share of over 50% is anticipated for this segment.
Growth Drivers:
- High prevalence of diseases such as Urinary Tract Infection has boosted the demand for lithotripsy technologies.
- High investments in hospital infrastructure in various developed econmoies, which will result in high usage of lithotripsy equipment during forecast period. These factors are expected to act as growth driver for the market.
- Clinicians have been adopting various advanced lithotripsy devices such as extracorporeal shock wave lithotripsy. These devices are gaining traction due to various benefits such as reduced discomfort, low invasiveness, shorter hospital stays, and faster recovery time.
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Competitive Landscape:
The market is highly competitive. Boston Scientific Corporation, Olympus Corporation, EDAP TMS, DirexGroup and Accuron are among the key industry participants in the market.
Moreover, certain strategic efforts, such as new product launches, mergers, collaborations and acquisitions are accepted by the corporations to assist them boost their market positions.
Moreover, key players are also putting emphasis on the applications of lithotripsy devices in order to improve market share during the forecast period.
Key Companies Profiled by Fact.MR
- EDAP TMS
- Boston Scientific Corporation
- Olympus Corporation
- Accuron
- DirexGroup
- Siemens AG
- Dornier MedTech
- STORZ Medical
More Valuable Insights on Lithotripsy devices market
Segmentation of Lithotripsy devices market
- 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
- Hospitals
- Ambulatory Surgical Centers
- Other End Users
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