The Global Kidney Stone Market is expected to grow at a CAGR of 4.0% during the forecast period and is estimated to reach USD 3,000 million by 2023.
Kidney Stones are mineral material which are hard and crystalline formed within the kidney and urinary tract. Medical term for kidney stones is Nephrolithiasis. According to National Health Service (NHS), kidney stones mostly affects individuals in the age range from 30 to 60.Kidney stones is caused due to various factors such as dehydration, certain diets that are high in sugar protein, salt, obesity and other medical conditions like certain medications, cystinuria, hyperparathyroidism, renal tubular acidosis and some urinary tract infections.
Kidney stones market is likely to grow a healthy growth due to various reasons such as rise in aging population, growing prevalence in diabetes, hypertension and excessive intake of antacids, protein and carbonated containing drinks. Additionally, factors such as growing population and decreasing nutrition is likely to enhance the global kidney stones market in developing countries.
The restraints are lack of awareness among individuals. These factors are likely to hamper the growth of Kidney Stones market.
Key Market Players:
There are various market players operating in the Global Kidney Stones Market. Market players are Olympus Corporation, Boston Scientific Corporation, Convergent Laser Technologies, DirexGroup, Siemens Healthcare GmbH, C.R. Bard Inc, Cook Medical Inc., Dornier MedTech GmbH, Richard Wolf Medical Instruments Corporation, and Stryker Corporation
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Boston Scientific Corporation
Founded on 1979, Boston Scientific Corporation is engaged in the manufacturing and development of various medical devices. The firm offers products in three segments, Cardiovascular, Rhythm Management, and MedSurg. The firm offers various products such as thrombectomy systems, stents, chambers, ultrasound catheters, diagnostic catheters, delivery sheaths, the firm also offers products to treat diseases of the gastrointestinal and pulmonary conditions. The firm has focused on various organic and inorganic growth strategies to enhance its product portfolio and increase its customer base. For instance in the year, 2016, Boston Scientific Corporation launched Dakota Nitinol Stone Retrieval Device in collaboration with OpenSure Handle at the 34th World Congress of Endourology conference in South Africa. This device aims to reduce the hassles that occur during ureteroscopy procedures. This product launch aims to enhance its customer base and its geographic presence.
Incorporated on 1991, and headquartered at Israel, Lumenis Ltd. is one of the leading healthcare provider for minimally invasive procedures. Lumenis Ltd offers products in three segments, Ophthalmic Surgical, and Aesthetic. End users of the firm are urology and genitourinary, hospitals, outpatient clinics, ambulatory surgery centres, and medical practices. The firm has focused on growth strategies such as product launches, collaborations and acquisitions to enhance its product portfolio and its geographic presence. For instance in 2017, the firm launched Moses holmium technology. Moses holmium technology is designed to reduce retropulsion during the surgery which helps in less stone migration and a more efficient procedure. This product launch aims to enhance the firm’s customer base and increase its already existing wide product portfolio.
By geography, the Kidney Stones market is segmented into four key regions: America, Europe, Asia Pacific, and Middle East & Africa. America is further segmented into North America and South America. North America accounts for the largest share due to growing prevalence of kidney disorders, increasing obesity rates and rising prevalence of life style afflicted diseases. Additionally reasons such as growing emphasis on healthcare, high adoption of newer technologies, and growing healthcare expenditure is likely to fuel the growth of kidney stones market. According to CDC, around one third of the population is affected with obesity. Obesity leads to kidney disorders, which rises the market for kidney stones.
Europe accounts for a healthy market share due to factors such as rising healthcare networks, and growing healthcare expenditure. Growing healthcare market and infrastructure is driving the kidney stones market in Europe. Additionally, according to Eurostat, Germany incurred healthcare expenditure over EUR 321 billion in 2014. Germany, France, and the U.K hold a significant share in the market due to increasing demand for technologically advanced devices and treatment.
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The Asia Pacific is the expected to register the fastest growing rate for the Kidney Stones market, high growth rate is attributed to rising healthcare centers, skilled medical professionals and rising standard of living. Additionally, rising aging population and demand for newer and better treatment is fuelling the market growth. India and China are the major contributors to the market growth due to the rapid development of healthcare sector and increasing healthcare infrastructure in these regions and increasing demand for new treatment services.
On the other hand, the Middle East & Africa is expected to witness limited growth due to limited access to the healthcare services. In the Middle East, the growth of the market is driven by increasing healthcare infrastructre and demand for enhanced patient safety.
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