Lithotripsy Market Overview:
The global lithotripsy market is expected to exhibit a strong 4.1% CAGR over the forecast period from 2016 to 2023, according to the latest research report from Market Research Future (MRFR). The global lithotripsy market is expected to rise to a valuation of USD 524.9 million by 2023, according to the report.
Lithotripsy is a medical procedure used to destroy and remove kidney stones from the kidneys. The growing prevalence of kidney stones around the world is likely to remain the major driver for the global lithotripsy market over the forecast period. The growing consumption of fast food, which contains high amounts of salts and artificial flavorants, is a major driver for the prevalence of kidney stones around the world, thus driving the demand from the lithotripsy market. Rising awareness about kidney stones in emerging regions around the world is also likely to be a major driver for the global lithotripsy market over the forecast period, as awareness about kidney stones has traditionally remained low in areas such as Asia Pacific and Latin America, leading to a lack of medical facilities.
The growing demand for the development of Lithotripsy Market procedures that achieve the target of removing kidney stones with the least amount of pain and discomfort for the patient is likely to be a major driver for the global lithotripsy market over the forecast period. While the basic technology and principle behind removing kidney stones has achieved widespread usage, the demand for further refinement in the procedure and devices is now likely to be a major driver for the market over the forecast period.
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Leading players in the global lithotripsy market include Storz Medical AG, Siemens Healthcare GmbH, Olympus Corporation, Medispec Ltd., Jena Med Tech GmbH, Elmed Electronics & Medical Industry & Trade Inc., EDAP TMS, Dornier MedTech, Direx SL, and Boston Scientific.
Key areas of development in the lithotripsy market are likely to be the development of wide focal shock wave lithotripsy and dual channel shock wave lithotripsy. Wide focal shock wave lithotripsy is likely to remain a promising research field in the coming years thanks to its benefits in terms of efficacy as well as patient comfort. While traditional lithotripsy focused on the kidney stones in an intensive way, wide focus technology applies the same radiation in a distributed manner, breaking up kidney stones with minimal damage to the tissues. This is likely to remain the major driver for technological development in the lithotripsy market over the forecast period.
The global lithotripsy market is segmented on the basis of type, end use, and region.
- By type, the global lithotripsy market is segmented into extracorporeal shock wave lithotripsy, intracorporeal lithotripsy, percutaneous lithotripsy, and others. The intracorporeal segment is further subdivided into laser lithotripsy, electrohydraulic lithotripsy, mechanical lithotripsy, and ultrasonic lithotripsy. The extracorporeal shock wave lithotripsy segment is likely to remain the leading revenue generator in the global lithotripsy market over the forecast period.
- By end use, the global lithotripsy market is segmented into hospitals and clinics, research laboratories, academic institutes, and others.
The Americas region holds the largest share in the global lithotripsy market due to the leading role played by the U.S., which is a global leader in terms of technological development in the healthcare sector and home to several promising research endeavours in the field. The high prevalence of kidney stones in the U.S. is likely to remain the prime driver for the lithotripsy market in the Americas over the forecast period.
Europe is likely to hold the second largest share in the global lithotripsy market over the forecast period due to the widespread presence of advanced medical facilities for treating kidney stones.
The rising prevalence of kidney stones and increasing awareness about lithotripsy procedures in developing countries like India and China are likely to be the major drivers for the lithotripsy market in Asia Pacific over the forecast period. Asia Pacific is likely to exhibit the fastest growth in the lithotripsy market over the forecast period.
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Table of Content
- Report Prologue
2.2 Scope of The Study
2.2.1 Research objective
2.3 Market Structure
2.4. Market Segmentation
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