Market Research Future (MRFR)’s latest report projects that the global lithotripsy market is set to register a CAGR of 4.1 % during the forecast period to 2023. The widening range of application of lithotripsy in the healthcare sector is anticipated to fuel demand in the market over the next couple of years.
Lithotripsy is a medical procedure which involves breaking stones present in the bladder, kidney, and ureter into tiny pieces through the use of high-energy shock waves so that they can be easily passed through the urine. Lithotripsy is the most common line of treatment for kidney stones. The global lithotripsy market is anticipated to capture a moderate CAGR of 4.1 % over the forecast period. The global lithotripsy market is likely to attain USD 524.9 Mn by the end of 2023.
The growing prevalence of urological disorders is one of the main factors boosting the growth of the global lithotripsy market. Additionally, one of the main advantages associated with lithotripsy is that it does not involve any incision. Growing preference for minimally-invasive and noninvasive medical procedures is a prime factor augmenting the growth of the market.
Increasing investment by market players on the development of novel devices and innovation has resulted in various product launches which are expected to augur market growth over the forecast period. Other factors fostering market growth include improvement in reimbursement scenario, the rise in the aging population, and spreading awareness regarding the procedure.
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However, very large stones cannot be treated with lithotripsy and lithotripsy is not suitable for every patient who might impede the growth of the market over the forecast period. Moreover, lithotripsy is not suitable for pregnant women, people with bleeding disorders, morbidly obese people, and people with severe skeletal abnormalities. The underlying potential risk of causing injuries to the kidney is also a factor which restricts patients to opt for the procedure. However, advancements in technology and innovation in procedures is likely to present growth opportunities to the global lithotripsy market.
Segmentation
The global lithotripsy market has been segmented based on type and end user.
By type, the global lithotripsy market has been segmented into extracorporeal shock wave lithotripsy (ESWL), intracorporeal (endoscopic lithotripsy), percutaneous lithotripsy, and others. The intracorporeal segment has been segmented into laser lithotripsy, electrohydraulic lithotripsy, mechanical lithotripsy, and ultrasonic lithotripsy.
By end user, the global lithotripsy market has been segmented into hospitals and clinics, research laboratories, academic institutes, and others.
Regional Analysis
By region, the global lithotripsy market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
The Americas is the largest market for lithotripsy and held the largest share of the market in 2016. The widespread prevalence of urology disorders and the presence of a massive pool of diabetic patients in the region drive the Americas market. Moreover, robust healthcare sector, favorable reimbursement scenario, and high healthcare expenditure in the region can be credited for the growth of the market.
Europe commands the second position in the global lithotripsy market where Western Europe accounts for the lion’s share of the market. High healthcare expenditure and spreading awareness about new products and therapies in the region can be credited for the growth of the market.
APAC is the fastest growing market for lithotripsy. Expanding healthcare sector, improving reimbursement scenario and the existence of a broad patient base in the region stimulates the growth of the market. The MEA market is expected to grow at a moderate pace over the forecast period.
Competitive Landscape
EDAP TMS (France), Boston Scientific (US), Medispec LTD (US), Dornier MedTech.(Germany), Siemens Healthcare GmbH (Germany), STORZ MEDICAL AG (Switzerland), DIREX, S.L. (Spain), Elmed Electronics & Medical Industry & Trade Inc.(Turkey), Jena Med Tech GmbH (Germany), Olympus Corporation (Japan) are the key players in the global lithotripsy market.
Industry Updates
- In December 2018, Shockwave Medical, a company specializing in the development and commercialization of intravascular lithotripsy, announced a partnership with Abiomed, Inc., a manufacturer of medical implant devices. The companies have collaborated for the purpose of a training and education program in the US and Germany with a prime focus on their respective technologies.
- In May 2018, Shockwave Medical, a pioneer of Intravascular Lithotripsy launched Coronary Intravascular Lithotripsy in Europe.
Report Details @ https://www.marketresearchfuture.com/reports/lithotripsy-market-3200
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