Global “Lithotripsy Devices Industry Market Insights, Competitive Landscape and Market Forecast-2026” report has been added to ResearchAndMarkets.com’s offering.
The Global Lithotripsy Devices Market was valued at USD 1.39 billion in 2020, and is projected to grow at a CAGR of 4.32% during the forecast period from 2021 to 2026, to reach USD 1.78 billion by 2026. The market is expected to witness growth owing to the rising prevalence of urolithiasis, technological advancements in product development, increased risk of end-stage renal failure, rising awareness for the procedure, and the growing geriatric population.
Lithotripsy Devices Market Dynamics
The Lithotripsy Devices Market has significantly increased owing to the rising prevalence of urolithiasis among the general population. As per the British Association of Urological Surgeons 2021, Kidney stones are common. Patients undergoing a CT scan have an 8% chance of having kidney stones and its incidence has been steadily increasing since the early 20th century. Moreover, 1 in 11 people (9%) will get stone symptoms during their lifetime. Men are affected slightly more often than women. Patients of all ages suffer from stones, but the peak age for a first stone is around the age of 45.
Moreover, the growing burden of stones developing in different organs of the body leads to the growth in the demand for Lithotripsy procedures. These procedures treat stones by emitting focused ultrasonic energy or shock waves directly to the stone first located with fluoroscopy or ultrasound (high-frequency sound waves). These shock waves break a large stone into smaller stones that pass through the urinary system. Owing to the occurrence of stones in various parts of the body, the Lithotripsy Devices market will rise significantly. According to the National Kidney Foundation 2021, over half a million people go to emergency rooms for kidney stone problems every year. Thus, the burgeoning cases of urolithiasis will contribute to the Global Lithotripsy Devices Market growth.
In addition, the development of advanced technologies is evolving at a greater pace. For instance, in February 2021, Shockwave Medical, Inc. developed an intravascular lithotripsy sonic pressure wave therapy that involves delivering sonic waves to calcified plaque in an artery. The device received Pre-Market Approval for severely calcified coronary artery disease from the US FDA. The innovative technology, which was granted Breakthrough Device designation by the FDA, is a novel application of lithotripsy, an approach that has been used for decades to safely break up kidney stones. Such technological advancement in the field of Lithotripsy Devices is likely to boost the Global Lithotripsy Devices Market during the forecast period.
Also, the aging population is more prone to the formation of kidney stones and an increased risk of end-stage renal failure. As per the World Population Prospects, 2019, there were 703 million older persons aged 65 or over in 2019 globally. Therefore, as the aging population increases, there will be more prevalence of urolithiasis, which will eventually boost the demand for Lithotripsy Devices which will drive the growth of the Global Lithotripsy Devices market.
The outbreak of the COVID-19 pandemic caused a significant decrease in emergency department visits.
Moreover, there was a delay in outpatient clinic appointments which pushed the need towards virtual or telephone clinics. Due to a lack of in-hospital beds, anesthesia or procedural slots, and healthcare professionals, these changes created a significant backlog in the treatment, thereby creating a negative impact on the Global Lithotripsy Devices market.
However, certain factors like blood loss during internal bleeding and the adverse effects of postoperative complications may restrict the growth of the Global Lithotripsy Devices Market.
Market Segment Analysis
In the by-type segment of the Lithotripsy Devices market, the Extracorporeal Shock Wave Lithotripsy Devices (ESWL) market segment will hold a significant share in the Global Lithotripsy Devices market. The large market share of this product segment can be attributed to the growing patient adoption of these devices and quick treatment. The main benefit of ESWL is that the treatment is totally non-invasive, as it does not involve any skin incisions or the use of any invasive surgical instruments to treat the stone. Instead, shock waves are utilized to shatter the stone into tiny fragments that flow through the ureter and out of the bladder. It also has other advantages such as reduced pain, quick recovery time, and shorter hospital stays.
This treatment method is chosen by a majority of the patient and physician population. ESWL is suited for small stones as well as certain stones present in the upper portion of the ureter. Moreover, Multiple stones can also be treated with ESWL. Therefore, it is expected that with such advantages offered by the Extracorporeal Shock Wave Lithotripsy Devices this technology is expected to increase its penetration in coming years, thus this will drive the segment to grow during the forecast period, which will have a positive impact on the overall Global Lithotripsy Devices Market growth.
Furthermore, Extracorporeal Shock Wave Lithotripsy Devices are gaining commercial acceptability, which also improves market penetration. All these advantages of these devices make physicians more inclined to use Extracorporeal Shock Wave Lithotripsy Devices.
Additionally, a shift in trend from the use of conventional devices to advanced devices will offer further assistance. This will increase the acceptance of Lithotripsy Devices for patients. Hence, all the above-mentioned factors are expected to drive the segment growth of the Lithotripsy Devices market.
North America is Expected to Dominate
North America is expected to dominate the overall Lithotripsy Devices market during the forecast period. This domination is owing to the rising prevalence of stone formations causing urolithiasis and increased risk of end-stage renal disease among the population. As per the Canadian Urological Association guidelines 2021, globally, the prevalence of urolithiasis is steadily increasing, and though some regional variability exists, contemporary estimates report up to 10-12% of men and 7-8% of women now suffer from nephrolithiasis. Moreover, according to the US Department of Health and Human Services 2021, end-stage renal disease (ESRD) is a significant public health problem in the United States and a major source of suffering and poor quality of life for those afflicted.
Additionally, in North America and at the global level the United States represents the largest market worldwide supported by the developed healthcare infrastructure and strong adoption of technologically advanced products owing to the rise in healthcare expenditure by the government. Technological advancement in the region is also booming to help in the growth of the Lithotripsy Devices market. For instance, in 2019, Shockwave Medical Inc. received breakthrough device designation for its intravascular lithotripsy (IVL) therapy, used for lithotripsy and was long used to eliminate kidney stones.
Europe and Asia-Pacific region have the future potential growth for the Global Lithotripsy Devices market. This is owing to the growing prevalence of urinary and renal stones. As per the European Association of Urology 2018, the prevalence rates for urinary stones vary from 1% to 20%. In countries with a high standard of life such as Sweden, renal stone prevalence is notably high (> 10%). For some areas, an increase of more than 37% over the last 20 years has been reported.
Furthermore, the rising burden of the aging population in the European region countries and Asian countries also plays a significant factor in the growth of the Lithotripsy Devices market. According to World Population Prospects 2019, Eastern and South-Eastern Asia was home to the largest number of the world’s older population (260 million), followed by Europe and Northern America (over 200 million). Over the next three decades, the global number of older persons is projected to more than double, reaching over 1.5 billion persons in 2050. The largest increase (+312 million persons) is projected to occur in Eastern and South-Eastern Asia, growing from 261 million in 2019 to 573 million persons aged 65 years or over in 2050.
Moreover, in Europe, rising product launch and commercialization agreements among the key manufacturers and other companies are anticipated to boost the Lithotripsy Devices market. For instance, in September 2019, Dornier launched the new OptiVision technology for the Dornier Delta III. OptiVision is the first image post-processing software designed specifically to improve stone treatment outcomes. The product will be immediately available in Europe. Such initiatives are anticipated to boost the Lithotripsy Devices Market.
Key Players
Some of the key market players operating in the Global Lithotripsy Devices Market include Boston Scientific Corporation, Walz Elektronik GmbH, Lumenis, DirexGroup, Medispec Ltd., Richard Wolf GmbH, Technomed Medical Systems, ELMEDT USA Medical Systems, SODY Medical Equipment Co. Ltd., NOVAMEDTEK, STORZ MEDICAL AG, Allengers, Dornier MedTech GmbH, MTS Medical UG, Electro Medical Systems (EMS), Apex-MediTech, Siemens Medical Solutions USA, Inc., Olympus Corporation, Shockwave Medical Inc., EDAP TMS among others.
Recent Developmental Activities
In March 2021, Boston Scientific acquired Lumenis in a $1.07 billion deal. With this acquisition, Boston Scientific has strengthened its product portfolio for the Lithotripsy devices market. This will further add to the growth of the Global Lithotripsy devices market.
In March 2021, Dornier MedTech GmbH became the world’s first integrated urology company to be certified by the European Union’s Medical Device Regulation (MDR). Dornier achieved the certification for its Class IIb products: Dornier Delta III, one of the most powerful lithotripters that utilize Dornier’s Extracorporeal Shock Wave Lithotripsy (ESWL) technology; and the Dornier UIMST, a state-of-the-art information management software providing enhanced imaging and efficiency to support clinicians in treating kidney stones.
Key Takeaways
- Market size analysis for current market size (2020), and market forecast for 5 years (2021-2026)
- The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Lithotripsy Devices market.
- Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
- Key companies dominating the Global Lithotripsy Devices Market.
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