As per the TMR report, the global urolithiasis management devices market is estimated to earn US$1.78 bn by the end of 2024. The market is presumed to expand to 4.5% CAGR within the forecast period of 2016 to 2024. Previously the market revenue was worth US$1.26 bn in 2016, thus showing a stable growth in the future years. On the basis of key users, the market is projected to earn good amount of shares from shockwave lithotripters. And on the basis of urolithiasis management devices, the market is estimated to draw more revenue shares from the clinics segment with almost 55% share of the overall market.
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A major factor expected to fuel the demand for urolithiasis management devices in the market these days is the increasing number of kidney stones or kidney failure cases which ultimately demands for urolithiasis. It is estimated that almost around half a million patient with kidney emergencies are admitted to hospitals every year.
Apart from the rising cases of kidney failures, other factors like obesity, and the rising geriatric population is also presumed to be propelling the urolithiasis management devices market in the years to come.
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North America to Dominate Market with Government Initiatives for Proper Medical Facilities
The global urolithiasis management devices market is dominated by the regions of Asia Pacific, Latin America, Europe, North America and Middle East and Africa. Among these, North America is estimated to be dominating the market with almost 36% of the global market. This is because of the factors like the rise in geriatric population, increase in prevailing kidney stone and other kidney related problems. Besides this, the government bodies are also focusing to better the systems of the healthcare and medical facilities, which in turn is boosting the overall market for urolithiasis management. Due to the presence of high disposable income categories all across the developed nations like Canada, and the U.S. in North America, this region is forecasted to be contributing major revenue shares to the overall market in the years to come.
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Shockwaves of Lithoscopy to Restrain Growth of Market
Even though urolithiasis management devices seems to be the immediate remedy in terms of emergency cases, there may be a few factors that may act as a hindrance to the market. Some urolithiasis treatment like the lithotripsy includes shockwaves where high precision force is sent across the body in order to trigger the kidney stones present in the body of the patient. Such type of treatment may have an outcome that is not always positive. Soft tissues may be damaged which might ultimately lead to permanent loss of the renal functions altogether. Another factor estimated to hamper the market is the high expense of the latest and novel technologies that have been implemented on new urolithiasis devices which may not be possible to afford for most patients, thus negatively affecting the overall growth.
However, with large number of geriatric population being more prone to health issues and the increasing number of obese people all over the world, the urolithiasis management devices market is likely to see positive and rapid growth in the years to come.
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In a recent report by Transparency Market Research (TMR), the vendor landscape of the global urolithiasis management devices market is anticipate to witness a prominent growth in the years to come. The market is seen to be dominated by the presence of a large number of regional players. Few vendors have substantial budget for developing innovative products and new technologies and this acts as a booster for the overall growth of the market.
Some of the major players of the global urolithiasis management devices market are Olympus Corporation, Allengers Medical Systems Ltd, Cook Group, Inc., Siemens Healthcare, and Boston Scientific Corporation. The competitive landscape is highly mature with frequently changing dynamics of development and this is due to the fact that in order to support technologies, there are rapid advancements anticipated to be taking place all over the world.