Global Extracorporeal Shock Wave Therapy Device Market - 2022-2029

Global Extracorporeal Shock Wave Therapy Device Market - 2022-2029

Market Overview

Extracorporeal Shock Wave Therapy Device Market size was valued at USD 119.3 million in 2021 and is estimated to reach at a compound annual growth rate (CAGR) of 5.90% over the forecast period 2022 to 2029.

The extracorporeal shock wave therapy device is an electronic device used to produce low-energy sound waves that interact directly through a gel medium with an individual's affected area. As it can be used in orthopedics, physiotherapy, urology, sports drugs, veterinary medicines, rehabilitation centers, plastic surgery and others, shockwave therapy has multidisciplinary usage. It is a non-surgical procedure for treating soft tissue injuries, chronic pain and the reparative phase of affected bones and tendons.

Market Dynamics

The major factors propelling the growth of the extracorporeal shock wave therapy device market are the growing demand for hassle-free techniques and the rise in the prevalence of arthritis and musculoskeletal disorders. Moreover, a rise in the incidence of chronic muscular & tendon disorders, back & neck pains coupled with sports injuries is expected to robust the market's growth. The global market for extracorporeal shock wave therapy products increases in demand, mostly due to the substantial growth in medical industry R&D activities. The rising prevalence of bone disorders among senior citizens, such as arthritis, raises the need for extracorporeal shock wave therapy equipment for knee problems. Furthermore, technical developments such as integrating laser technology with a shock wave system are fueling the market's growth.

Demand for hassle-free techniques is driving the market growth

The growth of the global shock wave therapy system industry is driven by advances in research and development activities, increased use of modern equipment in hospitals and clinics, and improved medications. Because of the demand for technologically advanced treatment methods, the market is expected to record substantial growth. In the geriatric population, the growing prevalence of bone diseases provides an impetus for business development. The device for shock wave therapy also helps increase cellular activity in the body, which further aids the development of the industry of shock wave therapy devices.

The high cost of shock wave therapy devices is likely to hamper the market growth

The higher cost of shock wave therapy devices can hamper demand for shock wave therapy devices and limit the growth of the global market for shock wave therapy. The lack of professional personnel to operate the equipment can also impede global shock wave therapy equipment growth.

COVID-19 Impact Analysis

The outbreak of COVID-19 has negatively impacted the growth of the Extracorporeal Shock Wave Therapy Device market globally. The disruption in the supply chain has majorly impacted the growth of the market amidst the pandemic. Therefore, the COVID-19 pandemic hampered the Extracorporeal Shock Wave Therapy Device market's market value in 2020.

Industry Analysis

The global extracorporeal shock wave therapy device market provides in-depth analysis of the market based on various industry factors such as porter’s five force analysis, supply chain analysis, regulatory analysis, pricing analysis, PEST analysis, reimbursement analysis, unmet needs, Patent Trends etc.

Segment Analysis/B>

The table-top/portable extracorporeal shock wave therapy device segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

Table-top/portableExtracorporeal Shock Wave Therapy Device dominated the global market in 2019. In contrast, the Hand-push type Extracorporeal Shock Wave Therapy Device is expected to present considerable growth shortly. The Table-top/Portable Shock Wave Therapy System activates the affected tissues' metabolic reaction to crack calcific deposition by producing cavitation bubbles. The devices push an analgesic response mechanism to block body pain signals. Thus, gaining a potential demand from end-use industries.

Geographical Analysis

North America region holds the largest market share of the global extracorporeal shock wave therapy device market

North America is controlling and contributing the leading shares to the global market for shock wave therapy devices in terms of sales. It is expected to report substantial growth over a forecast period due to the growing demand for alternative treatment for minor surgeries in the area, such as shock wave therapy devices. Europe also contributed modest shares and reported a healthy growth rate, led by North America, in the global market for shock wave therapy equipment. Additionally, Due to the growing prevalence of geriatric population and bone injuries in Asia Pacific countries such as India and China, the Asia Pacific has become the lucrative market for shock wave therapy devices and is projected to register significant shares over the forecast period.

Competitive Landscape

The Extracorporeal Shock Wave Therapy Device market is highly competitive, owing to big food brands' presence. The key Extracorporeal Shock Wave Therapy Device players contributing to the growth of the global market include Share Co. Ltd., BTL, Starz Medical, EMS Electro Medical Systems, MTS Medical, Zimmer MedizinSystem, GYMNA, LIKAMED GMBH, INCELER MEDIKAL, HANIL-TM and HNT MEDICAL, among others.

Key Companies to Watch

BTL

Overview: BTL has grown to become one of the world’s major manufacturers of medical equipment. BTL's major segments include physical therapy, cardiology and medical aesthetics. BTL makes its worldwide marketing efforts through direct sales subsidiaries located in over 53 countries on 4 continents, as well as through a network of independent distributors. The US sales are headquartered in Boston, Massachusetts. BTL has a world-class ISO 13485 certified quality system, and is GMP compliant. Many of its products bear CE mark, are US FDA cleared and Health Canada licensed.

Product Portfolio: BTL-6000 Focused Shockwave- The only technology offering the highest lifespan with constant shock intensity. The perfect balance between high Energy Flux Density and optimal Focal Zone size. The highest frequency range on the market for a wide spectrum of indications

The global extracorporeal shock wave therapy device market report would provide an access to an approx. 40+ market data table, 45+ figures and 180 pages.