Global Lithotripsy devices Market 2022-2028

Global Lithotripsy devices Market 2022-2028

The global Lithotripsy device market was valued at around $1.2 billion in 2021 and is estimated to grow at a CAGR of 4.6% during the forecast period (2022-2028). Lithotripsy is a medical procedure which is widely used for the treatment of urolithiasis that involves the breakdown of stones in the kidney, gallbladder, or ureter. Urolithiasis’s (kidney stone) incidence depends on the topography, climate, race, nutrition, and genetic factors. The growing incidence and prevalence rate of diabetes, and other metabolic syndrome is also accountable for the rise in the number of patients with kidney stones. Multiple studies have demonstrated a heightened risk of nephrolithiasis in patients with metabolic syndrome such as high blood pressure, high blood sugar, obesity, and abnormal cholesterol levels. As per the Institute for Health Metrics and Evaluation (IHME), the prevalence of urolithiasis in 2012 was approximately 2 million that reached up to 3 million in 2017, globally. Compared to the prevalence of kidney stones, approximately 1.8 million stone management treatment procedures have been conducted annually. Lithotripsy is one of the most preferred stone management treatments around the globe.

MARKET SEGMENTATION

The global lithotripsy market is segmented based on device and application. Lithotripsy device are categorized into extracorporeal shock wave lithotripsy (ESWL) and intracorporeal lithotripsy. Based on the lithotripsy device, ESWL held the highest market share. ESWL is the most commonly opted procedure for the treatment of kidney and ureter stones as it does not require surgical procedures as it is a non-invasive procedure, usually safer and easier to recover in comparison to invasive procedures. It produces shock waves that are directed to the stone. The ESWL technology includes features such as twin-head and tandem-pulse shock-wave generators; optimized coupling; automated location, acoustic tracking systems; and wide-focus, low-pressure systems, among others. ESWL treatment is highly preferred in cases, where stones are less than 2 cm in size. Besides, the manufacturers operating in the market are mainly focused on manufacturing the ESWL device of compact size and with high efficiency.

REGIONAL ANALYSIS

Based on the geographic viewpoint, the lithotripsy device market is divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America held the highest market share of in the global lithotripsy device market and is estimated to grow at a CAGR of 4.7% during the forecast period, attributed to the increased prevalence of urolithiasis in the region. According to the IHME, the prevalence of urolithiasis in the US is expected to rise rapidly; the prevalence of urolithiasis in the US alone was more than 210,000 in 2012 and rose to around 232,000 in 2017. Thus, the high prevalence leads to increased demand for treatment options, which in turn drives the lithotripsy device market over the forecast period. Along with the high prevalence and treatment methods of urolithiasis, various product launches and lithotripsy device approvals are expected to promote the growth of the market.

MARKET PLAYERS OUTLOOK

Further, the prominent manufacturers operating in the global lithotripsy device market include Olympus Corp., Boston Scientific Corp. Richard Wolf GmbH, Siemens AG, KARL STORZ SE & Co. KG Dornier Medtech GmbH, and Lumenis, Ltd., among others. These manufacturers continuously contribute to the market growth by adopting various market techniques and approaches, which include product launch and approvals, merger and acquisition, partnerships and collaborations, and others for gaining a strong position and to expand their offerings in the lithotripsy device market. For instance, in April 2021, Olympus Corp. announced to acquire the Lithotripsy device design and production technology from Cybersonics Inc. Lithotripsy device ShockPulse-SE and CyberWand engineered by Cybersonics comes under the Olympus’ urology systems. Thus, this acquisition will further enable the company to offer an enhanced product portfolio along with reducing the overall costs of treatment.