ALBANY, New York, Feb. 12, 2020 /PRNewswire/ -- Transparency Market Research has been keenly monitoring the dynamics of the global lithotripsy device market. According to the research report, the global market initially stood at US$0.7055 bn back in the year 2017. The research report predicts the market to exhibit a moderate CAGR of 3.8% for the given course of the forecast period ranging from 2018 to 2026. By the end of the forecast period in 2026, the market will have attained a new valuation worth US$0.9843 bn.
As per the findings of the National Kidney Foundation, nearly 10% of the global population is affected by some form of chronic kidney diseases. As per the medical research by the Eastern Mediterranean Health Journal, the growing prevalence of urinary tract stones was considerably high in adults as well as children.
Key Findings in the Research Report:
- Based on product, the global lithotripsy device market is mainly categorized into extracorporeal lithotripsy and intracorporeal lithotripsy. The segment of intracorporeal lithotripsy is further segmented into ultrasonic lithotripsy, laser lithotripsy, electrohydraulic lithotripsy, and mechanical lithotripsy among others. Presently, the global market is being dominated by the extracorporeal segment because of the growing prevalence of kidney stones.
- In terms of application, the global lithotripsy device market is divided into biliary duct stones, kidney stones, and others. Increasing prevalence of kidney stones because of renal tubular acidosis is projected to drive the kidney stones segment.
Explore a 251 pages report with detailed research, incisive insights, and in-depth country levels estimations. Gain business intelligence on global Lithotripsy Device Market by Product - Intracorporeal Lithotripsy, Extracorporeal Lithotripsy; Application - Kidney Stones Biliary Duct Stones, and Others https://www.transparencymarketresearch.com/report-toc/19094
Global Lithotripsy Device Market – Key Driving Factors
The global market for lithotripsy device is being shaped due to several macro as well as microeconomic factors. Some of the major driving factor for the growth of the market are listed below:
- One of the biggest driving factor for the development of the global lithotripsy device market is growing prevalence of kidney stone disorders. Lithotripsy is a non-invasive procedure that is used for breaking these stones in different organs such as pancreas, gallbladder, liver, and/or kidney.
- In recent years, due to robust medical policies, a favorable reimbursement structure is in place for people undergoing lithotripsy procedure. This is too is helping to drive the growth of the global market.
- Furthermore, medical authorities and government bodies have been keen on spreading awareness about kidney health and benefits of undergoing lithotripsy procedures. This too is expected to benefit the overall market growth.
- "With constant technological advancements occurring in the global healthcare sector, naturally, it is expected to benefit the overall development of the global lithotripsy device market. For instance, Mosses technology is a novel technique of laser lithotripsy procedure that is used for separating water between stone and laser tip. Such emerging technologies are only expected to further boost the development of the global market", notes TMR analyst.
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Global Lithotripsy Device Market – Key Restraining Factors
Even with such strong growth factors, there are some challenges in front of the market that might slow down its development. Some of the key impeding factors are mentioned below:
- One of the key restraining factor for the market growth has been the exorbitant costs of extracorporeal lithotripsy treatments. With emerging technologies yet to become generalized, these treatments are expected to remain expensive in the near future. This will slow down the market growth in near future.
- Another important restraining factor for the growth of the global market is of easy availability of cheaper alternatives to treat kidney and gallbladder stones.
Global Lithotripsy Device Market – Geographical Outlook
- There are five key regions of the global lithotripsy device market namely North America, Latin America, Middle East and Africa, Asia Pacific, and Europe. Of these, currently, the global market has been dominated by the regional segment of North America.
- In 2017, the North America region accounted for a majority share in the global market. This dominance of the region is expected to continue over the course of the given period of forecast. The growth of the regional market is primarily driven by the growing adoption of new-age technologies in the region. Furthermore, presence of several notable players in the global market is also beneficial for the market development in the region.
- Asia Pacific is expected to emerge as a strong and promising segment in the next few years of the forecast period. Increased spending on the overhaul of medical infrastructure in emerging economies such as India and China is expected to create growth opportunities for the development of the lithotripsy device market.
Analyze lithotripsy device market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study.
Global Lithotripsy Device Market – Competitive Landscape
The competitive landscape of the global lithotripsy device market is a fragmented one due to the presence of a large pool of notable players. These companies are concentrating on coming up with new age technologies to make advanced and technologically sound products. Moreover, the companies in the market are expected to resort to inorganic growth strategies such as mergers and acquisitions in order to stay ahead of their rivals.
Some key brands in the global market are Boston Scientific Corporation, Olympus Corporation, C. R. Bard, Inc. (Becton, Dickinson), EDAP TMS, Siemens Healthcare GmbH, Dornier MedTech, Cook, KARL STORZ, Richard Wolf GmbH, and EMS.
Market Segmentation is as follows:
By Product
- Intracorporeal Lithotripsy
- Extracorporeal Lithotripsy
By Application
- Kidney Stones
- Biliary Duct Stones
- Others
Region
- North America
- Latin America
- Middle East and Africa
- Asia Pacific
- Europe
Explore Transparency Market Research's award-winning coverage of the global Healthcare industry:
Chronic Kidney Disease (CKD) Drugs Market - The market is projected to be propelled substantially in the near future by the technological advancements, leading to the development of a wide array of drugs, which will enable clinicians to provide proper assistance to chronic kidney disease patients. The global chronic kidney disease drugs market stood at US$11.5 bn in 2015. Burgeoning at a CAGR of 3.60% between 2016 and 2024, the market's opportunity is expected to reach US$15.8 bn by the end of 2024.
Kidney Stones Management Market - The global kidney stones management market has grown steadily over the years and in the near term as well is expected to maintain the momentum. This is because of the rising occurrence and recurrence kidney stones all over the world. The various types of treatment in the global kidney stones management market are extracorporeal shock wave lithotripsy (ESWL), percutaneous nephrolithotomy, and ureteroscopy, among others.
Renal Biomarkers Market - Biomarker is a measurable biological indicator of the health status of an individual, especially of one at the risk of developing or presence of a particular disease. In the past, the term 'biomarker' referred to physiological traits, however, with the advent of technologically advanced diagnostic measures, biomarkers now refer to products of metobolomic, genomic, and proteomic research.
Acute Kidney Injury Treatment Market - As research on acute kidney injury gains momentum, new opportunities are likely to emerge. Influenced by a host of multi-pronged factors, the market for acute kidney injury treatment is likely to surpass a valuation of US$ 2.5 billion by the end of 2027.
Kidney Dialysis Equipment Market - The global kidney dialysis equipment market was valued at US$ 14,673.3 Mn in 2017 and is anticipated to reach nearly US$ 22,917.7 Mn by 2026, expanding at a CAGR of over 5% from 2018 to 2026. CKD is a major risk factor for cardiovascular disease, diabetes, hypertension, glomerulonephritis, and aging.
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