The global lithotripsy devices market is anticipated to grow at a significant CAGR during the forecast period. Lithotripsy is a medical treatment that is primarily used for treating kidney stones and stones in other organs. In this procedure, shock waves are used to break stones and after that, the tiny particles of stone are ejected through urine. Lithotripsy treatments are of various types including laser lithotripsy, mechanical lithotripsy, extracorporeal shock wave lithotripsy and ultrasonic lithotripsy.
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Factors Driving the Global Lithotripsy Devices Market
Major factors that are driving the global lithotripsy devices market are the rising geriatric population and increasing incidence of urolithiasis. Moreover, boost in the number of extracorporeal shock wave lithotripsy procedures is anticipated to contribute to the growth of the market. According to the National Center for Biotechnology Information, shock wave lithotripsy has a success rate of 65% in patients on account of which there is a significant boost in the market growth.
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Furthermore, there is a tremendous rise in the competition of the lithotripsy devices market which is further aiding in the market growth. Moreover, the manufacturers are rapidly implementing innovative features in these devices to gain a competitive edge. Another major factor that is driving the growth of the market is a boost in R&D and increasing investments. Further, government initiatives, rise in aging population, and the upsurge in awareness about urolithiasis are assisting in the market growth. However, side effects of lithotripsy shock waves such as hypertension, diabetes, and in some cases permanent loss of functional renal volume are anticipated to hamper the growth of the market.
The key players dominating the global lithotripsy devices market are Richard Wolf GmbH, Allengers Medical Systems Ltd., Karl Storz GmbH & Co. KG, Lumenis, Ltd., MTS medical UG, DirexGroup, EMS Electro Medical Systems SA, Boston Scientific Corp., and others. Geographical expansion, merger & acquisition, partnerships & collaborations, finding a new market or innovate in their core competency in order to expand individual market share are some of the key strategies adopted by major market players.
Global Lithotripsy Devices Market – Segment
Global Lithotripsy Devices Market by Device
- Extracorporeal Shock Wave Lithotripsy (ESWL)
- Intracorporeal Lithotripsy
- Ultrasonic
- Pneumatic
- Laser
- Electrohydraulic (EHL)
Global Lithotripsy Devices Market by Application
- Renal and Urethral Stones
- Bladder Stones
- Others (Pancreatic and Bile duct stones)
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