(MENAFN- GlobeNewsWire - Nasdaq) Global Lithotripsy market Share is expected to reach US$ 2.3 billion by 2031 from US$ 1.4 billion in 2023 to record a CAGR of 6.6% from 2023 to 2031.
US & Canada, Oct. 21, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the Lithotripsy Market is experiencing significant growth owing to the surging prevalence of kidney stones. The report runs an in-depth analysis of market trends, key players, and future opportunities. The overall lithotripsy market is categorized on the basis of product, application, and end user. The lithotripsy market report emphasizes key driving factors such as the medical reimbursement/coverage for noninvasive lithotripsy procedures. However, the rise in product recalls by the Food and Drug Administration (FDA) impedes the market growth.
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Competitive Strategy and Development
Key Players: A few of the major companies operating in the global lithotripsy market include EDAP TMS, DirexGroup, Becton, Dickinson and Company, Olympus Corporation, Cook Medical LLC., Dornier MedTech (Advanced MedTech), Storz Medical AG, Boston Scientific Corporation, Novamedtek, Elmed Medical Systems, Karl Storz SE and Co. KG, and Siemens Healthineers AG Trending Topics: Intracorporeal lithotripsy, extracorporeal lithotripsy, mechanical lithotripsy, laser lithotripsy, electrohydraulic lithotripsy, and ultrasound lithotripsy, among others.
Global Headlines on Lithotripsy Market
" FDA Approves Shockwave Intravascular Lithotripsy for Calcified Coronaries" "Johnson & Johnson to Acquire Shockwave Medical" "Olympus Announces Intention to Acquire Lithotripsy Systems from Cybersonics, Inc."
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Overview of Report Findings
Market Growth: The global lithotripsy market is expected to reach a value of US$ 2.3 billion by 2031 from US$ 1.4 billion in 2023; it is expected to record a CAGR of 6.6% during the forecast period 2023 - 2031. Lithotripsy is a medical operation that involves breaking down stones in the kidneys and the rest of the urinary system using shock waves from a machine known as a lithotripter. These shock waves converge on the kidney stones, breaking them into smaller pieces that can quickly pass through the urinary tract.
Increasing Prevalence of Kidney Stones: The global rise in the incidence of kidney stones is attributed to factors such as changes in dietary preferences and lifestyle habits, and higher rates of obesity. The demand for treatment options has surged with the rising number of kidney stone cases. Being a noninvasive method, lithotripsy, particularly extracorporeal shock wave lithotripsy (ESWL), is one of the most preferred treatment options for kidney stones. Growing awareness, technological development, and a favorable economic climate are among other factors bolstering the demand for noninvasive treatment options such as lithotripsy. The increasing number of patients being subjected to the sharp pains of kidney stones has prompted the development of new effective treatments. Of the various treatment techniques developed to date, minimally invasive lithotripsy is still a widely accepted alternative for patients since it facilitates fragmentation of kidney stones and requires minimal recovery time compared to open or laparoscopic surgery. Awareness of the safety and efficacy of the lithotripsy procedure is further propelling its requirement among patients and service providers. Technological advancement is also a great enabler; improved imaging and better shock wave generation are needed to expand the procedure further into areas with larger patient bases. Apart from this, governments and healthcare bodies are investing in urology departments. As a result, specialized centers with advanced lithotripsy machines have begun to be established. These factors together contribute to an increased prevalence rate for kidney stones, more patients aware of the condition, and technological factors that will favor the further growth of the market for lithotripsy in the next couple of years. This shall indeed be an immediate solution to the problem of suffering among the patients.
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Technological Advancements: Technological advancements in lithotripsy devices and related consumables, resulting in improved effectiveness and security, are propelling their demand for the treatment of kidney stones. New, innovative ESWL technologies have been discovered over the past few years that substantially enhanced the performance of these devices. The latest devices provide focused shock waves that can specifically target and effectively fragment kidney stones causing a minimal amount of or no tissue damage. Such accuracy lowers the risk of complications and improves patient outcomes, thus making lithotripsy an even more attractive procedure for both patients and healthcare providers. Thus, technological advancements have contributed significantly to the betterment of device efficiency, patient comfort, and treatment acceptance and access. Moreover, such innovations would result in improved patient outcomes and encourage more patients to opt for lithotripsy, which is likely to fuel the growth of the lithotripsy market in the future.
Geographic Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific, respectively. Further, Asia Pacific is expected to record the highest CAGR during the forecast period.
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Market Segmentation
Based on product, the lithotripsy market is bifurcated into intracorporeal lithotripsy and extracorporeal lithotripsy. The extracorporeal lithotripsy segment held a larger share of the market in 2023. The intracorporeal lithotripsy segment is further segmented into mechanical lithotripsy, electrohydraulic lithotripsy, laser lithotripsy, ultrasonic lithotripsy, and others. In terms of application, the lithotripsy market is segmented into kidney stones, biliary duct stones, and others. The kidney stones segment led the market in 2023. By end user, the lithotripsy market is segmented into hospitals, ambulatory surgical centers, and others. In 2023, the hospitals segment dominated the market with the largest share. The lithotripsy market is segmented into five major regions: North America, Europe, APAC, the Middle East & Africa, and South & Central America.
Conclusion
Increased incidence of kidney stones, advancements in technology, and the rising preference for minimally invasive procedures are driving the growth of the lithotripsy market. The current market growth indicates excellent scope for further progress and development in the years with the burgeoning access to health care and surging awareness of modern healthcare practices. The healthcare sector prefers less invasive procedures. Lithotripsy has emerged as an effective, noninvasive treatment option for stone management. Patients increasingly prefer lithotripsy due to its relatively safe profile, lower cost, and faster recovery, in contrast to traditional surgical methods. Companies in the lithotripsy market are inclined toward collaborations and partnerships with healthcare providers, device manufacturers, and research institutions. Amplitude Vascular Systems, a nonprofit center for medical device innovation based in Buffalo, New York, announced on August 2024 that it has entered a strategic partnership with the Jacobs Institute. AVS employs its Pulse platform to treat patients with severe calcification of the arteries. The study involved clinical trials aimed at verifying whether the device could go further in terms of clinical indications by investigating AVS's Pulse intravascular lithotripsy system in the coronary and carotid arteries. This strategy fosters innovation and results in the development of new lithotripsy technologies with improved treatment efficacy and patient care.
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The report from The Insight Partners provides several stakeholders-including component providers, system technology integrators, and system manufacturers-with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
Based on product type, the lithotripsy market is divided into extracorporeal shock wave lithotripsy devices and intracorporeal lithotripsy devices, and ureteroscopic. The extracorporeal shock wave lithotripsy devices segment held a larger lithotripsy market share in 2023 and is anticipated to register the highest CAGR of 7.2% during the forecast period.
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By application, the lithotripsy market is segmented into kidney stones, ureteral stones, pancreatic stones, bile duct stones, and bladder stones. The kidney stones segment held the largest lithotripsy market share in 2023 and the same segment is anticipated to register the highest CAGR of 7.3% during the forecast period.
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