Increase in kidney stone cases across the globe is projected to boost the growth in the lithotripsy device market
Wilmington, Delaware, United States, Nov. 17, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global lithotripsy device market is estimated to reach a value of US$ 1.1 Bn by 2031, states a report by Transparency Market Research (TMR). The market for lithotripsy device is expected to grow at a CAGR of 4.1% during the forecast period, from 2022 to 2031. The total value of market was US$ 717.6 Mn in 2021.
Lithotripsy Device Market: Key Findings
- Government authorities of several nations worldwide are providing attractive reimbursement policies for lithotripsy procedures, according to a TMR study that offers in-depth knowledge on the lithotripsy medical device industry. Moreover, there has been a surge in the understanding among people regarding the importance of kidney health. These factors expected to boost the sales growth in the market during the forecast period, notes a TMR study that sheds light on different key aspects including the laser lithotripsy devices.
- As per TMR’s review, the extracorporeal lithotripsy segment of the market showed dominance in 2021. The growth of the segment is ascribed to increase in the cases of kidney stones worldwide. This aside, the intracorporeal lithotripsy segment is projected to expand at prominent pace during the forecast period owing to rise in the use of lithotripsy devices due increase in the adoption of minimally invasive procedures globally, states a TMR review report.
- The kidney stones application segment dominated the market in 2021 due to increase in the cases of kidney stones owing to renal tubular acidosis. As per a report released in 2020, approximately12% Indian population is estimated to suffer from urinary stone issues. This aside, the number of kidney stone surgeries are increasing. These factors are expected to drive the sales number in the nation.
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Lithotripsy Device Market: Growth Boosters
- Rising prevalence of kidney stones globally is expected to boost the growth of the lithotripsy device market share during the forecast period
- The adoption of extracorporeal lithotripsy is projected to increase in the near future owing to surge in people’s inclination toward minimally invasive procedures
Lithotripsy Device Market: Regional Analysis
- The market in North America is projected to gain profitable prospects during the forecast period. The market growth is ascribed to increase in investment in the healthcare infrastructure, rise in the health understanding, and increase in demand for next-gen healthcare facilities in the region. Moreover, the North America market is expected to continue attracting lucrative prospects in the near future owing the existence of favorable reimbursement policies for surgical procedures and large number of kidney stone patients in the region.
- The Europe market is expected to attract sizable business opportunities in the forthcoming years. The market growth in Europe is attributed to the existence of advanced infrastructure and favorable regulations together with rise in the number of new products approvals in the region.
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Market Competition Landscape
- Companies are increasing investments in researches in order to develop next-gen minimally invasive lithotripsy devices
- Several players are focusing on the launch of cost-effective products
- Enterprises are using acquisition strategy in order to expand their product portfolios
Lithotripsy Device Market: Key Players
Some of the key players profiled in the report are:
- Olympus Corporation
- Boston Scientific Corporation
- EDAP TMS
- C. R. Bard, Inc. (Becton, Dickinson)
- Dornier MedTech
- Siemens Healthcare GmbH
- KARL STORZ
- Richard Wolf GmbH
Lithotripsy Device Market Segmentation
- Intracorporeal Lithotripsy
- Mechanical Lithotripsy
- Electrohydraulic Lithotripsy
- Laser Lithotripsy
- Ultrasonic Lithotripsy
- Extracorporeal Lithotripsy
- Intracorporeal Lithotripsy
- Kidney Stones
- Biliary Duct Stones
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyse information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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