Lithotripsy Market Demand, Recent Trends, industry Size, Application, Analysis, Regional Outlook, Competitive Strategies, Segments-2023
Global Lithotripsy Market Information, By Types By End User : Hospitals And Clinics, Research Laboratories, Academic Institutes, And Others – Forecast To 2023, Market Research Future (MRFR), Marks That This Market Could Capture Growth At 4.1% CAGR Between 2017 To 2023.
PUNE, India – October 9, 2019 /MarketersMedia/ —
Lithotripsy is a medical procedure that breaks kidney stones in small pieces. It uses shock wave to break kidney stones so that it can travel through the urinary tract and get out of the body. A new report on the global Lithotripsy market, published by Market Research Future (MRFR), marks that this market could capture growth at 4.1% CAGR between 2017 and 2023. In terms of money value, the market can be worth USD 524.9 Mn by the end of the forecast period.
The biggest market expanding factors for the global Lithotripsy market growth are changing technology and innovation. The increasing adoption of new devices and rising demand for advanced medical instruments are also expanding the market. Other important market driving factors include new product development by manufacturers, subsequent innovation, increasing investment by market players on the development of new devices increasing competition in the market, improvement in reimbursement scenario, growing prevalence of urological disorders, the rise in the aging population, and growing preference for minimally-invasive and noninvasive medical procedures.
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Lithotripsy is being preferred by patients as it is non-invasive. However, an important disadvantage that can slow down the market growth is that lithotripsy not being suitable for morbidly obese people, pregnant women, people with bleeding disorders, and people with severe skeletal abnormalities. The potential risk causing injuries to the kidney also prevents patients from opting for this procedure.
Key Players
Big players in the global lithotripsy market include Boston Scientific (USA), Dornier MedTech.(Germany), Direx S.L. (Spain), EDAP TMS (France), Elmed Electronics & Medical Industry & Trade Inc.(Turkey), Jena Med Tech GmbH (Germany), Medispec LTD (USA), Olympus Corporation (Japan), Siemens Healthcare GmbH (Germany), and Storz Medical AG (Switzerland).
Latest Industry News
Published in Thieme journal Endoscopy, a new study has suggested that peroral cholangioscopy (POCS)-guided Lithotripsy can help patients with difficult choledocholithiasis (gallstones in the bile duct) by clearing difficult bile duct stones in a single procedure. 7 AUG 2019
Market Segmentation
The global Lithotripsy market segmentation encompasses end-user and type. MRFR’s take on the market surveys various facets of the market in-depth.
In the context of end-users, this market has been segmented into academic institutes, hospitals & clinics, research laboratories, and others.
By type, the market has been segmented into extracorporeal shock wave lithotripsy (ESWL), intracorporeal (endoscopic lithotripsy), percutaneous lithotripsy, and others. Intracorporeal has been sub-segmented into electrohydraulic lithotripsy, laser lithotripsy, mechanical lithotripsy, and ultrasonic lithotripsy.
Regional Segmentation
A geographical outlining of the global Lithotripsy market covers The Americas (North America & South America), Europe, Asia Pacific, and the Middle East & Africa (MEA).
The Americas is the largest regional market as North America alone is strong enough to dominate, whereas South America joins the market segment as a bonus. Due to technological advancement and availability of advanced medical facilities, North America is a bigger market segment compared to South America. The USA is the biggest country-specific market due to the high demand for advanced medical instruments and high adoption of advanced technology by healthcare professionals. In the Americas, the presence of a massive pool of diabetic patients and widespread prevalence of urology disorders can drive market growth. Other factors driving the market growth include favorable reimbursement scenario, high healthcare expenditure, and robust healthcare sector. Canada is the second-highest revenue generating market in this region.
Europe is the second-largest regional market with Western Europe occupying the bigger share compared to Eastern Europe due to high healthcare expenditure, high density of population, presence of key market players, and increasing awareness about new products and therapies. The most powerful country-specific markets in Western Europe are France, Germany, Italy, Spain, and the UK.
During the forecast period, the Asia Pacific region can be the fastest growing regional market due to the high density of population, existence of a broad patient base, expanding healthcare sector, improving reimbursement scenario. The eminent country-specific markets in this region are China, India, Japan, and South Korea.
The growth of the MEA market can be restricted due to a lack of awareness about devices and treatment. During the forecast period, moderate growth is expected. The Middle East segment of this market is in better condition compared to African segment. The crucial country-specific markets in this region are Saudi Arabia, UAE, and Egypt.
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