The increasing cases of urolithiasis is a key factor driving the global lithotripsy devices market, says Fortune Business Insights in a report, titled “Lithotripsy Devices Market Size, Share and Global Trend by Device Type (Extracorporeal Shock Wave Lithotripsy, Intracorporeal Lithotripsy), By End User (Hospitals, Specialty Clinics, Ambulatory Surgery Centers, Others) and Geography Forecast till 2026.” Increasing demand for extracorporeal shock wave lithotripsy procedures is predicted to boost the global lithotripsy devices market.
Rising Demand for Lithotripsy Procedures Will Favor Growth
Technological advancements in the lithotripsy devices as well as the increasing demand for the extracorporeal shock wave lithotripsy procedures around the world are factors predicted to contribute positively to the global lithotripsy devices market revenue. Rising incidence of urolithiasis and growing geriatric population are also expected to enable growth of the global lithotripsy devices market. According to the National Kidney Foundation (NKF), it is estimated that around 500,000 globally were suffering from urolithiasis in 2016. Furthermore, the launch of Shockwave S4 peripheral intravascular lithotripsy (IVL) catheter is also likely to stimulate the global lithotripsy devices market growth. For instance, Shockwave Medical, Inc., launched Shockwave S4 peripheral intravascular lithotripsy (IVL) catheter.
Similarly, agreement between key companies to develop products is also expected to encourage growth of the global lithotripsy devices market. For instance, Olympus Corporation include ShockPulse-SE and CyberWand in its lithotripsy product portfolio by signing in agreement with Cybersonics, Inc. Nevertheless, the advent of alternative techniques such as percutaneous nephrolithotomy (PCNL), disposable ureteroscopes used in fragmentation of urolithiasis, over the lithotripsy procedures is one of the major factor expected to restrict the growth of the global lithotripsy devices market. In addition, the adverse side effects such as blood tissue damage as well as necrosis of vascular wall and intra-abdominal bleeding associated with lithotripsy treatment are factors predicted to further hamper the growth of the global lithotripsy devices market shares.
An Overview of the Impact of COVID-19 on this Market:
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Rising Adoption of New Technology Will Boost Growth in North America
Geographically, the global lithotripsy devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global lithotripsy devices market in 2018 and is expected to lead the global lithotripsy devices market during the forecast period owing to the increasing adoption of new technology used for treatment for the kidney stone. According to the world health organization (WHO), high-income countries spend around 2-3% from their annual healthcare budget in treating kidney disease. Furthermore, the growing geriatric population and increasing incidence of urolithiasis are factors predicted to foster growth of the global lithotripsy devices market in North America. Asia Pacific, and the Middle East & Africa are expected to grow at a significant rate due to changing lifestyle and high patient pool suffering from urolithiasis. In addition, the rising awareness about the prevention of kidney stone and emerging cost-effective technologies involved in the treatment of urolithiasis are predicted to enable growth of the global lithotripsy devices market in Asia Pacific, and the Middle East & Africa during the forecast period.
Some of the major companies that are present in the lithotripsy device market include Boston Scientific Corporation or its affiliates., DirexGroup., Dornier MedTech., Olympus Corporation, Richard Wolf GmbH., Welstone Technology., Ziel Medizintechnik GmbH., CellSonic Medical, Elmed Electronics & Medical Industry & Trade Inc., KARL STORZ SE & Co. KG, BD, Coo, and other players.