PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1063028
PUBLISHER: UnivDatos Market Insights Pvt Ltd | PRODUCT CODE: 1063028
Global Extracorporeal Shock Wave Lithotripsy Market is anticipated to grow with an elevated CAGR of around 5% over the forecast period (2021-2027). Extracorporeal Shock Wave Lithotripsy is the commonly used treatment for kidney and ureter stones. In this, the high-intensity acoustic pulse is applied externally to crush the stone causing minimal damage to the normal tissue. The stones are broken down into smaller fragments using the shock waves.
The prevalence of obesity and overweight is rising dramatically across the globe and has nearly tripled since 1975. In 2019, almost 39% of adults aged 18 years and above were overweight globally. Also, some obese adults are at an increased risk of developing type 2 diabetes. As per recent research, obese people are up to 80 times more likely to develop type 2 diabetes. Further, studies have also shown that people having type 2 diabetes have also been twice at risk of having kidney stones. Kidney stones are even more probable in individuals who have severe diabetes. This increasing prevalence of obesity and diabetes all over the globe is expected to propel the extracorporeal shock wave lithotripsy market.
Furthermore, the demand for extracorporeal shock wave lithotripsy is increasing all over the world on account of the growing number of patients who are not suitable for open surgeries, advancement in technology, and shifting preferences of the population towards less-invasive surgeries. For instance, as per a recent paper published in the surgical endoscopy journal, the mean number of minimally invasive surgeries increased by 462% between 2000 and 2018. In addition to this, the increase in penetration of extracorporeal shock wave lithotripsy devices owing to the advantages offered by these devices such as minimal invasiveness, reduced pain, shorter hospital stay, and quicker recovery time are also some of the prominent factors contributing towards the growth of the market.
Siemens AG, Boston Scientific Corporation, Medtrue Enterprise Co. Ltd., Karl Storz Gmbh and Co. KG, Olympus Corporation, C.R. Bard Inc., Cook Group Inc., Wikkon, Lumenis LTD, Dornier MedTech GmbH, are some of the prominent players operating in the extracorporeal shock wave lithotripsy market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with extracorporeal shock wave lithotripsy devices.
Based on technology, the extracorporeal shock wave lithotripsy market is segmented into electrohydraulic technique, electromagnetic technique, and piezoelectric technique. The electrohydraulic technique segment accounted for the significant market share in 2020 and it is estimated that it will exhibit the highest CAGR during the forecast period as it is one of the most accepted techniques among physicians and doctors. This is because it is the oldest and the original method of shockwave generation. However, the piezoelectric technique is anticipated to witness a rapid growth rate during the projected timeframe.
Based on application, the extracorporeal shock wave lithotripsy market is segmented into kidney stones, uretic stones, pancreatic stones, and salivary stones. The kidney stones segment occupied the major share of the extracorporeal shock wave lithotripsy market in 2020 and it is expected to grow with substantial CAGR in the upcoming years. The growth of this segment is attributed to the increase in the number of people having kidney stones. For instance, it is estimated that almost 12% of Americans will develop a kidney stone during their lifetime.
Based on end-user, the market is fragmented into hospitals, clinics, and others. In 2020, hospitals segment grabbed the considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to the growing utilization of these products in hospitals as they have advanced and well-established healthcare infrastructure. In addition, the increasing preference of patients for hospitals-based procedures, and favorable reimbursement scenarios are some of the prominent factors boosting the growth of this segment. However, the clinics segment is expected to grow at a considerable CAGR in the forthcoming years.
For a better understanding of the market dynamics of the extracorporeal shock wave lithotripsy market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the Extracorporeal shock wave lithotripsy market industry and generated revenue of USD XX Million in 2020 owing to strong healthcare infrastructure and growing adoption of minimally invasive surgeries in the region.
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