DUBLIN–(BUSINESS WIRE)–The “Lithotripsy Devices Market Insights, Competitive Landscape and Market Forecast – 2027” report has been added to ResearchAndMarkets.com’s offering.
Global Lithotripsy Devices Market was valued at USD 1.44 billion in 2021, growing at a CAGR of 4.35% during the forecast period from 2022 to 2027, to reach USD 1.87 billion by 2027.
The Lithotripsy Devices market is expected to witness growth owing to the rising prevalence of urolithiasis, technological advancements in product development, increased risk of end-stage renal failure, rising awareness for the procedure, and the growing geriatric population.
Lithotripsy Devices Market Dynamics:
Lithotripsy Devices Market has significantly increased owing to the rising prevalence of urolithiasis among the general population. As per the British Association of Urological Surgeons 2021, Kidney stones are common. Patients undergoing a CT scan have an 8% chance of having kidney stones and its incidence has been steadily increasing since the early 20th century.
Moreover, 1 in 11 people (9%) will get stone symptoms during their lifetime. Men are affected slightly more often than women. Patients of all ages suffer from stones, but the peak age for a first stone is around the age of 45.
Moreover, the growing burden of stones developing in different organs of the body leads to the growth in the demand for Lithotripsy procedures. These procedures treat stones by emitting focused ultrasonic energy or shock waves directly to the stone first located with fluoroscopy or ultrasound (high-frequency sound waves).
These shock waves break a large stone into smaller stones that pass through the urinary system. Owing to the occurrence of stones in various parts of the body, the Lithotripsy Devices market will rise significantly. According to the National Kidney Foundation 2021, over half a million people go to emergency rooms for kidney stone problems every year. Thus, the burgeoning cases of urolithiasis will contribute to the Global Lithotripsy Devices Market growth.
In addition, the development of advanced technologies is evolving at a greater pace. For instance, in February 2021, Shockwave Medical, Inc. developed an intravascular lithotripsy sonic pressure wave therapy that involves delivering sonic waves to calcified plaque in an artery.
The device received Pre-Market Approval for severely calcified coronary artery disease from the US FDA. The innovative technology, which was granted Breakthrough Device designation by the FDA, is a novel application of lithotripsy, an approach that has been used for decades to safely break up kidney stones. Such technological advancement in the field of Lithotripsy Devices is likely to boost the Global Lithotripsy Devices Market during the forecast period.
Also, the aging population is more prone to the formation of kidney stones and an increased risk of end-stage renal failure. As per the World Population Prospects, 2019, there were 703 million older persons aged 65 or over in 2019 globally. Therefore, as the aging population increases, there will be more prevalence of urolithiasis, which will eventually boost the demand for Lithotripsy Devices which will drive the growth of the Global Lithotripsy Devices market.
Recent Developmental Activities in The Lithotripsy Devices Market:
- In March 2021, Boston Scientific acquired Lumenis in a $1.07 billion deal. With this acquisition, Boston Scientific has strengthened its product portfolio for the Lithotripsy devices market. This will further add to the growth of the Global Lithotripsy devices market.
- In March 2021, Dornier MedTech GmbH became the world’s first integrated urology company to be certified by the European Union’s Medical Device Regulation (MDR). Dornier achieved the certification for its Class IIb products: Dornier Delta III, one of the most powerful lithotripters that utilize Dornier’s Extracorporeal Shock Wave Lithotripsy (ESWL) technology; and the Dornier UIMST, a state-of-the-art information management software providing enhanced imaging and efficiency to support clinicians in treating kidney stones.
Key Takeaways from the Lithotripsy Devices Market Report Study
- Market size analysis for current market size (2021), and market forecast for 5 years (2022-2027)
- The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Lithotripsy Devices market.
- Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
- Key companies dominating the Global Lithotripsy Devices Market.
- Various opportunities are available for the other competitor in the Lithotripsy Devices Market space.
- What are the top-performing segments in 2021? How these segments will perform in 2027?
- Which are the top-performing regions and countries in the current market scenario?
- Which are the regions and countries where companies should have concentrated on opportunities for Lithotripsy Devices market growth in the coming future?
Lithotripsy Devices Market Key factors analysis
Lithotripsy Devices Market Drivers
- Rising prevalence of urolithiasis
- The increased risk of end-stage renal failure
- The rising awareness for these devices
- Rising technological advancements
Lithotripsy Devices Restraints and Challenges
- Blood loss during internal bleeding
- The adverse effects of postoperative complications
Lithotripsy Devices Opportunities
- Growing preference for minimally invasive devices
- Growth opportunities in emerging countries
For more information about this report visit https://www.researchandmarkets.com/r/ijmu4t
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