Market Trends of Extracorporeal Shock Wave Lithotripsy Industry
Kidney Stone Segment is Projected to Grow Significantly During the Forecast Period.
- The kidney stone segment has emerged as the largest revenue contributor in the global healthcare industry, owing to the rising incidence of kidney stones worldwide. According to a 2022 article published by the Multidisciplinary Digital Publishing Institute (MDPI), approximately 20% of the global population suffers from kidney stones, and the associated health and economic costs are significant.
- Several risk factors contribute to the prevalence of kidney stones, such as obesity, metabolic disorders, intestinal injuries, certain medications, and diabetes. According to the International Federation of Diabetics (IFD) Report 2021, diabetes is a significant risk factor for kidney stones, and it affected about 463 million people aged between 20 to 79 years globally in 2020. The number of people with diabetes is expected to rise to 643 million by 2030 and 700 million by 2045. Moreover, the incidence of Type 2 diabetes is rising rapidly in low- and middle-income countries, affecting 79% of adults in these regions. For people with diabetes, kidney stones can be especially troublesome, as the sugar in their urine creates a breeding ground for bacteria. As a result, the increasing prevalence of diabetes and kidney stones is expected to boost the demand for kidney stone treatments over the forecast period.
- One of the most common and effective treatments for kidney stones is extracorporeal shock wave lithotripsy. This procedure involves shattering the kidney stone into smaller fragments that can pass through the urinary tract more quickly and exit the body. However, with the advent of technologically advanced products by key market players, the market for kidney stone treatments is expected to grow significantly over the forecast period. For instance, in June 2020, Olympus introduced its SoltiveTM SuperPulsed Laser System, a new thulium fiber laser application designed for stone lithotripsy and soft tissue applications.
- In conclusion, the kidney stone treatment market is poised for significant growth over the forecast period due to the rising incidence of kidney stones worldwide and increasing risk factors such as diabetes, obesity, and metabolic disorders. Additionally, the introduction of technologically advanced products by key market players is expected to drive market growth further.
Understand The Key Trends Shaping This Market
Download Sample
North America Dominates the Market and Expected to do Same in the Forecast Period.
- North America is expected to dominate the extracorporeal shock wave lithotripsy market over the forecast period, owing to many obese and diabetic patients prone to stone formation.
- The COVID-19 pandemic had a negative impact on the extracorporeal shock wave lithotripsy market due to the reduced number of surgeries being performed, resulting in reduced usage of the devices. The pandemic also affected the market by directly affecting production and demand, creating supply chain and market disruptions, and negatively impacting firms and financial markets.
- According to the research article published in the National Library of Medicine, kidney stones affect about 12% of the global population. Their yearly incidence in the United States was around 600,000 in 2021. However, the rising adoption of extracorporeal shock wave lithotripsy and regulatory approval for the various treatment are boosting the market growth. In February 2021, the Shockwave intravascular lithotripsy (IVL) system was cleared by the US Food and Drug Administration (US FDA) to treat severely calcified coronary artery plaques.
- Thus, owing to the abovementioned factors, the studied market is expected to grow significantly over the forecast period.
Get Analysis on Important Geographic Markets
Download Sample
