Lithotripsy Device Market Size

Lithotripsy Device Market Analysis

The lithotripsy device market is expected to register a CAGR of 6.1% during the forecast period.

The COVID-19 pandemic has had an adverse impact on the lithotripsy device market initially. With the outbreak of COVID-19, the lithotripsy device market experienced a decline in growth. The non-COVID treatment such as surgical interventions and non-urgent medical treatment was temporarily postponed or canceled amid the pandemic. The data published by Kidney Care UK in March 2021, stated that over 56% of the patients reported disruption in their care received from the National Health Service (NHS). It was further stated that over 28% of the patients were waiting for surgery and could not get their regular appointment. Over 18% of the patients faced challenges to contact their general practitioner or hospital teams for medical consultations and over 7% of the patients reported being unwell because of the delay in their treatment and care. However, in the post-pandemic period, the number of COVID-19 cases has decreased and the lifting of the lockdown along with the resumption of elective, non-COVID, and non-urgent procedures are expected to enable the market to increase gradually in coming years. Thus, the COVID-19 outbreak has adversely impacted the market's growth in its preliminary phase. Moreover, the market is expected to grow further at a stable pace with the resumption of kidney care and kidney stone removal procedures, globally.

Further, the market is expected to grow further with the increasing incidence of urolithiasis, a rise in the number of extracorporeal shock waves lithotripsy procedures, and technological advancements coupled with rising awareness. Urolithiasis is a common urologic problem, and it poses a significant burden on the healthcare system globally. It is associated with an increased risk of end-stage renal failure, which is driving the demand for lithotripsy devices. As per a study published in the journal Urolithiasis in February 2021, the incidence of nephrolithiasis has been increasing every year, with an estimated incidence rate of 10.1% in the United States. Thus, the increasing global prevalence of urolithiasis necessitates safe, efficacious, and affordable treatment for urolithiasis. Over the years, lithotripsy has become the most preferred method for the treatment of kidney stones, mainly due to the advantage of its relative safety, low cost, less recovery time, and positive patient outcomes. Thus, all these factors are responsible for driving the market's growth.

Therefore, owing to the aforementioned factors the studied market is anticipated to witness growth over the analysis period. However, the adverse effects associated with lithotripsy, and the availability of alternative treatments for stone removal is likely to impede market growth.