Shock Wave Therapy Market Size

Shock Wave Therapy Market Analysis

The shock wave therapy market is anticipated to witness a CAGR of nearly 5.6% during the forecast period.

The healthcare system witnessed enormous challenges as a result of the COVID-19 pandemic. All outpatient treatments were postponed or restricted during the COVID-19 pandemic to reduce the risk of viral transmission, as most chronic therapies were regarded as non-urgent. Moreover, with the advent of COVID-19 infection, innovative therapies for infection treatment came into focus. An article published in Medicines and Pharmacology in March 2021 reported the successful treatment of a patient with the diagnosis of COVID-19, severe chest pain, and significant shortness of breath using radial extracorporeal shock wave therapy (rESWT). The article indicated that the non-invasive, non-pharmacologic treatment might help in treating the breathing problems associated with the COVID-19 infection. The rise in the utilization of shock wave therapy for treating SARS-CoV-2-affected patients contributed to the growth of the market during the pandemic. Currently, the market is expected to grow due to the adoption of shock wave therapy for COVID-19 patients and is expected to continue over the forecast period as the prevalence of chronic diseases such as cardiac and musculoskeletal disorders is expected to increase.

The major factors attributing to the growth of the market are the increasing incidences of accidents and sports injuries, the rise in patients with musculoskeletal, urological, and cardiac disorders, and patients undergoing various surgical procedures. For instance, according to the WHO, in 2021, road accidents affected around 40 million people all over the world. Also, as per the same source, developing countries have a high rate of traffic injuries, with major road accidents occurring in low- and middle-income countries. Moreover, according to a report published by the WHO in February 2021, road traffic injuries cost over 3% of countries' GDP every year. The rise in the prevalence of road traffic injuries, which create several musculoskeletal and cardiological problems in injured people, is expected to drive the market.

Also, as per the 'Qatar Monthly Statistics - March 2022' released by the Qatar Planning and Statistics Authority, the number of road accidents in February 2022 was around 682, with a year-on-year increase of about 8.1% from the previous year. The Capital Market Authority of Oman in August 2021 that the total number of traffic accidents in the second quarter of 2021 was around 15,200, a huge increase of 119% from the previous quarter. A large number of road accidents will likely require significant medical attention for the affected passengers, which would provide a lucrative market for shock wave therapy in the region.

Shockwave therapy has multidisciplinary use, as it can be used in orthopedics, physiotherapy, urology, sports medicine, veterinary medicine, rehabilitation centers, and plastic surgery, among others. Thus, shock wave therapy provides faster healing, revascularization, and regeneration of the bones, ligaments, and tendons. For instance, in February 2021, the US FDA granted pre-market approval for severely calcified coronary artery disease Intravascular Lithotripsy (IVL), a sonic pressure wave therapy, for severely calcified coronary artery disease. Such approvals focusing on shock wave therapies are expected to add to the growth of the studied market over the forecast period. However, the high costs associated with the shock wave therapy devices and procedures and the lack of skilled healthcare professionals are likely to hinder the market growth during the study period.