Leeds, UK -- (SBWire) -- 03/24/2020 --Global lithotripsy devices market is assessed to value over US$ 1.9 Billion by 2029 and register a CAGR of over 4.3% from 2019 to 2029.
Lithotripsy is a procedure which breaks the process of forming stones in the kidney and bladder. It uses shockwave to break up stones in the bladder and kidney. Affordable cost, positive patient outcomes and less recovery time remain the driving factor behind the growth of the market.
The lithotripsy devices market is segmented on the basis of product type, modality, end-user, and region. Based on product type, the market is segmented into intracorporeal lithotripsy devices and extracorporeal lithotripsy devices. In extracorporeal lithotripsy, the stones present in the kidney are broken into smaller pieces by sending shock waves.
Extracorporeal shock waves are safe and are economical. It's vastly used for in the cases of urinary stones. Such factors had a positive influence on the growth of the market. Intracorporeal lithotripsy is able to diagnose kidney stones of all compositions. It also has a high success rate for the removal of ureteral stones. Technological advancements are inflating the size of the market.
Based on modality the market is segmented into standalone and portable. Extracorporeal lithotripsy devices rising availability in portable modality is driving the growth of the market. Based on end user, the market is segmented into hospitals ambulatory surgical centres and speciality clinics. Hospitals are expected to dominate the market during the forecast period. Hospital is equipped with the latest technologies and skilled professionals The rising number of procedures alongside rising healthcare expenditure remains the key factor behind the growth.
Based on regions, Europe holds the majority share of the lithotripsy device market. The presence of prominent players coupled with the rising number of surgeries remains the key factor behind the growth of the market. Asia-Pacific region is expected to dominate the market in the coming years. Growing support for the adoption of advanced technologies and the rapid increase of healthcare infrastructure is the driving force for the growth of the market in the region. Increase in initiatives to promote the use of lithotripsy devices has fueled the growth of the market in the region.
However, the risks of internal bleeding coupled with blood transfusions could cause potential damage to the kidney. Such factors have hindered the growth of the market.
Prominent players of the marker are Dornier MedTech, Lumenis, Siemens AG, Walz Elektronik, Richard Wolf GmbH, Novamedtek, Olympus America, Elmed Medical Systems and others.
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Global Lithotripsy Devices Market Segmentation:
By Product Type
- Intracorporeal Lithotripsy Device
- Extracorporeal Lithotripsy Device
By Modality
- Standalone
- Portable
By End User
- Hospitals
- Ambulatory Surgical Centers
- Specialty Clinics
By Region:
- Europe
- North America
- APAC
- Latin America
- Rest of World
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Competitive Landscape:
- Tier 1 players- established companies in the market with a major market share
- Tier 2 players
- Emerging players which are growing rapidly
- New Entrants
FutureWise Takeaways:
- Growth prospects
- SWOT analysis
- Key trends
- Key data points affecting market growth
Objectives of the Study:
- To provide with an exhaustive analysis on the lithotripsy devices market based on the product type, modality, end user, and region
- To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
- To evaluate and forecast micro-markets and the overall market
- To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East
- To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
- Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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