Extracorporeal shockwave lithotripsy (ESWL) is a non-invasive procedure used to treat kidney stones and gallstones. During ESWL, focused shockwaves are directed at the stone to break it into tiny sand-like fragments that can pass harmlessly through the urinary tract.
The global Extracorporeal Shock Wave Lithotripsy Market is estimated to be valued at US$ 443 Mn or Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The rising prevalence of kidney stones is expected to drive the growth of the market during the forecast period. For instance, according to National Kidney Foundation, about 10% of people will develop kidney stones in their lifetime and about 1 in 1000 people develops them each year. Moreover, increasing preference for minimally invasive procedures and technological advancements are also expected to propel the market growth. Advancements such as newer generation lithotripters that provide precise focusing of shockwaves on stones are being developed by key players, which helps in safer and effective treatment of kidney stones and gallstones.
SWOT Analysis
Strength: Extracorporeal Shock Wave Lithotripsy (ESWL) is a non-invasive treatment method which reduces hospital stay and recovery time for patients. It allows breaking down of kidney stones into small fragments without any incision.
Weakness: ESWL procedure causes pain to patients during treatment. There are certain limitations and risk factors associated with using shock waves such as irregular fragmentation of large kidney stones.
Opportunity: Rising global burden of urolithiasis or kidney stone disease is driving the demand for advanced treatment options. Growing healthcare expenditure in developing nations also offers scope for market expansion.
Threats: Presence of alternative minimally invasive treatments for kidney stones such as ureteroscopy may limit the adoption of ESWL systems. Strict regulatory guidelines for new product approval pose challenges for industry players.
Key Takeaways
The Global Extracorporeal Shock Wave Lithotripsy Market Size is expected to witness high growth, exhibiting CAGR of 6.2% over the forecast period, due to increasing prevalence of urolithiasis worldwide. As per statistical estimates, kidney stone disease affects approximately 1 in 11 people at some point during their lifetime.
Regional analysis:
North America dominated the global market and is expected to remain the major revenue generating region during the forecast period. This is attributed to presence of highly developed healthcare infrastructure and growing adoption of advanced lithotripsy devices in the region. Asia Pacific market is projected to exhibit fastest growth owing to rising medical tourism, large patient population and improving access to healthcare in countries such as China and India.
Key players operating in the Extracorporeal Shock Wave Lithotripsy market are Siemens AG, Dornier MedTech GmbH, Olympus America, Richard Wolf, Boston Scientific, EDAP TMS, Urologix Inc., Guangdong Haifu Medical Technology Co., Ltd., Chongqing Haifu Medical Technology Co., Ltd., Jiangsu Yuyue Medical Equipment Co., Ltd. Major players are focusing on new product launches and achieving FDA approvals to consolidate their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it