Extracorporeal shock wave lithotripsy (ESWL) is a non-invasive medical procedure that uses shockwaves to break up kidney stones and gallstones within the body to smaller fragments which can then pass more easily. ESWL aims to avoid the need for surgery to remove the stones through an incision.
The global lithotripsy devices market is estimated to be valued at US$ 443 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing Prevalence of Kidney Stone Disease: Kidney stones are a common and painful condition that affects a large population globally. According to the American Urological Association, kidney stone disease prevalence has been increasing over the past few decades and it is estimated that about 12% of the global population will have kidney stones at some point in their lives. The growing prevalence of kidney stone disease is expected to increase demand for associated treatments such as ESWL therapy over the forecast period.
Technological Advancements: Constant technological advancements in lithotripsy devices are increasing their efficacy and safety profile. Advanced lithotripsy systems use improved targeting methods and shockwave generation to more effectively break stones with fewer treatment sessions. The development of innovative lithotripsy device technologies such as fiberoptic, electromagnetic, and piezoelectric systems over conventional electrohydraulic systems has boosted adoption. In addition, these devices cause less discomfort to patients and enable outpatient treatment. Such factors are expected to augment market growth over the forecast period.
Segment Analysis
The extracorporeal shock wave lithotripsy market can be segmented by product type into lithotripsy device, and accessories. The lithotripsy device segment is expected to dominate the market during the forecast period owing to large installed base and repeated use of these devices. By application, the market is divided into kidney stones, pancreatic stones, urinary stones, and salivary stones. The kidney stones segment holds the largest share as more than 80% of stones formed in the body occur in the kidneys. On the basis of end user, the market is classified into hospitals, specialty clinics, and ambulatory surgical centers. Hospitals segment dominates as majority of lithotripsy procedures are performed in hospitals.
PEST Analysis
Political: Government initiatives to increase awareness about urolithiasis condition will aid market growth. Favorable medical reimbursement policies support the adoption of ESWL procedures.
Economic: Rising disposable incomes coupled with increasing healthcare expenditure is driving market growth. However, fluctuating reimbursement scenario impacts the spending on ESWL devices and procedures.
Social: Growing geriatric population who are prone to develop kidney stones is a major factor. Also, changing lifestyle and dietary habits leading to obesity is increasing the risk of urolithiasis.
Technological: Advances in lithotripsy technologies such as digital radiography and 3D ultrasound helps in precise localization of stones. New generation extracorporeal lithotripters also offer better treatment outcomes.
Key Takeaways
The Global Extracorporeal Shock Wave Lithotripsy Market Demand is expected to witness high growth.
North America region currently dominates the market owing to presence of major players and established healthcare infrastructure. The Asia Pacific region is anticipated to register fastest growth aided by increasing healthcare expenditure, growing medical tourism, and rising patient awareness.
Key players operating in the Extracorporeal Shock Wave Lithotripsy market are William Grant & Sons, Diageo Plc, Bacardi Limited, Suntory Holdings, and Aceo Ltd. Key players are focused on new product launches and adoption of inorganic growth strategies like mergers and acquisitions to strengthen their market position.