Europe to Remain Largest Market for Lithotripsy Devices in the Coming Years
According to the latest report published by Persistence Market Research titled ‘Lithotripsy Devices Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026,’ the Lithotripsy Devices Market is anticipated to expand at a CAGR of 4.3% during the forecast period in terms of value.
Increasing prevalence of kidney stones is the major factor expected to drive the growth of the Lithotripsy Device Market over the forecast period. Over the years lithotripsy has become the most preferred method for the treatment of kidney stones. This has largely been due to the advantage of its relative safety, low cost, less recovery time and positive patient outcomes. Additionally, the intracorporeal lithotripsy devices are able to treat all compositions of kidney stones and have a high success rates for ureteral stones without any major complications. On other hand, lack of innovation and the industry”s interest in funding younger technologies are the major factors restraining the growth of the global lithotripsy devices market.
PMR report for global lithotripsy devices has been segmented the Based on type: intracorporeal lithotripsy device, extra corporeal lithotripsy device. Based on modality, the global lithotripsy device market has been segmented into standalone and portable lithotripsy device. Based on end user, the global lithotripsy device market has been segmented into hospitals, ambulatory surgical centres and specialty clinics.
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Extracorporeal Lithotripsy Devices is the Most Lucrative Segment by Type
Extracorporeal lithotripsy device segment is estimated to dominate the lithotripsy devices market by type with more than 70.0% throughout the forecast period. Extracorporeal lithotripsy device segment by type for global Lithotripsy Device Market is expected to show incremental opportunity of US$ 208.4 Mn to reach the value of US$ 777.1 Mn by 2026 end. By product type, intracorporeal lithotripsy devices is expected grow at faster pace than extracorporeal lithotripsy devices for global lithotripsy device market and it is projected to growth with the CAGR of 5.3% over the forecast period.
Hospital Segment Dominates Market Share by End User
Among all end users, hospitals are expected to dominate the lithotripsy devices market with 66.6% value share in 2017. Hospital segment by end user for global lithotripsy devices market is expected to show incremental opportunity of US$ 202.2 Mn and it is projected growth 4.2%.
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Middle East & Africa Will Continue to Grow at a Considerable Rate
PMR analysed the Lithotripsy Device Market in six major regions: North America, Latin America, Europe, Asia-Pacific excluding China, China, and Middle East & Africa (MEA). Europe dominates the market value share for Lithotripsy devices and is expected to reach US$ 307.5 Mn by 2026 end. The Asia-Pacific excluding China market for lithotripsy devices is expected to account for the second largest market value share which is then followed by North America. Asia-Pacific excluding China and Europe collectively constitute for around 50% of market share over the forecast period. MEA and Latin America are expected to be fastest growing regions for lithotripsy device market due to growing healthcare efforts.
Key Insights from PMR”s Report on Lithotripsy Devices Market
- Lithotripsy procedures are soon becoming an outpatient procedure, reflecting a robust growth in the ambulatory surgical center segment, by end users. Minimal waiting time, costs, and procedural times favor healthcare delivery systems into integrating lithotripsy procedures as an outpatient procedure. However, majority of the lithotripsy procedures are still performed at hospitals.
- Although there are newer approaches for treating kidney stones, patients prefer minimally invasive or non-invasive treatment methods for kidney stone treatment.
- Modern day lithotripters, which provide a range of settings to clinicians, allow clinicians to choose various combinations that have various effects during the procedure.
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Lithotripsy Devices Market: Key Players
Key competitors covered in terms of Lithotripsy Device Market are Dornier MedTech GmbH, EDAP TMS SA, STORZ Medical AG, Lumenis, MS Westfalia GmbH, MTS Medical, Direx Group, Medispec Ltd. GEMSS Co., Ltd., Richard Wolf GmbH and others.
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NEW YORK, July 16, 2018 /PRNewswire/ —