Lithotripsy Devices Market | Increase in the R&D activities to Decrease Urolithiasis Cases

According to Precision Business Insights (PBI), the latest report lithotripsy devices market size is expected to be valued at USD 1.5 billion in 2022 which is expected to grow at a CAGR of 4.7% over 2022-2028. The primary factors that drive the lithotripsy device market size are the increase in the geriatric population, increasing prevalence of urolithiasis disease, technological advancements, and an increasing number of extracorporeal shock wave lithotripsy procedures.

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Extracorporeal Shock Wave Lithotripsy Device to Dominate the Lithotripsy Devices Market:
Based on product type, the extracorporeal shock wave lithotripsy device holds the highest lithotripsy device market industry share. The major factor for the rise of this segment is the acceptance of this device and faster treatment. The device is completely non-invasive as it uses sound waves to break large kidney stones into smaller pieces that can easily pass through the urinary bladder. Various advantages of using this device are that it has a fast recovery time, reduced pain, and brief hospital stays. Moreover, it can also be used to treat multiple stones. Extracorporeal shock wave lithotripsy devices are obtaining commercial adoption which will improve the global lithotripsy market growth. All these advantages will increase the use of extracorporeal shock wave lithotripsy devices which will increase the global lithotripsy market size.

North America Lithotripsy Devices Market
North America leads the global lithotripsy devices market industry share due to the increasing prevalence of renal diseases such as urolithiasis. As per the US Department of Health and Human Services 2021, one of the important public health issues in the United State was end-stage renal disease which was one of the significant reasons for poor life quality and sufferings for those who were affected. North America leads the global market due to entrenched research infrastructure, increasing funding from public and private sectors, and rising collaborations among global key players have contributed to increasing the sales of lithotripsy devices in this region. Apart from this, the major factor that drives the lithotripsy market size is the growing geriatric population and technological advancement.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global lithotripsy devices market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share. In March 2021, Lumenis was acquired by Boston Scientific to further support its lithotripsy device portfolio.

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The lithotripsy devices market is segmented based on product type, modality, application, end users, and region.
Based on the product type, the market is segmented into the following:
• Extracorporeal Shock Wave Lithotripsy Devices
• Intracorporeal Lithotripsy Devices
• Laser Lithotripsy devices
• Electrohydraulic Lithotripsy Devices
• Ultrasonic Lithotripsy Devices
• Mechanical Lithotripsy Devices
• Others

Based on the modality, the market is segmented into the following:
• Standalone
• Portable

Based on the application, the market is segmented into the following:
• Kidney Stones
• Pancreatic Stones
• Ureteral Stones
• Bile Duct Stones
• Others

Based on the end users, the market is segmented into the following:
• Hospitals
• Ambulatory Surgical Centers
• Others

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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Key players' profiles in the lithotripsy devices market report are Boston Scientific Corporation, Lumenis, DirexGroup, Walz Elektronik GmbH, Medispec Ltd., Technomed Medical Systems, ELMED™ USA Medical Systems, Richard Wolf GmbH, SODY Medical Equipment Co. Ltd., NOVAMEDTEK, STORZ MEDICAL AG, Allengers, MTS Medical UG, Dornier MedTech GmbH, Electro Medical Systems (EMS), Apex-MediTech, Olympus Corporation, Shockwave Medical Inc., EDAP TMS, Siemens Medical Solutions USA, Inc.

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