Global Urolithiasis Management Devices Market Analysis and Forecast, By Device Type 2016 - 2024

This report on the global urolithiasis management devices market analyzes the current and future prospects of the market. The report comprises an elaborate executive summary, including a market snapshot that provides overall information of various segments and sub-segments. The research is a combination of primary and secondary research. A detailed qualitative analysis of factors responsible for driving and restraining market growth and opportunities has been provided in the market overview section. Market revenue in terms of US$ Mn for the period between 2014 and 2024 along with the compound annual growth rate (CAGR %) from 2016 to 2024 are provided for all the segments, considering 2015 as the base year. Market related factors such as increasing preference for efficacious products, product innovation, and historical year-on-year growth have been taken into consideration while estimating the market size. Growth rates for each segment within the global urolithiasis management devices market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, clinical trials, and regulatory requirements. These factors would help the market players to take strategic decisions in order to strengthen their positions and expand their share in the global market.

Transparency Market Research estimates that the global urolithiasis management devices market will expand at a healthy 4.5% CAGR over the period between 2016 and 2024. The market’s worth is estimated to be US$1.26 bn in 2016 and is expected to rise to US$1.78 bn by 2024.

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Despite the presence of a large number of regional players, the global market for urolithiasis management devices is dominated by few large vendors having substantial budgets for research and development of new technologies and innovative products, observes TMR in a recent report. Companies such as Boston Scientific Corporation, C. R. Bard, Inc., and Cook Group command prominent positions in the global market owing to their strong geographic presence, excellent distribution networks, and the financial power to acquire niche device developers across the globe. The degree of competition is high in the maturing market, with frequent changes to the development dynamics owing to rapid advancements in supporting technologies.

Asia Pacific to Emerge as Most Promising Regional Market

Of the key urolithiasis management device types available in the global market, the segment of shockwave lithotripters is presently the dominant revenue generator, with a valuation of US$789.2 mn in 2015, and is expected to account for a share of 65% in the global market by 2016. Of the key end users of urolithiasis management devices, the segment of clinics led the global market, holding a share of 55% of the market’s overall revenues in 2015. Geography-wise, North America led with 36% share in the global market in the same year. Over the period between 2016 and 2024, however, Asia Pacific is projected to emerge as the most promising regional market for urolithiasis management devices owing to the large geriatric population and a rising base of high-income patients.

Technological Advancements to Stimulate Market Growth

The market for urolithiasis management devices is primarily driven owing to the rising prevalence of kidney stones among the global population. Factors such as obesity, changing lifestyles, and ageing are the chief causes triggering the formation of kidney stones among humans. Studies state that at least 30% of the world’s population is presently obese or overweight. Geriatrics (people with more than 60 years of age) account for more than 900 mn people of the world’s population presently. The United Nations’ Department of Economic and Social Affairs states that this number will increase by 56% between 2015 and 2030 and rise to 1.4 bn by 2030.

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Along with these factors, the introduction of a variety of non-invasive treatment methods in the global urolithiasis management devices market has also encouraged the excellent growth of the market in the past few years. The significant reduction in treatment duration and effective results are compelling an increased number of patients to demand newer and technologically advanced treatment methods for kidney stones.

High Risk of Damage to Urinary Tract Leads to Apprehension about Urolithiasis Management Devices

Certain urolithiasis procedures such as the lithotripsy involve shockwaves that are sent across the body to trigger kidney stones with high precision force. Such treatments may result in damage to soft tissues and could also potentially lead to a permanent loss of renal functions. This factor leads to increased concerns among patient about the potential side-effects of novel technologies and hampers the overall adoption of urolithiasis management devices to a notable extent. Another key challenge for the global urolithiasis management devices is the high cost of certain latest and novel technologies, which restrains market’s growth across developing economies to a large extent.

Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.

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This release was published on openPR.