Global Extracorporeal Shock Wave Lithotripsy Market Is Estimated To Witness High Growth Owing To Technological Advancements and Increasing Incidence of Kidney Stones
The global extracorporeal shock wave lithotripsy market is estimated to be valued at USD 321.24 million in 2022 and is expected to exhibit a CAGR of 6.32% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
A) Market Overview:
Extracorporeal shock wave lithotripsy (ESWL) is a non-invasive medical procedure used to break down kidney stones using high-energy shock waves. This technology has gained popularity due to its effectiveness, minimal invasiveness, and shorter recovery time compared to traditional surgical procedures. ESWL has significant use cases in treating urological conditions such as kidney stones, gallstones, and pancreatic stones.
B) Market Dynamics:
1) Technological Advancements: The Extracorporeal Shock Wave Lithotripsy (ESWL) Market is driven by continuous technological advancements in shock wave lithotripsy techniques. The development of advanced imaging technologies, such as ultrasound and fluoroscopy, enables precise targeting of kidney stones, reducing the risk of damage to surrounding tissues.
2) Increasing Incidence of Kidney Stones: The rising prevalence of kidney stones globally is a major factor driving market growth. Changes in dietary habits, sedentary lifestyles, and increasing obesity rates contribute to the higher incidence of kidney stones, thereby boosting the demand for ESWL procedures.
C) SWOT Analysis:
- Strength: (1) Non-invasiveness: ESWL offers a non-invasive treatment option, reducing the need for surgical procedures. (2) Minimal Recovery Time: Patients undergoing ESWL experience shorter recovery times compared to traditional surgical procedures.
- Weakness: (1) Treatment Limitations: ESWL may not be suitable for treating all types and sizes of kidney stones. (2) Side Effects: Some patients may experience side effects such as bruising, pain, or infection after the procedure.
- Opportunity: (1) Growing Geriatric Population: The increasing geriatric population is more prone to urological conditions, creating a favorable market growth opportunity. (2) Rising Healthcare Expenditure: The escalating healthcare expenditure across the globe provides a conducive environment for market growth.
- Threats: (1) Alternative Treatment Options: The availability of alternative treatment options such as endoscopic procedures and minimally invasive surgeries may hinder market growth. (2) Lack of Awareness: Limited awareness about ESWL procedures in certain regions may pose a challenge to market growth.
D) Key Takeaways:
- The global extracorporeal shock wave lithotripsy market is expected to witness high growth, exhibiting a CAGR of 6.32% over the forecast period, due to increasing technological advancements and the rising incidence of kidney stones.
- Regional analysis indicates that North America is the fastest-growing and dominating region in the market, owing to the high prevalence of kidney stones and well-established healthcare infrastructure.
- Key players operating in the global extracorporeal shock wave lithotripsy market include Boston Scientific Corporation, C.R. Bard Inc., Lumenis LTD, GE Healthcare, and Siemens AG. These companies focus on strategic initiatives such as mergers, acquisitions, and collaborations to strengthen their market presence and expand their product portfolios.
In conclusion, the global extracorporeal shock wave lithotripsy market is anticipated to experience significant growth due to technological advancements and the increasing prevalence of kidney stones. The market presents immense opportunities for key players to capitalize on by developing innovative solutions and expanding their geographical reach. However, the market is not without challenges, including the availability of alternative treatment options and limited awareness among patients about ESWL procedures.
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