Lithotripsy Device Market to Reach over US$ 984.3 Mn by 2026
Transparency Market Research (TMR) has published a new report titled, “Lithotripsy Device Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global lithotripsy device market was valued at US$ 705.5 Mn in 2017. It is projected expand at a CAGR of 3.8% from 2018 to 2026. Increase in the prevalence of kidney stone and a rise in awareness about kidney health are anticipated to augment the global market between 2018 and 2026.
Lithotripsy is a non-invasive procedure that is utilized to break stones present in various organs such as kidneys, liver or gallbladder, and pancreas. Lithotripsy compromises products such as intracorporeal and extracorporeal lithotripter. Rise in the prevalence of kidney stones and an increase in the awareness of kidney health are key factors that are anticipated to drive the global market for lithotripsy device. Additionally, favorable reimbursement policies are likely to propel the global lithotripsy device market. However, availability of alternatives for stone management is anticipated to restrain the global market. Moreover, the high cost of lithotripsy procedure is a major factor restraining the market.
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The report offers detailed segmentation of the global lithotripsy device market based on product and application. The market has also been segmented based on region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). Favorable reimbursement policies and an increase in the prevalence of kidney stone are likely to drive the global lithotripsy device market.
Extracorporeal lithotripsy segment to account for leading share, while intracorporeal lithotripter segment to expand significantly
In terms of product, the extracorporeal lithotripsy segment accounted for a leading share of the global market in 2017, and the trend is anticipated to continue during the forecast period. Increase in prevalence of pancreatic, biliary, and ureteral stone cases across the globe is projected to boost the segment during the forecast period. Increase in demand for lithotripsy devices, due to inclination toward minimally invasive procedures, is a key factor that is anticipated to drive the market during the forecast period.
Emerging technologies in laser lithotripsy to propel market
Emerging technologies in lithotripsy are projected to boost the global lithotripsy market during the forecast period. Mosses technology is a new technique of laser lithotripsy that is employed to separate water between laser tip and stone. Lumenis, Moses Holmium technology is a combination of fiber and Holmium laser that is utilized to treat stones present in difficult to reach locations. Dusting technique is used to remove stones without using the basket, while the pop-dusting technique is used to remove multiple stone fragments. Thulium laser is a new technology of laser lithotripsy. Its advantages include smaller fibers, increase in stone ablation, and higher flexibility. RevoLix DUO is a combination of Holmium and Thulium laser, offered by LISA Laser Products GmbH, and is used for urological application for lithotripsy.
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North America to be highly lucrative lithotripsy device market
North America has a large number of lithotripsy products approved for the treatment of various stone diseases. In the U.S., significant increase in prevalence of kidney stone diseases is likely to propel the region’s leading share of the global market during the forecast period. Additionally, product launches and approval for lithotripsy devices are anticipated to drive the market in the region.
Product launches by key players and patent approvals to boost market
The report also provides profiles of leading players operating in the global lithotripsy device market. These include Boston Scientific Corporation, Olympus Corporation, C. R. Bard, Inc., (Becton, Dickinson), EDAP TMS, Siemens Healthcare GmbH, Dornier MedTech, Cook, KARL STORZ, Richard Wolf GmbH, and EMS. Launch of new products, focus on development of technologically advanced products by companies, and product approvals are expected to drive the global market during the forecast period.
In May 2018, Dornier MedTech launched a new product Dornier Delta III and SmartLitho lithotripter system. In July 2018, Dornier MedTech received approval from Pharmaceutical and Medical Device Agency for the Delta III product in Japan. In April 2018, Olympus Corporation acquired Cybersonics, Inc. for lithotripsy system design and production technology.