Extracorporeal shock wave lithotripsy (ESWL) is a non-invasive treatment used to break up kidney stones and gallstones into smaller fragments so that they can pass easily through the urinary tract or bile duct. It uses externally generated highly focused shock waves to fragment the stones within the body into tiny, sand-like grains which can pass through the urinary tract spontaneously. ESWL is considered a safe and effective treatment option for urolithiasis.
The global Extracorporeal Shock Wave Lithotripsy Market is estimated to be valued at US$ 443 Mn in 2023 and is expected to exhibit a CAGR of 6.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the extracorporeal shock wave lithotripsy market is the increasing use of ESWL in the treatment of various conditions such as cystine stones, uric acid stones, and calcium oxalate monohydrate stones which were previously considered unsuitable for ESWL. Technological advancements have enabled ESWL machines to efficiently fragment such difficult stones. Furthermore, the adoption of shockwave lithotripsy in pediatric patients is also growing owing to benefits such as reduced hospital stay and minimal invasiveness compared to surgery. Growing prevalence of urolithiasis worldwide due to changing lifestyles and dietary patterns is another factor fueling the demand for ESWL procedures.
Threat of new entrants: The high cost of setting up a facility and getting the required regulatory approvals makes the entry of new players difficult in this market.
Bargaining power of buyers: The presence of several players providing similar lithotripsy treatment solutions gives buyers ample options, hence increasing their bargaining power.
Bargaining power of suppliers: The dependence on a select few device manufacturers increases their bargaining power in this market.
Threat of new substitutes: Though newer minimally invasive procedures are available, lithotripsy still remains the treatment of choice for many types of stones, restricting the threat of substitutes.
Competitive rivalry: The market sees intense competition between the major players to increase their market share.
The Global Extracorporeal Shock Wave Lithotripsy Market Size is expected to witness high growth, exhibiting a CAGR of 6.2% over the forecast period, due to increasing prevalence of kidney stones. The North American region dominates the market currently due to growing geriatric population and favorable reimbursement policies in the region.
Regional analysis: North America leads the extracorporeal shock wave lithotripsy market currently due to presence of advanced healthcare infrastructure and high adoption of technologically advanced lithotripsy devices. Asia Pacific is expected to witness the highest CAGR during the forecast period with growing medical tourism industry and increasing healthcare spending in the region.
Key players: Key players operating in the extracorporeal shock wave lithotripsy market include Siemens AG, Dornier MedTech GmbH, Olympus America, Richard Wolf, Boston Scientific, EDAP TMS, Urologix Inc., Guangdong Haifu Medical Technology Co., Ltd., Chongqing Haifu Medical Technology Co., Ltd., Jiangsu Yuyue Medical Equipment Co., Ltd. The market sees intense competition between these players to gain higher revenue share through new product launches and strategic collaborations.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it