Lithotripsy Devices Market Size, Share, Industry Trends and Forecast to 2030

What is the Market Size & CAGR of Lithotripsy Devices market in 2021?

The global lithotripsy devices market size was valued at USD 883.8 million in 2021. The market is expected to grow at a Compound Annual Growth Rate (CAGR) of 5.2% from 2021 to 2028. This growth is primarily driven by factors such as the increasing prevalence of kidney stones and technological advancements in lithotripsy devices.

COVID-19 Impact on the Lithotripsy Devices Market

The COVID-19 pandemic had a mixed impact on the lithotripsy devices market. On one hand, the demand for these devices increased due to the backlog of elective procedures caused by the pandemic. On the other hand, there were disruptions in the supply chain and manufacturing processes, leading to a temporary slowdown in the market. However, as healthcare systems adapted to the new normal, the market started to recover, and the demand for lithotripsy devices is expected to grow steadily in the post-pandemic period.

Lithotripsy Devices Dynamics

The lithotripsy devices market is driven by several factors, including the increasing prevalence of kidney stones, technological advancements in lithotripsy devices, and the rising demand for minimally invasive procedures. The market is also influenced by factors such as growing healthcare expenditure, the aging population, and the increasing adoption of lithotripsy devices in emerging economies.

Segments and Related Analysis

The lithotripsy devices market can be segmented based on technology, end-user, and region. Technological segments include extracorporeal shock wave lithotripsy (ESWL), intracorporeal lithotripsy, and percutaneous lithotripsy. End-users of lithotripsy devices include hospitals, ambulatory surgical centers, and specialized clinics. Regionally, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

By Region Analysis

- North America: North America is the largest market for lithotripsy devices due to the high prevalence of kidney stones and the presence of advanced healthcare infrastructure. - Europe: Europe is also a significant market for lithotripsy devices, driven by the growing adoption of minimally invasive procedures. - Asia Pacific: The Asia Pacific region is expected to witness the fastest growth in the lithotripsy devices market, attributed to the increasing healthcare expenditure and rising awareness about kidney stone treatments. - Latin America: Latin America is projected to show steady growth in the market, supported by the improving healthcare facilities. - Middle East & Africa: The Middle East & Africa region is also expected to contribute to the market growth, driven by the increasing prevalence of kidney stones in the region.

Key Market Players and Competitive Landscape

Some of the key players in the lithotripsy devices market include Boston Scientific Corporation, Olympus Corporation, Medispec Ltd., Cook Medical, DirexGroup, Siemens Healthineers, EMD Medical Technologies, Richard Wolf GmbH, STORZ Medical AG, and Dornier MedTech. The market is highly competitive, with companies focusing on product innovations, strategic collaborations, and acquisitions to gain a competitive edge.

Recent Happenings in the Lithotripsy Devices Market

- In April 2021, Boston Scientific Corporation announced the launch of LithoVue Empower Retrieval Deployment Device for use in kidney stone procedures. - In September 2021, Siemens Healthineers introduced the ACUSON Sequoia ultrasound system with UltraArtificial Intelligence to enhance urology procedures, including lithotripsy. - In November 2021, Olympus Corporation acquired Medi-Tate Ltd., a developer of innovative devices for the minimally invasive treatment of large kidney stones. - In January 2022, Cook Medical received FDA clearance for its Motion metallic ureteral stent, designed to improve patient comfort and safety during lithotripsy procedures.