Extracorporeal Shock Wave Lithotripsy Market: Current Analysis and Forecast (2021-2027)

Report Description

Global Extracorporeal Shock Wave Lithotripsy Market is anticipated to grow with an elevated CAGR of around 5% over the forecast period (2021-2027). Extracorporeal Shock Wave Lithotripsy is the commonly used treatment for kidney and ureter stones. In this, the high-intensity acoustic pulse is applied externally to crush the stone causing minimal damage to the normal tissue. The stones are broken down into smaller fragments using the shock waves.

The prevalence of obesity and overweight is rising dramatically across the globe and has nearly tripled since 1975. In 2019, almost 39% of adults aged 18 years and above were overweight globally. Also, some obese adults are at an increased risk of developing type 2 diabetes. As per recent research, obese people are up to 80 times more likely to develop type 2 diabetes. Further, studies have also shown that people having type 2 diabetes have also been twice at risk of having kidney stones. Kidney stones are even more probable in individuals who have severe diabetes. This increasing prevalence of obesity and diabetes all over the globe is expected to propel the extracorporeal shock wave lithotripsy market.

Furthermore, the demand for extracorporeal shock wave lithotripsy is increasing all over the world on account of the growing number of patients who are not suitable for open surgeries, advancement in technology, and shifting preferences of the population towards less-invasive surgeries. For instance, as per a recent paper published in the surgical endoscopy journal, the mean number of minimally invasive surgeries increased by 462% between 2000 and 2018. In addition to this, the increase in penetration of extracorporeal shock wave lithotripsy devices owing to the advantages offered by these devices such as minimal invasiveness, reduced pain, shorter hospital stay, and quicker recovery time are also some of the prominent factors contributing towards the growth of the market.

Worldwide Prevalence of Overweight in Adults, By Country, 2020

Siemens AG, Boston Scientific Corporation, Medtrue Enterprise Co. Ltd., Karl Storz Gmbh and Co. KG, Olympus Corporation, C.R. Bard Inc., Cook Group Inc., Wikkon, Lumenis LTD, Dornier MedTech GmbH, are some of the prominent players operating in the extracorporeal shock wave lithotripsy market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with extracorporeal shock wave lithotripsy devices.

Insights Presented in the Report

“Amongst Technology, Electrohydraulic Technique segment holds the major share”

Based on technology, the extracorporeal shock wave lithotripsy market is segmented into electrohydraulic technique, electromagnetic technique, and piezoelectric technique. The electrohydraulic technique segment accounted for the significant market share in 2020 and it is estimated that it will exhibit the highest CAGR during the forecast period as it is one of the most accepted techniques among physicians and doctors. This is because it is the oldest and the original method of shockwave generation. However, the piezoelectric technique is anticipated to witness a rapid growth rate during the projected timeframe.

“Amongst Application, Kidney Stones segment holds the major share”

Based on application, the extracorporeal shock wave lithotripsy market is segmented into kidney stones, uretic stones, pancreatic stones, and salivary stones. The kidney stones segment occupied the major share of the extracorporeal shock wave lithotripsy market in 2020 and it is expected to grow with substantial CAGR in the upcoming years. The growth of this segment is attributed to the increase in the number of people having kidney stones. For instance, it is estimated that almost 12% of Americans will develop a kidney stone during their lifetime.

“Amongst End-User, Hospitals segment holds the major share”

Based on end-user, the market is fragmented into hospitals, clinics, and others. In 2020, hospitals segment grabbed the considerable market share, and it is expected to grow at a significant CAGR during the forecast period owing to the growing utilization of these products in hospitals as they have advanced and well-established healthcare infrastructure. In addition, the increasing preference of patients for hospitals-based procedures, and favorable reimbursement scenarios are some of the prominent factors boosting the growth of this segment. However, the clinics segment is expected to grow at a considerable CAGR in the forthcoming years.

“North America represents one of the largest markets of extracorporeal shock wave lithotripsy market”

For a better understanding of the market dynamics of the extracorporeal shock wave lithotripsy market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the Extracorporeal shock wave lithotripsy market industry and generated revenue of USD XX Million in 2020 owing to strong healthcare infrastructure and growing adoption of minimally invasive surgeries in the region.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global extracorporeal shock wave lithotripsy market were the three major steps undertaken to create and analyze the adoption of extracorporeal shock wave lithotripsy in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global extracorporeal shock wave lithotripsy market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the extracorporeal shock wave lithotripsy through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the extracorporeal shock wave lithotripsy market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as technology, application, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of extracorporeal shock wave lithotripsy across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the extracorporeal shock wave lithotripsy. Further, we conducted factor analysis using dependent and independent variables such as growing advancement in technology and increasing adoption of minimally invasive surgeries. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the extracorporeal shock wave lithotripsy sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the extracorporeal shock wave lithotripsy market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of extracorporeal shock wave lithotripsy across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the extracorporeal shock wave lithotripsy market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the extracorporeal shock wave lithotripsy market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of technology, application, and end-users of the extracorporeal shock wave lithotripsy market.

The main objective of the Extracorporeal shock wave lithotripsy Market Study

The current & future market trends of extracorporeal shock wave lithotripsy were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of extracorporeal shock wave lithotripsy in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of technology, application, and end-users
• Define and analysis of the regulatory framework for the extracorporeal shock wave lithotripsy industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the extracorporeal shock wave lithotripsy market for the major region
• Major regions studied in the report include North America, Europe, Asia-Pacific, and Rest of the world
• Company profiles of the extracorporeal shock wave lithotripsy market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry