Albany, NY -- (SBWIRE) -- 05/17/2019 -- Lithotripters are devices that are used to break the stones present in the kidneys, biliary duct, and pancreas. The global lithotripsy device market was valued at US$ 705.5 Mn in 2017 and is projected to reach US$ 984.3 Mn by 2026, expanding at a CAGR of 3.8% from 2018 to 2026. Rise in prevalence of gallstone and kidney stone diseases is anticipated to drive the global market.
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Additionally, favorable reimbursement for lithotripsy procedure and increase in awareness about kidney health are expected to augment the global lithotripsy device market. Moreover, inclination toward minimally invasive procedures is likely to propel the market across the globe. Furthermore, high cost of extracorporeal lithotripsy and available alternative treatment are key factors that are anticipated to restrain the market. According to the National Kidney Foundation, approximately 10% of the world's population is affected by chronic kidney diseases. According to the Eastern Mediterranean Health Journal, the prevalence of upper urinary tract stones was high in children as well as adults.
In terms of product, the lithotripsy device market has been categorized into intracorporeal lithotripsy and extracorporeal lithotripsy. The intracorporeal lithotripsy segment has been further sub-segmented into mechanical lithotripsy, electrohydraulic lithotripsy, laser lithotripsy, ultrasonic lithotripsy, and others. The extracorporeal lithotripsy segment dominated the market in 2017, due to a rise in the prevalence of kidney stones. Based on application, the market has been classified into kidney stones, biliary duct stones, and others. Increase in the prevalence of kidney stone, due to renal tubular acidosis, is anticipated to drive the kidney stone segment.
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In terms of region, the global lithotripsy device market has been segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America accounted for major share of the global market in 2017. The market in North America is driven by the presence of key players and high rate of adoption of technologies in the region. Additionally, a rise in the prevalence of kidney stone disease is likely to propel the market in the region. According to an article published in the Cleveland Clinic Journal of Medicine, 10% to 25 % of adults were suffering from gall bladder stones in 2015, in the U.S. Approximately 13% of men and 7% of women in the U.S. are diagnosed with kidney stones once during their lives. The market in Europe is driven by an increase in the prevalence of kidney stone. In Germany, approximately 1% to 2% people suffer from kidney stones each year. The market in Asia Pacific is expanding due to an increase in the prevalence of gallstones and kidney stones in the region.
The global lithotripsy device market is highly fragment, due to the presence of a large number of players. Major players operating in the global lithotripsy device market 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. Increase in trend of mergers & acquisitions and product approvals & launches in developing countries is expected to boost the global lithotripsy device market during the forecast period. In April 2018, Olympus Corporation acquired Cybersonics, Inc. for lithotripsy system design and production technology. This acquisition enabled the company to strengthen its urological portfolio. Additionally, this acquisition provides growth in core part of business. In July 2018, Dornier MedTech, a provider of products for kidney stone management, received approval from Pharmaceutical and Medical Device Agency for its Delta III product in Japan. This product approval enabled the company to enhance its product portfolio in Japan.
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