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Press Release: Urolithiasis Management Devices Market to Reach US$ 2,033.6 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Shock wave lithotripters are non-invasive or minimally invasive treatment devices for kidney stone management. These devices generate shockwaves that are focused on the calculi and can pulverize stones of various sizes. Ureterorenoscope is a type of fiberoptic endoscope used in simultanous visulization and removal of kidney stones in a minimally invasive procedure. It is more reliable with a higher success rate in terms of removal of stones.
Statistics:
The global urolithiasis management devices market is estimated to account for US$ 2,033.6 Mn in terms of value by the end of 2027.
Global Urolithiasis Management Devices Market: Drivers
Increasing prevalence of urolithiasis is expected to propel growth of the global urolithiasis management devices market over the forecast period. For instance, according to the study, ‘Epidemiology of urolithiasis in Asia’, published in the Asian Journal of Urology, in October 2018, the prevalence of urolithiasis increased significantly in the last few decades in most Asian countries, like China (from 4% to 6.4%), Japan (from 4.3% to 9.0%), South Korea (from 3.5% to 11.5%), Thailand (from 1.4% to 16.9%), Saudi Arabia (from 6.8% to 19.1%), Iran (from 5.7% to 8.1%) and Israel (from 1.2% to 9.2%).
Moreover, increasing geriatric population is also expected to boost demand for urolithiasis management devices. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
Statistics:
North America held dominant position in the global urolithiasis management devices market in 2019, accounting for 37.4% share in terms of value, followed by Europe and Asia Pacific, respectively.
Figure 1: Global Urolithiasis Management Devices Market Share (%) Value, By Region, 2019
Global Urolithiasis Management Devices Market: Restraints
High risk of damage to urinary tract is expected to hinder growth of the global urolithiasis management devices market over the forecast period. Lithotripsy procedure involves generation of shockwaves sent across the body at the particular of kidney stones with high precision. A major side effect of lithotripsy is damage to soft tissues due to shock waves and permanent loss of renal functions.
Moreover, excise tax on medical devices is expected to hinder growth of the global urolithiasis management devices market.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 1,430.1 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 4.5% | 2027 Value Projection: | US$ 2,033.6 Mn |
| Geographies covered: |
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| Companies covered: |
Lumenis Ltd., Boston Scientific Corp., BD, Cook Medical, Karl Storz, Allengers Medical Systems, Inc., Olympus Corporation, Electro Medical Systems SA, Dornier MedTech GmbH, and Direx Group |
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Global Urolithiasis Management Devices Market: Opportunities
R&D of efficient diagnostics is expected to offer lucrative growth opportunities for players in the global urolithiasis management devices market. For instance, in June 2020, researchers from Penn State and Stanford University reported development of an improved urine-testing system for people suffering from kidney stones.
Moreover, launch of new satellite offices for urology care is also expected to aid in growth of the global urolithiasis management devices market. For instance, in July 2020, Advanced Urology started new satellite offices in Buckhead, Canton, Braselton, and Cumming to provide urology care.
Statistics:
The global urolithiasis management devices market was valued at US$ 1,430.1 Mn in 2019 and is forecast to reach a value of US$ 2,033.6 Mn by 2027 at a CAGR of 4.5% between 2020 and 2027.
Figure 2: Global Urolithiasis Management Devices Market Value (US$ Mn), 2016 – 2027
Market Trends/Key Takeaways
Major players in the global urolithiasis management devices market are focused on launching new products to expand their product portfolio. For instance, in July 2020, Lumenis Ltd. launched MOSES 2.0, the next generation of the versatile, patented MOSES platform for urology care.
Investment in R&D of non-invasive solutions for kidney stones is expected to propel growth of the global urolithiasis management devices market over the forecast period. For instance, in November 2019, Advanced MedTech Holdings announced it has co-led a US$ 10 million Series B funding in SonoMotion, a US-based medical device startup, together with its existing investors MedVenture Partners, Inc and BioVentures Investors, to support its development of non-invasive solutions for kidney stones.
Global Urolithiasis Management Devices Market: Competitive Landscape
Major players operating in the global urolithiasis management devices market include, Lumenis Ltd., Boston Scientific Corp., BD, Cook Medical, Karl Storz, Allengers Medical Systems, Inc., Olympus Corporation, Electro Medical Systems SA, Dornier MedTech GmbH, and Direx Group.
Global Urolithiasis Management Devices Market: Key Developments
Major players in the global urolithiasis management devices market are focused on launching new products to expand their product portfolio. For instance, in April 2019, Dornier MedTech announced the launch and immediate availability of its new AXIS Single-Use Digital Flexible Ureteroscope and Stone Management Products in the U.S.
Urolithiasis is referred to as kidney stone and is a condition that is characterized by presence of a calculi or a solid piece material in the urinary tract of an individual. These solid mass commonly known as kidney stone is typically formed in the renal area that is eliminated from the body through the urine stream. Rising incidence of chronic kidney diseases, and increasing healthcare infrastructure in developing economies are major factors responsible for growth of global urolithiasis management devices market. Furthermore, major players in the global urolithiasis management devices market are focused on launching new products to expand their product portfolio which is also expected to assist the market growth during the forecast period.
Key features of the study:
Detailed Segmentation:
*Browse 22 market data tables and 14 figures on “Urolithiasis Management Devices Market - Global forecast to 2027”.
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