Shock Wave Therapy Devices Market Analysis
Shock Wave Therapy Devices Market - Global Industry Insights, Trends, Size, Share, Outlook, and Opportunity Analysis, 2018-2026
Shock wave therapy also called extracorporeal shock wave therapy (ESWT) is a non-invasive treatment that is used in wide areas of medical field that includes physical therapy, orthopedics, cardiology, and urology. Shock wave therapy is an alternative treatment for orthopedic surgeries. The term extracorporeal signifies the external shock generation, and the resultant shock waves are then transmitted to the internal parts of the body via intermediate pads through the skin. Shock wave therapy is undertaken mainly by patients suffering from tendons and joints disorders. This therapy is known to perform very efficient mobility restoration and pain management. The shock wave therapy is carried out with the help of specialized devices called shock wave therapy devices. These devices intend to treat several indications that leads to chronic and acute pain and as well as helps to speed up the process of recovery within patients suffering from chronic and sub-chronic conditions of painful bones, spots, myoskeletal tissues and soft tissues. The shock wave therapy provides faster healing, revascularization and regeneration of the bones, ligaments and tendons.
Rise in prevalence of arthritis and musculoskeletal disorders to fuel growth of shock wave therapy devices market
According to Health and Safety Executive, the UK, 41% of ill health was encountered among the UK employees due to work related musculoskeletal disorders (WRMSD), accounting for around 1,311,000 cases in 2014. Furthermore, according to the Center for Disease Control (CDC) around 22.7% of adults are reported with some or the other kind of arthritis, accounting for 54.4 million cases during 2013-2015. The high prevalence rate of musculoskeletal disorders creates a highly conducive environment for growth of shock wave therapy devices market.
The global shockwave therapy devices market can be segmented on the basis of product type, technology, end user and geographical regions.
On the basis of product type,
On the basis of technology,
On the basis of end user,
Development of healthcare infrastructure in Asian countries helping to collectively propel the global shock wave therapy devices market
On the basis of geographical region, the global shock wave therapy market is segmented as North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America accounts for the largest share in the global market, owing to technological advancements and major investments in R&D of medical device technology. The Asia Pacific region is expected to come up with fast growing market owing to increasing population, changing lifestyle and development in healthcare infrastructure. According to a report by Population Reference Bureau, global population is projected to increase 33% from 2016 estimates to reach 9.9 billion by 2050. This population is expected to be characterized by a significantly large geriatric population. This demographic group is highly susceptible to injuries, which in turn creates a highly positive growth environment for the global shock wave therapy devices market in the near future.
The demand for non-invasive and hassle-free techniques responsible for driving the global shock wave therapy market
The demand for technologically advanced treatment for pain management and non- invasive nature of this therapy is the prime factor that is responsible to drive the global shock therapy market. The ability of shock waves therapy devices to increase cellular activity of the body and metabolic stimulation is also responsible to attract a large population. Furthermore, increase in the rate of prevalence of bone diseases as well increasing geriatric population are also playing a pivotal role to boost the global shock wave therapy devices market. However, the high cost of the therapy and lack of skillful workers to operate these devices could hinder the market growth up to some extent.
The key players operating the global shock wave therapy devices market includes C.R. Bard Inc., Boston Scientific Corporation, Lumenis Ltd., Dornier MedTech GmbH, Olympus Corporation, Medtrue Enterprise Co. Ltd., Edaptms TMS, Cook Group Inc., Karl Storz GmbH and Seimens AG.