Rising prevalence of kidney stones to drive growth in the Urolithiasis Management Devices Market
Urolithiasis Management Devices Market |
Market
Overview:
The
urolithiasis management devices market consists of various products used for
diagnosing and treating kidney stones. Major products in this market include
lithotripsy devices, ureteral stents, and nephroscopes. Lithotripsy devices are
used to break kidney stones into smaller fragments using shock waves or laser.
Ureteral stents are placed to help pass small fragments of kidney stones
smoothly. Nephroscopes are used to visualize and access the kidney during
surgical procedures. Growing geriatric population prone to kidney stone
formation and technological advancement in lithotripsy devices are some of the
major factors driving the growth of this market.
Market key trends:
One of the key trends in the Urolithiasis
Management Devices Market Demand is the rising adoption of minimally
invasive procedures. Traditionally, open surgeries were performed to remove
larger kidney stones. However, minimally invasive procedures such as
percutaneous nephrolithotomy (PCNL) and ureteroscopy are now widely used owing
to their benefits such as lesser pain, shorter hospital stay, and faster
recovery. Another trend is the increasing preference for extracorporeal shock
wave lithotripsy (ESWL) over other lithotripsy procedures due to its
non-invasive nature and high success rates. Technological advancements have led
to the development of new generation lithotripters with better imaging
capabilities and higher precision in targeting kidney stones.
Porter’s Analysis
Threat of new entrants: Low-high level of capital requirements in
manufacturing the medical devices act as a barrier for new entrants. Bargaining
power of buyers: Moderate as different types of Urolithiasis devices are
available from various key players which provides choices to buyers. Bargaining
power of suppliers: Moderate as raw materials for medical devices mainly
includes polymers and metals which have many suppliers. Threat of new
substitutes: Low as currently there are no major substitute available for
Urolithiasis management devices. Competitive rivalry: High as the existing
players in the market are focusing on product innovation and launching new
advanced products to gain competitive edge.
Key Takeaways
The global Urolithiasis Management Devices Market is expected to witness
high growth, exhibiting CAGR of 4.8%
over the forecast period, due to increasing prevalence of urolithiasis diseases
cases across the world.
The global Urolithiasis Management Devices market size for 2023 is US$ 1,694.7 Mn. Regional analysis North
America dominates the Urolithiasis management devices market due to favorable
reimbursement policies and rising adoption of minimally invasive surgeries in
the region. Asia Pacific exhibits the fastest growth in the global market
supported by increasing healthcare spending and growing awareness.
Key players operating in the Urolithiasis Management Devices market are Lumenis
Ltd., Boston Scientific Corp, BD, Cook Medical, Karl Storz, Allengers Medical
Systems, Inc, Olympus Corporation, Electro Medical Systems SA, Dornier MedTech
GmbH, Direx Group., HealthTronics, Inc., CONMED Corporation., Applaud Medical,
Inc., Potent Medical., and other prominent players. The key players are majorly
focusing on new product launches and regulatory approvals to strengthen their
market position.
Read More:
https://www.dailyprbulletin.com/urolithiasis-management-devices-market/
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