by The global Urolithiasis Management Devices Market is estimated to be valued at US$ 1,694.7 Mn in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
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 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. _____________________________________
