July 14, 2024
Urolithiasis Management Devices Market

Urolithiasis Management Devices Market is Estimated To Witness High Growth Owing To Technological Advancements

Market Overview:
The urolithiasis management devices market comprises devices utilized for the treatment of kidney stones. Kidney stones are crystalline mineral concretions formed in the kidneys from dietary minerals in the urine. They range in size from grains of sand to larger stones measuring several centimeters. Urolithiasis management devices allow for minimally invasive procedures for removal of kidney stones thereby reducing postoperative complications, recovery time and enabling early return to normal activities.

Market key trends:
One of the key trends in the urolithiasis management devices market is technological advancements. Manufacturers are increasingly focusing on developing advanced stone management devices integrated with advanced technologies such as robotics and digital imaging. For instance, in April 2022, Olympus Corporation announced the launch of its LithoVue Single-Use Digital Flexible Ureteroscope in the U.S. The device features 4K visualization and incorporates new digital technology which provides sharper images and improves navigation inside the urinary tract during procedures for kidney stone removal. Similarly, in 2019, Boston Scientific Corporation received FDA approval for its LithoVue Single-Use Digital Flexible Ureteroscope. Its HD camera and digital components provide physicians with clear, distortion-free visualization during ureteroscopy procedures. Such technologically advanced products are expected to gain higher adoption and drive the market growth over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate due to the high capital investment required for R&D and manufacturing of Urolithiasis Management Devices Market Demand.

Bargaining power of buyers: The bargaining power of buyers is moderate as the devices are necessary for treatment of urolithiasis and there are limited alternatives.

Bargaining power of suppliers: The bargaining power of suppliers is low given the presence of a large number of component suppliers.

Threat of new substitutes: The threat of new substitutes is low as no major substitute exists for urolithiasis management devices.

Competitive rivalry: Intense competition exists among existing players.

SWOT Analysis

Strengths: Established distribution network and brand reputation of key players. Advances in minimally invasive procedures.

Weaknesses: High costs associated with R&D and manufacturing of devices. Risk of device failures and complications.

Opportunities: Growth in geriatric population susceptible to urolithiasis. Emerging markets in Asia Pacific and Latin America offer untapped potential.

Threats: Stringent regulatory approval process increases entry barriers. Reimbursement issues in certain regions hamper market growth.

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 incidence of kidney stones globally. North America is expected to dominate the market through 2030 owing to the presence of major players and higher adoption of minimally invasive procedures in the region.

The Asia Pacific market is poised to grow at a remarkable pace during the forecast period due to rising healthcare spending, growing medical tourism, and increasing awareness regarding urolithiasis management.

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 major players are focusing on new product launches and geographic expansion to strengthen their market position.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research

2. We have leveraged AI tools to mine information and compile it