Global Lithotripsy Devices Market to reach USD 2.03 billion by 2025. Global Lithotripsy Devices Market valued approximately USD 1.28 billion in 2016 is forecasted to grow with a healthy growth rate of more than 5.24% over the forecast period 2018-2025. The major factors speculated to augment the markets are high-tech developments and escalating prevalence of urolithiasis. Increasing no. of evolving markets is one of the likely opportunistic areas for the growth of the market whereas stringent healthcare restructurings in the US is one of the prime restraining factors of the market.
Lithotripsy is a non-invasive treatment using ultrasonic shock waves to degenerate kidney or ureteric stones to allow passage through the urinary tract system with minimal pain to the patient.
Global Lithotripsy Devices Market is segmented based on Type, Application, and End-User. The Extracorporeal Shock Wave Lithotripsy Devices subsegment of Type segment is expected to show a tendency of dominance with largest market share through forecasted period. Moreover, Kidney Stones and Hospitals subsegment is also expected to show a similar tendency of the highest market share size in the Application and End-User segment respectively.
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The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
The regional analysis of Global Lithotripsy Devices Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world in terms of market share. Whereas, owing to countries like India, China & Japan, and increasing population in the region has resulted in the growing requirements for energy the Asia Pacific region is expected to dominate the market over the forecast period 2018-2025.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study.
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Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
§ Intracorporeal
§ Extracorporeal Shock Wave Lithotripsy (ESWL) Devices
By Application:
§ Pancreatic Stones
§ Kidney Stones
§ Bile Duct Stones
§ Ureteral Stones
By End-User:
§ Ambulatory Surgical Centers
§ Hospitals
§ Others
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By Regions:
§ North America
o U.S.
o Canada
§ Europe
o UK
o Germany
§ Asia Pacific
o China
o India
o Japan
§ Latin America
o Brazil
o Mexico
§ Rest of the World
The industry is seeming to be fairly competitive. Some of the leading market players include Storz Medical AG, Siemens AG, Richard Wolf, Medispec Inc., Novamedtek, Olympus corp., Dornier Medtech, Boston Scientific Corp., Walz Elektronik, Direx Group, COOK, LUMENIS, C. R. Bard, Inc., and so on. The fierce competitiveness has made these players spend in product developments to improve the customer’s requirements.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.”
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