Kidney Stone Management Devices Market to Reach US$ 1,500 Million by 2028; Global Sales Likely to Surpass 1 Million Units, Reveals Fact.MR
20 Sep, 2018, 11:30 BST
ROCKVILLE, Maryland, September 20, 2018 /PRNewswire/ --
Global sales of kidney stone management devices are likely to surpass 1 million units by 2028, according to a new Fact.MR study. In terms of revenues, the study projects the kidney stone management devices market to surpass US$ 1,500 million.
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Rising preferences for minimally-invasive and non-invasive surgical procedures continues to be a massive trend in the kidney stone management devices market. Growing incidence rate of kidney stones, combined with the availability of affordable minimally invasive treatment is likely to sustain demand for kidney stone management devices during the forecast period 2018-2028. The report opines that manufacturers will be hard-pressed to develop innovative devices for large stones, as it has remained a longstanding challenge for healthcare providers.
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According to the report, lithotripsy devices will continue to account for over 80% revenue share of the market. Lithotripsy devices have remained the go-to medical devices in urology and renal conditions, and their lucrativeness is likely to continue over the course of the forecast period. The report finds that nephroscopes are likely to witness impressive sales in the kidney stone management devices market, owing to their competency of offering high-definition images with optimized working conditions.
Europe is the most lucrative market for kidney stone management devices market, and the status quo is likely to continue throughout the forecast period. Asia Pacific excluding Japan (APEJ) follows suit, and it is likely that the region will witness proliferation of kidney stone management devices in the near future. Emergence of various Asian countries as global medical tourism hub, and the steady improvement in access to healthcare are likely to induce a transformation in the Asia Pacific kidney stone management devices market.
Hospitals will remain at the forefront of demand, with this end-use segment accounting for nearly half of global revenue share. Rising prevalence of kidney stones and subsequent surge in the number of hospital admissions is a key factor supplementing this demand, according to the report. The study finds that kidney stone management devices sales through hospitals will be complemented by sales through specialty clinics. As per the report, the specialty clinics are envisioned to expand at an impressive CAGR of 5.5% from 2018 to 2028.
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The exhaustive research study also elaborates on multipronged factors influencing the growth of kidney stone management devices market. Rising practices of kidney stone patient management by clinicians and assimilation of ureteroscopy with intracorporeal lithotripsy are identified as pervasive trends in the market. Notable product innovations and breakthroughs in the kidney stone management devices market have also been embodied in the report. For instance, in response to the requirements for devices with high efficacy, introduction of digital flexible ureteroscope offering high-quality visualization is considered to be one of the noble product developments in the kidney stone management devices market.
The report also incorporates differential strategies executed by prominent players in the kidney stone management devices market. For instance- leading players in the market are looking forward to leverage new opportunities created from incorporation of artificial intelligence (AI), as home screening of kidney stones is likely to create lucrative opportunities for manufacturers. Flying Brands' acquisition of Imaging Biometrics (IB) was aimed to leverage its expertise in machine learning and artificial intelligence to imaging. Further, direct marketing of products to urologists and clinicians continues to be another prevailing trend among manufacturers.
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