- The need to combat with the ascent in the stone getting gathered at different sites, rise in the geriatric population, and increase in sedentary lifestyles, are forecast to support the CAGR in the forecast period.
- Market Size – USD 1.54 Billion in 2019, Market Growth - CAGR of 4.6%, Market Trends– Advancements in Stone Treatment Devices platform, and improved regulations for surgical procedures.
NEW YORK, Aug. 26, 2020 /PRNewswire/ -- According to the current analysis of Reports and Data, the Global Stone Treatment Devices Market was valued at USD 1.54 Billion in 2019 and is expected to reach USD 2.21 Billion by the year 2027, at a CAGR of 4.6%. Stone formation in the human body is an ailment that includes the production of stony concretions for the bladder or urinary tract and different parts of the body. It is framed by a multifaceted procedure that outcomes from various physicochemical occasions, including nucleation, super-saturation, aggregation, development, and maintenance of urinary stone segments inside tubular cells. Stone treatment devices are the blend of that hardware and instruments, which are utilized for the total evacuation or the pulverization of the stone at the target site itself by sending shock waves. The expanding predominance of Kidney Stones, particularly in the geriatric populace, is driving the urinary stone treatment devices and equipment market development. The frequency of urinary stone is accounted for to be expanding over the globe. About 30% of individuals worldwide are obese, and almost 900 million individuals are geriatrics, which is required to increment to 1.4 billion by 2030. The occurrence of kidney stones is expanding, with an expected predominance running up to 17%.
Increased recurrence of the stone after the surgery and inclination towards minimally invasive procedures are foreseen to move the market in the coming years. For example, as indicated by the National Kidney Foundation, it is assessed that every year, more than half a million people go to emergency spaces for kidney stone issues. It is evaluated that one of every ten individuals will have a kidney stone sooner or later. Moreover, development in the reimbursement strategies and acceleration in awareness during the estimated period is foreseen to fuel the market.
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The absence of open awareness and legitimate information about the issues related to urinary stone infections, especially in the under-developed nations, impedes market development. This absence of appropriate information turns into a detour for the urinary stone treatment device producers. Moreover, rigid government guidelines for surgical procedures may hamper the market in the coming years.
COVID-19 Impact Analysis:
The outbreak raised concern for patients dealing with other underlying conditions. However, government authorities had laid down several guidelines to ensure patient safety and healthcare professional safety. The market has experienced a downturn over the weeks, which may continue over the next few months. The increased patient pool suffering from COVID-19 has disrupted the balance in healthcare. The manufacturing of medical devices has come to a temporary halt in multiple countries changed. The production of Stone Treatment Devices and supply chain has been disturbed, causing losses to the manufacturers, dealers, and consumers. The market might be facing a downside for the period. As the pandemic comes under control, the market is expected to regain its pace of growth.
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Further key findings from the report suggest
- About 38.5% of the worldwide Stone Treatment Devices showcase is done through the Intracorporeal Ureteroscopy method, owing to its high efficacy.
- Europe accounted for a share of 27.9% in the year 2019 and is expected to propel market demand at a significant pace during the estimated period.
- Hospitals accounted for the largest share of stone treatment devices market in the year 2019. The segment is expected to grow at a pace of 4.4%, owing to the rising adoption of minimally invasive technologies.
- Specialty Clinics by end-use segment held the second biggest piece of the overall industry of 27.6% in the year 2019. The sub-segment is expected to grow at a significant rate due to the expansion of the range of stone treatment devices in the coming years.
- The North American area held 39.1% of the global market as of 2019. The factor influencing the development of the market includes the increased incidence of kidney stones in the locale.
- The rising spending limit of people for improving the quality of life and activities taken by the administrations in the district will fuel the market development in the Asia Pacific region.
- The Global Stone Treatment Devices Market is highly fragmented with significant players like Boston Scientific Corporation, Richard Wolf, Cook Medical, Olympus Corporation, STORZ Medical, C. R. Bard, Inc., Dornier Medtech, Allengers Medical Systems, Coloplast, DirexGroup, Elmed Medical Systems, and Medispec Ltd.
For the purpose of this report, Reports and Data has segmented the Global Stone Treatment Devices Market on the basis of product, stone type, treatment type, end-use, and region:
- Product Outlook (Revenue, USD Million; 2017-2027)
- Urethral Stents
- Stone Retrieval Devices
- Holmium Laser Devices
- Stone Type Outlook (Revenue, USD Million; 2017-2027)
- Calcium Stones
- Uric Acid
- Treatment Type Outlook (Revenue, USD Million; 2017-2027)
- Percutaneous Nephrolithotripsy
- Intracorporeal Ureteroscopy
- Extracorporeal Shock Wave Lithotripsy
- End-Use Outlook (Revenue, USD Million; 2017-2027)
- Specialty Clinics
- Ambulatory Surgical Centers
- Regional Outlook (Revenue, USD Million; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Middle East & Africa
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