Transparency Market Research estimates that the global urolithiasis
management devices market will expand at a healthy 4.5% CAGR over the
period between 2016 and 2024. The market’s worth is estimated to be
US$1.26 bn in 2016 and is expected to rise to US$1.78 bn by 2024.
The market for urolithiasis management devices is primarily driven
owing to the rising prevalence of kidney stones among the global
population. Factors such as obesity, changing lifestyles, and ageing
are the chief causes triggering the formation of kidney stones among
humans. Studies state that at least 30% of the world’s population
is presently obese or overweight. Geriatrics (people with more than
60 years of age) account for more than 900 mn people of the world’s
population presently. The United Nations’ Department of Economic
and Social Affairs states that this number will increase by 56%
between 2015 and 2030 and rise to 1.4 bn by 2030.
Along with these factors, the introduction of a variety of
non-invasive treatment methods in the global urolithiasis management
devices market has also encouraged the excellent growth of the market
in the past few years. The significant reduction in treatment
duration and effective results are compelling an increased number of
patients to demand newer and technologically advanced treatment
methods for kidney stones.
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Of the key urolithiasis management device types available in the
global market, the segment of shockwave lithotripters is presently
the dominant revenue generator, with a valuation of US$789.2 mn in
2015, and is expected to account for a share of 65% in the global
market by 2016. Of the key end users of urolithiasis management
devices, the segment of clinics led the global market, holding a
share of 55% of the market’s overall revenues in 2015.
Geography-wise, North America led with 36% share in the global market
in the same year. Over the period between 2016 and 2024, however,
Asia Pacific is projected to emerge as the most promising regional
market for urolithiasis management devices owing to the large
geriatric population and a rising base of high-income patients.
Certain urolithiasis procedures such as the lithotripsy involve
shockwaves that are sent across the body to trigger kidney stones
with high precision force. Such treatments may result in damage to
soft tissues and could also potentially lead to a permanent loss of
renal functions. This factor leads to increased concerns among
patient about the potential side-effects of novel technologies and
hampers the overall adoption of urolithiasis management devices to a
notable extent. Another key challenge for the global urolithiasis
management devices is the high cost of certain latest and novel
technologies, which restrains market’s growth across developing
economies to a large extent.
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Despite the presence of a large number of regional players, the
global market for urolithiasis management devices is dominated by few
large vendors having substantial budgets for research and development
of new technologies and innovative products, observes TMR in a recent
report. Companies such as Boston Scientific Corporation, C. R. Bard,
Inc., and Cook Group command prominent positions in the global market
owing to their strong geographic presence, excellent distribution
networks, and the financial power to acquire niche device developers
across the globe. The degree of competition is high in the maturing
market, with frequent changes to the development dynamics owing to
rapid advancements in supporting technologies.
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