Extracorporeal Shock Wave Lithotripsy Market Trends

Growth Drivers

• Growing Cases of Gallstones Among the Global Population – Owing to the adoption of unhealthy lifestyles, people across the globe are being diagnosed with gallstones every day. The most effective way of removing gallstones is considered to be extracorporeal shock wave lithotripsy (ESWL) as per medical professionals. Thus, with the increase in the prevalence of gallstones in the world, the adoption of extracorporeal shock wave lithotripsy (ESWL) for treatment processes is also expected to increase rapidly during the forecast period. For instance, recent reports published in 2022 stated that gallstones affect almost 10 to 15 million people in the North American region every year. Also, in 2018, more than 295,000 cases of gallstone cancer were recorded in 2018 in the world.

• The Surge in Obesity – Obesity is a disease that is considered to impact the heart, liver, kidneys, joints, and reproductive systems in a negative way which ultimately propels the growth of stones in human bodies. Thus, the rising number of people with obesity is a positive factor for the utilization rate of extracorporeal shock wave lithotripsy (ESWL) in the next few years. The World Health Organization (WHO) stated that around 1 billion people out of which 650 million are adults, 340 million are adolescents, and 39 million are children are categorized as obese worldwide.

• Increased Number of Diseases Being Performed Annually Worldwide – As a result of rising diseases and illnesses, a high number of surgeries are being performed across hospitals present across the world. This factor is anticipated to increase the adoption rate of extracorporeal shock wave lithotripsy (ESWL) during surgical procedures. The National Library of Medicine stated that approximately 310 million major surgeries are performed each year worldwide. Out of these, around 40 to 50 million surgeries are performed in the United States and around 20 million in the European region.

• Escalation in the Investments for Developing Healthcare Devices - The data revealed by the India Brand Equity Foundation (IBEF) stated that in FY20, the foreign investments in the Indian medical devices sector increased to USD 301 million from USD 151 million in FY19, which indicates a 98% increment.

• Rising Focus on Bringing Advancement in the Healthcare Industry - For instance, investment in medical and health research and development (R&D) in the United States (U.S.) increased by 11% to around USD 245 billion in 2020 from previous years.

Challenges

• High Costs Associated with the Procedure – Extracorporeal shock wave lithotripsy (EWSL) treatment requires technologically advanced products and advanced items. The costs of these products are high owing to the integration of the latest features which subsequently increases the costs of extracorporeal shock wave lithotripsy (EWSL) treatment. This factor is anticipated to lower the adoption rate of extracorporeal shock wave lithotripsy (EWSL) among the population with middle and low income and ultimately hamper market growth during the forecast period.
• Low Level of Awareness about the Advantages
• Rising Risks of Failure to Crush Large Stones through the Process