Despite the presence of a large number of regional players, the global Urolithiasis Management Devices Market 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.
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.
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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.
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.