The shock wave therapy market studied is anticipated to grow with a CAGR of nearly 5.6% during the forecast period. The major factors attributing to the growth of the market are the increasing incidences of accidents and sports injuries, rise in patients with musculoskeletal, urological, cardiac disorders, and patients undergoing various surgical procedures. For instance, according to the Center for Disease Control (CDC), about 54.4 million cases 22.7% of adults were reported with arthritis during 2013-2015. Therefore the high prevalence rate of musculoskeletal disorders creates a highly conducive environment for the growth of the shock wave therapy devices market.
Shockwave therapy has multidisciplinary use, as it can be used in orthopedics, physiotherapy, urology, sports medicines, veterinary medicines, rehabilitation centers, plastic surgery, and others. Thus the shock wave therapy provides faster healing, revascularization, and regeneration of the bones, ligaments, and tendons.
Key Market Trends
The Electrohydraulic Shock Waves Segment is Expected to Hold the Largest Market Share
The electrohydraulic shock wave segment has been accounted for the largest market share in the last decade and is expected to continue over the forecast period. This dominance is owing to factors such as higher awareness and application of the technology for the past few years along with the increased preference among the physicians.
Also, its wide range of applicability in various disorders including cardiovascular diseases, veterinary medicines, plastic surgery resulted in a higher demand for the segment contributing a significant share fueling the global market
North America Dominates the Market and Expected to do Same in the Forecast Period.
North America is expected to dominate the market throughout the forecast period. The dominance is owing to the rapid increase in the geriatric population, highly advanced technology, and established healthcare infrastructure providing the SWT for pain management. Also, the growing incidence of cardiac ischemia, kidney stones, and erectile dysfunction in the U.S. fuels the market in the region and contributes to the highest share in the global market.
Followed by North America, Europe accounts for the second-highest market revenue due to factors such as a huge patient pool with pain management which generates high demand for these devices.
The Asia-Pacific region is also set to have an enormous potential to grow at the fastest rate during the forecast period, driven by the highest population, reluctance to surgical procedures and preference to non-invasive technologies in countries such as China, India, and Japan.
The shock wave therapy market is moderately competitive and consists of several major players. Some of the companies are expanding their market position and while others are adopting various strategies such as acquisitions, mergers, and introducing new products to maintain their market share. Few of the major players currently dominating the industry in terms of revenue are Karl Storz SE & Co. KG, Olympus Corporation, Dornier MedTech, Siemens, and EMS Electro Medical Systems S.A.
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