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The extensive application of shock wave devices for management of different musculoskeletal disorders is projected to bolster demand opportunities in the shock wave therapy device market. There is a rapid increase in different orthopaedic conditions such as patellar tendinopathy, Achilles tendinopathy, and shoulder tendinopathy. Some other orthopaedic conditions also include elbow tendinopathy and plater fasciitis. The analysts of research report by Transparency Market Research state that increasing cases of orthopaedic disorders are likely to boost demand opportunities in the shock wave therapy device market
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The shock wave therapy devices are used to generate vascular endothelial growth factor (VEGF) and endothelial nitric oxide synthase (eNOS), and it further stimulates the growth of the human bones. The market is experiencing growth opportunities, as there is an increase in medical adoption of non-invasive therapeutic intervention.
The shock wave therapy device market is achieving expansion opportunities on the back of many factors such as rising digitization for pain management practices, growing number of orthopaedic surgery, and erectile dysfunction in men. Furthermore, a growing need for an analgesic-free treatment process is also bolstering demand for shock wave therapy devices.
The growing musculoskeletal disorders are fuelling demand opportunities in the shock wave therapy device market. As per the TMR research report, the shock wave therapy device market is anticipated to expand at a CAGR of over 5.0% and gain valuation of US$ 139.9 Mn during the forecast period 2017–2025.
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Growing Application of ESWT Creates Growth Opportunities in Shock Wave Therapy Devices Market
Rapid increase in incidents of tendinopathies across the world is boosting sales opportunities in the shock wave therapy devices market. Specifically, extracorporeal shockwave therapy (ESWT) is gaining increased attention among various medical device owners. Various studies have been conducted by market players for the assessment of the safety and efficacy of ESWT in tendonitis. Nevertheless, the low cost, safety, and non-invasiveness of shock wave therapy devices may help in driving revenue prospects in the market.
The market players from shock wave therapy device market are constantly working to achieve technological developments and to improve the performance of the products.
The COVID-19 pandemic has impacted the growth trajectory of the shock wave therapy device market. But constant efforts of manufacturers for product development is creating new demand opportunities in the market. Further, increasing consumer demand for shock wave therapy devices are developing growth avenues for the market players. In addition, expedited regulatory approvals to use novel devices are also adding growth opportunities in the market. Further, the players engaged in the market are also adopting new business models that boost growth in the market.
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Increased Device Use to Achieve Effective Treatment of Kidney Stone Bolsters Growth Impetus in Market
There is a significant growth in elderly population across the globe. These people are more prone to different disorders due to weaker immune system. Kidney stone is also one such common disorder among these geriatric people. The shock wave therapy devices work efficiently to help in ensuring the effective treatment of kidney stones. Among different procedures, lithotripsy is a well-known treatment that uses shock waves to target and break the kidney stone into different fragments. This effective procedure to cure kidney stone is anticipated to create growth opportunities in the market.
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Several players from the shock wave therapy device market are adopting many strategies such as acquisition and collaboration for the improvement and strengthening of their position at newer regions across the globe. Different R &D activities are conducted by key players to improve the functioning of devices. Some of these key players engaged in the shock wave therapy device market include Dornier MedTech GmbH, BTL Corporate, EMS Electro Medical Systems S.A., NCELER MEDICAL LTD., Boston Scientific Corporation, and Siemens AG.
The global shock wave therapy device market is segmented as follows:
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