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Intravascular Lithotripsy Market
Lithoplasty was the term earlier used for application of lithotripsy in angioplasty and now it is known as intravascular lithotripsy (IVL) used for cracking heavy calcified lesions. Intravascular lithotripsy delivers unfocused, circumferential, pulsatile mechanical energy to safely disrupt the calcium. Intravascular lithotripsy (IVL) IS an innovative technology that is designed to address heavily calcified lesions by cracking with shockwaves. The well-known company Shockwave, developed intravascular lithotripsy, a novel device that may be utilized in patients with calcified lesions for coronary arteries which has gained European CE mark in May 2017. The market of intravascular lithotripsy is likely to grow during the forecast period due to the rising awareness about the technique and demand of the technique in treating coronary artery disease.
Pandemic coronavirus is believed to have a severe impact on the global intravascular lithotripsy market. There has been a disruption in the import of raw materials that are required in the production of intravascular lithotripsy devices. Intravascular lithotripsy manufacturing industries are being shuttered around the world causing an unusual technology and business model transformation. The flow of patients in the hospitals and clinics have fallen which has led to the decline in the intravascular lithotripsy procedures performed. Many regions are facing shortage of the devices due to the global restrictions.
The rising prevalence of complications associated with kidney stones is the main factor expected to fuel growth in the global intravascular lithotripsy market during the forecast period. Furthermore, the increasing adoption of intravascular lithotripsy technique in treating coronary artery disease and continuous research is likely to drive the global intravascular lithotripsy market. This growing adoption of intravascular lithotripsy is due to its several benefits, such as low cost and minimal recovery time. The risk associated with vessel trauma and stringent regulations by government authorities are likely to hamper the growth of the global intravascular lithotripsy market growth.
The global intravascular lithotripsy market has been segmented on the basis of application and end-user.
Based on the application, the global intravascular lithotripsy market can be segmented as:
Based on the end-user, the global intravascular lithotripsy market can be segmented as:
Based on the application, the kidney disorders segments is likely to dominate the global intravascular lithotripsy market due to its higher rate of adoption while treating kidney disorders. The kidney disorders segment is expected to be followed by coronary artery disease and is likely to become the dominant segment during the forecast period. Based on the end user, hospitals segment is expected to be the most profitable segment in the global intravascular lithotripsy market due to the advanced medical facilities and larger number of patients flow in the hospitals.
North America is expected to dominate the global intravascular lithotripsy market due to the technological advancement and higher adoption of intravascular lithotripsy technique in the region. North America is expected to be followed by Europe due to the increasing prevalence of kidney and cardiac disorders in the region. Asia-Pacific is expected to have a significant growth in the global intravascular lithotripsy market over the forecast period due to the increasing awareness of intravascular lithotripsy technique, changing lifestyle that leads to various chronic disorders and rising healthcare expenditure. Also, an increasing geriatric population is expected to boost the market in countries like India and China. Latin America market is expected to experience the constant growth rate in the intravascular lithotripsy market. Middle East & Africa is expected to be the least profitable region in the global market due to less advanced medical facilities.
The key participants operating in the global Intravascular Lithotripsy market are: Siemens AG, Olympus America, Boston Scientific, Medispec LTD, Elmed Electronics & Medical Industry & Trade Inc., ShockWave Medical Inc, Dornier MedTech GmbH, and others.