Shock Wave Therapy Device Market Size to Grow at a CAGR of 7.7% in the Forecast Period of 2023-2031
The ‘Global Shock Wave Therapy Device Market Report and Forecast 2023-2031’ by Expert Market Research gives an extensive outlook of the global shock wave therapy device market, assessing the market on the basis of its segments like technologies, modalities, applications, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Shock Wave Therapy Device Market Share, Size, Price, Industry Trends, Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2016-2031)
- Forecast CAGR (2023-2031): 7.7%
Shock wave therapy device improves blood flow in the body, accelerates the healing process, enhances cell activity, improves defence against harmful contaminants, and increases the efficiency of central nervous system. Hence, these advantages offered by this treatment are bolstering its reliability, thereby, adding to the shock wave therapy device market growth.
The increasing prevalence of cardiovascular and musculoskeletal disorders owing to sedentary lifestyles led by a growing segment of the population worldwide is leading to an expansion of shock wave therapy treatment infrastructure across healthcare units. The growing geriatric population and associated cases of urological diseases are escalating the shock wave therapy device market growth. In addition, cases of erectile dysfunction are also emerging as a modern-day problem among men, fuelled by hectic and stressful lifestyles.
The growing health awareness, rising healthcare expenditure across the developing economies, and favourable reimbursement policies of various governments are some of the crucial market driving factors.
Shock Wave Therapy Device Industry Definition and Major Segments
Shock wave therapy, also referred as extracorporeal shock wave therapy, is a treatment of musculoskeletal, cardiovascular, and orthopaedic diseases, among others. This therapy uses shock waves which target specific areas of the body, for pain relief or other treatment purposes. Since the start of 1990s, it has been considered a successful non-invasive treatment option.
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Based on technology, the market can be segmented into:
- Focused
- Electromagnetic
- Electrohydraulic
- Piezoelectric
- Radial or Ballistic
- Combined
On the basis of modality, the market has been classified into:
- Portable
- Fixed
Based on application, the market can be categorised into:
- Orthopaedic
- Cardiology
- Erectile Dysfunction
- Urology
- Others
On the basis of end use, the market can be segmented into:
- Hospitals
- Clinics
- Rehab Centres
- Others
By region, the market can be categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Shock Wave Therapy Device Market Trends
The key trends in the global shock wave therapy device market include technological advancements in healthcare expenditure in both developed and developing economies, which are propelling the standards of diagnostics and treatment procedures of chronic diseases. The increasing incorporation of modern equipment across hospitals and clinics is further improving the quality of shock wave therapy.
Over the forecast period, the anticipated increase in penetration of artificial intelligence is expected to further enhance the efficiency of this treatment. The growing research and development activities by the major market players, facilitating the development of high-energy and audible shock waves, are crucial trends in the shock wave therapy device market, improving the treatment facilities.
In geographical terms, North America accounts for a sizable share in the market, which is being driven by factors such as high healthcare expenditure across strong economies such as the United States. Increasing elderly population in the region is further propelling the market growth.
Key Market Players
The major players in the shock wave therapy device market report are BTL Medical Technologies s.r.o., Zimmer MedizinSysteme GmbH, Dornier MedTech GmbH, Electro Medical Systems S.A., Storz Medical AG, and Guangzhou Longest Science & Technology Co., Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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