Number of pages: 100 | Report Format: PDF | Published date: June 21, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
Report Attribute |
Details |
Market Size Value in 2022 |
US$ 1.33 billion |
Revenue Forecast in 2031 |
US$ 3.37 billion |
CAGR |
10.9% |
Base Year for Estimation |
2022 |
Forecast Period |
2023 to 2031 |
Historical Year |
2021 |
Segments Covered |
Technique, Product, Application, End User, and Region |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global shock wave therapy market was valued at US$ 1.33 billion in 2022 and is expected to register a revenue CAGR of 10.9% to reach US$ 3.37 billion by 2031.
Shock Wave Therapy Market Fundamentals
Shock wave therapy or extracorporeal shock wave therapy (ESWT), is a non-invasive medical treatment that utilizes high-energy acoustic waves to stimulate healing and promote tissue regeneration. Shock wave therapy involves the delivery of acoustic waves to the affected area of the body. These waves generate mechanical pressure and energy, leading to several physiological effects. The shock waves stimulate blood flow, promote the formation of new blood vessels (neovascularization), and enhance the release of growth factors and other biological substances that aid in tissue healing. Four generating principles in the field of shock waves are electrohydraulic, electromagnetic sources, piezoelectric sources, and radial or ballistic generation principles.
Shock Wave Therapy Market Dynamics
The global shock wave therapy market has witnessed several notable trends and developments. The rise in accidents and sports-related injuries, patients with musculoskeletal, urological, and cardiac disorders, and patients undergoing various surgical operations are the main contributors to the growth of the global shock wave therapy market. For instance, the WHO estimates that over 40 million people worldwide will be impacted by traffic accidents in 2021. According to the same source, low- and middle-income countries have the majority of fatal road accidents, and developing countries also have a high rate of traffic injuries. Furthermore, research released by the WHO in February 2021 estimates that the annual cost of road traffic injuries is greater than 3% of global GDP. The global market for shock wave therapy is anticipated to be driven by the rise in the frequency of traffic accidents, which cause several musculoskeletal and cardiovascular issues in injured persons. Orthopedics and sports medicine have seen a strong uptake in shock wave therapy. It is increasingly used to treat soft tissue injuries and other musculoskeletal diseases like tendinopathies and plantar fasciitis. Shock wave therapy has become popular in these domains because it is non-invasive and can potentially reduce pain and enhance function. Increasing investments in research and development activities in space, which are in line with the value of technologically improved equipment for pain management, are fueling the growth of the global shock wave therapy market. For instance, the Intravascular Lithotripsy (IVL) for calcified cardiovascular disease manufacturers Shockwave Medical Inc. and Genesis MedTech Group reported in May 2022 that the National Medical Products Administration (NMPA) in China had approved their Shockwave IVL System.
However, the high cost of shock wave therapy equipment and procedures may be a major impediment to its widespread use. Equipment for shock wave therapy can be expensive to purchase initially and maintain over time.
Shock Wave Therapy Market Ecosystem
The global shock wave therapy market is analyzed from the following perspectives: technique, product, application, end user, and region.
Shock Wave Therapy Market by Technique
Based on the technique, the global shock wave therapy market is segmented into electrohydraulic shock waves, radial shock waves, piezoelectric shock waves, and others.
The electrohydraulic shock waves segment is projected to grow at the fastest revenue during the forecast period. Elderly patients with lithotripsy are increasingly being treated with electrohydraulic shock wave therapy. Traditional surgical procedures are typically not selected for therapy in the geriatric population due to the comorbidities linked to the true disease. Also commonly utilized in physiotherapy for orthopedic issues in the senior population is electrohydraulic shock wave therapy. Thus, one of the main drivers of the market's expansion is the growing global geriatric population. For instance, a Statistics Canada report from April 2022 stated that the 7 million Canadians 65 and over made up about one-fifth (19.0%) of the population in the previous year. In comparison to children ages 0–14, the number of seniors 65 and older is growing six times faster. As a result, it is anticipated that the expanding old population and the rising use of shockwave therapy in the geriatric population would play a key role in developing the studied market throughout the forecast period.
Shock Wave Therapy Market by Product
Based on the product, the global shock wave therapy market is segmented into fixed shockwave therapy devices and mobile shockwave therapy devices.
The mobile shockwave therapy devices account for the highest revenue share in the global shock wave market. Their adaptability and mobility are relevant here. Remote locations where the patient cannot be transported to a hospital setting can access it. The fixed shockwave therapy devices are seen to show considerable growth during the forecast period. This is primarily utilized in healthcare settings when walk-in patients are served directly.
Shock Wave Therapy Market by Application
Based on the technology, the global shock wave therapy market is segmented into orthopedics, urology, cardiology, and others.
The orthopedics segment accounts for the highest revenue share in the global shock wave therapy market. The most frequent medical operations performed in hospitals are orthopedic surgery because more individuals are participating in sports as a result of growing public awareness of health issues.
Shock Wave Therapy Market by End User
Based on the end user, the global shock wave therapy market is segmented into hospitals & clinics, diagnostic laboratories, and others.
The hospital segment accounts for the highest revenue share in the global shock wave therapy market. This is due to the fact that, if necessary, individuals can go directly to these facilities. People choose quickly because this sector deals with a variety of elements. When it comes to treating such human issues, clinics and laboratories come in second only to hospitals. Because they are often not considered effective procedures, these parts need assistance at the highest levels.
Shock Wave Therapy Market by Region
Geographically, the global Shock Wave Therapy market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the highest revenue share of the market throughout the forecast period. The significant rise in the elderly population, highly developed technology, and a well-established healthcare system that offers SWT for pain management are to blame for the domination. Additionally, the rising prevalence of kidney stones, erectile dysfunction, and heart ischemia in the United States is anticipated to contribute to market growth in the area. According to data from the United States Census Bureau's Demographic Turning Points for the United States: Population Projections for 2020 to 2060 updated in February 2021, the country's population of people over 65 is expected to grow from an estimated 73.1 million in 2030 to approximately 94.7 million by 2060, making up about 23% of all Americans. This will have a positive effect on the economy. Additionally, 9.5 million elderly are expected to be residing in Canada by 2030, according to the Action for Seniors report that the Canadian government released in February 2021. The region's growing senior population would probably contribute to the market's expansion. Additionally, it is anticipated that product releases by industry participants will aid in the market's expansion. For instance, in June 2022, Zomedica Corp. announced that PulseVet had been designated as the Official Shock Wave Therapy Supplier of the US Equestrian Team Veterinarians by the United States Equestrian Federation (USEF).
The Asia Pacific shock wave therapy market is projected to account for the highest revenue share in the global shock wave therapy market. This can be attributed to the rising incidence of bone injuries in different developing nations, such as India, China, and Japan, as well as the growing geriatric population suffering from kidney stones. Furthermore, the region's growing demand for shock wave therapy devices would be supported by increased healthcare spending by a number of central governments.
Shock Wave Therapy Market Competitive Landscape
The prominent players operating in the global shock wave therapy market are: -
Shock Wave Therapy Market Strategic Developments
Shockwave therapy is a non-invasive procedure that delivers sound waves to the tissues for treatment using low-energy acoustic waves and a coupling medium.
The revenue CAGR for the shock wave therapy market is 10.9% during the forecast period.
Zimmer MedizinSysteme GmbH, Medtrue Enterprise Co. Ltd., EMS Electro Medical Systems S.A., BTL Corporate, and Boston Scientific Corporation are a few of the major players in the global shock wave therapy market.
Asia Pacific is the key growth region in the global shock wave therapy market.
Despite the growing awareness of shock wave therapy, there may still be a lack of knowledge and understanding among healthcare professionals and patients. Insufficient awareness and education can lead to underutilizing shock wave therapy as a treatment option, resulting in limited market growth.
*Insights on financial performance are subject to the availability of information in the public domain