Intravascular Lithotripsy Market
Number of pages: 100 | Report Format: PDF | Published date: April 25, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 699.61 million |
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Revenue Forecast in 2031 |
US$ 1,940.07 million |
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CAGR |
12% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Application, End User, and Region |
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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 intravascular lithotripsy market was valued at US$ 699.61 million in 2022 and is expected to register a revenue CAGR of 12% to reach US$ 1,940.07 million by 2031.
Intravascular Lithotripsy Market Fundamentals
Intravascular lithotripsy (IVL) is a minimally invasive procedure that uses sonic pressure waves to break up calcium deposits in the coronary arteries. These calcium deposits, known as calcified plaque, can make it difficult for blood to flow through the arteries and increase the risk of heart attack or stroke. During the intravascular lithotripsy procedure, a small catheter is inserted into the artery and positioned at the calcified plaque site to deliver sonic pressure waves to break up the calcium deposits without damaging the surrounding tissue. Intravascular lithotripsy is considered a safe and effective alternative to traditional treatments for calcified plaque, such as angioplasty or stenting, which may not be suitable for all patients. The US FDA has approved intravascular lithotripsy for use in the treatment of calcified coronary artery disease, and it is rapidly gaining acceptance among cardiologists as a valuable tool in managing this condition.
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Intravascular Lithotripsy Market Dynamics
Cardiovascular diseases, such as coronary artery disease and peripheral artery disease, are rising globally due to unhealthy lifestyles, changing dietary habits, and an aging population. This has increased demand for effective treatments such as angioplasty and intravascular lithotripsy. According to the WHO, cardiovascular diseases are the leading cause of death globally, with an estimated 17.9 million deaths occurring yearly. Intravascular lithotripsy is a minimally invasive procedure that offers several benefits over traditional treatments for calcified plaque, such as angioplasty or stenting. Patients prefer minimally invasive procedures as they involve less pain, shorter hospital stays, and quicker recovery times.
Intravascular lithotripsy technology has evolved rapidly, with new devices and catheters being introduced. The currently available devices are highly efficient and offer better control over the delivery of sonic pressure waves, fueling the intravascular lithotripsy market revenue growth. Outpatient procedures are becoming increasingly popular as they are less expensive and more convenient than inpatient procedures. Intravascular lithotripsy is a minimally invasive outpatient procedure, making it a preferred choice for patients. The favorable reimbursement policies also drive the intravascular lithotripsy market revenue growth. This has encouraged healthcare providers to offer intravascular lithotripsy as a treatment option, leading to increased demand for the procedure. Additionally, governments worldwide are increasing their healthcare expenditure, resulting in better access to healthcare facilities and improved infrastructure. This will increase the number of intravascular lithotripsy procedures performed globally.
However, successful implementation of intravascular lithotripsy procedures requires highly skilled professionals with expertise in the use of the technology. Thus, the lack of skilled professionals hinders intravascular lithotripsy market revenue growth. Although intravascular lithotripsy is considered a safe and minimally invasive procedure, there are potential risks and complications associated with the procedure, such as damage to the artery wall, bleeding, or blood clots. Moreover, the availability of substitutes, such as angioplasty, stenting, and atherectomy, also restricts the intravascular lithotripsy market revenue growth.
Intravascular Lithotripsy Market Ecosystem
The global intravascular lithotripsy market is analyzed from three perspectives: application, end user, and region.
Intravascular Lithotripsy Market by Application
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Based on the applications, the global intravascular lithotripsy market is segmented into coronary artery disease, peripheral arterial disease, facilitated vascular access, and others.
The coronary artery disease segment accounted for the largest intravascular lithotripsy market revenue share in 2022. Coronary artery disease is one of the most common types of cardiovascular disease and is the third leading cause of death globally. The high prevalence of coronary artery disease has resulted in an increased demand for effective treatments such as intravascular lithotripsy. According to the National Center for Biotechnology Information, coronary artery disease causes approximately 17.8 million deaths every year globally. Intravascular lithotripsy is highly effective in treating calcified plaque, a common complication of coronary artery disease. The ability of intravascular lithotripsy to treat calcified plaque safely and effectively makes it a preferred treatment option for patients with coronary artery disease. Intravascular lithotripsy is a minimally invasive procedure less traumatic for the patient than traditional treatments such as angioplasty or stenting. The minimally invasive nature of intravascular lithotripsy has made it a more attractive treatment option for patients and physicians. The development of advanced intravascular lithotripsy devices and catheters has improved the procedure’s effectiveness and efficiency.
The peripheral arterial disease (PAD) segment accounted for a considerable revenue share of the intravascular lithotripsy market in 2022. The prevalence of peripheral arterial disease is increasing globally due to lifestyle changes and aging populations. This has resulted in an increased demand for effective treatments such as intravascular lithotripsy. According to the National Center for Biotechnology Information, peripheral arterial disease affects around 230 million people worldwide. Intravascular lithotripsy has also effectively treated calcified plaque in the peripheral arteries. The ability of intravascular lithotripsy to treat calcified plaque safely and effectively has made it a preferred treatment option for patients with peripheral arterial disease. Improving reimbursement policies for intravascular lithotripsy procedures also drives market revenue growth. This has encouraged healthcare providers to offer intravascular lithotripsy as a treatment option for patients with peripheral arterial disease. The geriatric population is at an increased risk of developing peripheral arterial disease, which is expected to drive the demand for intravascular lithotripsy procedures in peripheral arterial disease management.
Intravascular Lithotripsy Market by End User
Based on the end user, the global intravascular lithotripsy market is segmented into hospitals, specialty clinics, and others.
The hospital segment dominated the intravascular lithotripsy market with the highest revenue share in 2022. Hospitals have advanced infrastructure that enables them to offer intravascular lithotripsy procedures and support patient care before, during, and after the procedure. The availability of advanced infrastructure is an important factor contributing to the dominance of the hospital segment in the intravascular lithotripsy market in terms of revenue share. Hospitals generally have a higher patient volume than other healthcare settings, which increases the demand for intravascular lithotripsy procedures. The high patient volume also allows hospitals to invest in advanced infrastructure and technology, further strengthening their position in the intravascular lithotripsy market.
Hospitals house highly skilled healthcare professionals trained to perform intravascular lithotripsy procedures and provide high-quality patient care. The availability of skilled healthcare professionals is a crucial factor in the success of intravascular lithotripsy procedures. Hospitals often have specialized departments or units that focus on cardiovascular disease treatment, which increases the availability of specialized care for patients requiring intravascular lithotripsy procedures. The availability of specialized care is an important factor in the hospital segment’s dominance in the intravascular lithotripsy market.
The specialty clinics segment is expected to register a lucrative market revenue during the forecast period. Specialty clinics are focused on specific medical conditions or procedures, such as cardiovascular diseases. Highly trained healthcare professionals often staff them. This focus allows them to provide specialized care for patients requiring intravascular lithotripsy procedures. Specialty clinics are often more accessible, less complex, and more convenient for patients than hospitals. Such convenience makes it easier for patients to seek treatment for their condition, contributing to the revenue growth of the specialty clinics segment in the intravascular lithotripsy market. Specialty clinics generally have shorter waiting times for appointments and procedures than hospitals, which can benefit patients requiring intravascular lithotripsy procedures. Reduced waiting times can increase patient satisfaction and encourage more patients to seek treatment at specialty clinics. Specialty clinics generally have lower overhead costs than hospitals, translating into lower patient procedure costs.
Intravascular Lithotripsy Market by Region
Based on region, the global intravascular lithotripsy market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest revenue share of the global intravascular lithotripsy market. The high prevalence of cardiovascular diseases in North America is driving the demand for intravascular lithotripsy procedures as a treatment option. According to the Centers for Disease Control and Prevention, in the U.S., about 20.1 million adults aged 20 and older have coronary artery disease. In 2020, 2 in 10 coronary artery disease deaths happened in adults under 65. North America has favorable reimbursement policies for intravascular lithotripsy procedures, encouraging healthcare providers to offer intravascular lithotripsy as a viable treatment option. North America has a highly developed healthcare system, and the region is a leader in the swift adoption of technological advancements. There is an increasing demand for minimally invasive procedures in North America, driven by patient preferences for faster recovery times, lower costs, and reduced risks associated with invasive surgeries. North America has a highly skilled healthcare workforce trained in performing intravascular procedures and providing high-quality patient care, further supporting the region’s dominance.
Intravascular Lithotripsy Competitive Landscape
The prominent players operating in the global intravascular lithotripsy market are:
Intravascular Lithotripsy Strategic Developments
Intravascular lithotripsy (IVL) is a minimally invasive procedure that uses sonic pressure waves to break up calcium deposits in the coronary arteries. The calcium deposits, known as calcified plaque, can make it difficult for blood to flow through the arteries and increase the risk of heart attack or stroke.
North America accounts for the largest market revenue share in terms of revenue. Asia Pacific has the fastest revenue growth, which can be considered the key growth region due to the surge in intravascular lithotripsy industry trends.
The prominent players operating in the global intravascular lithotripsy market are ShockWave Medical Inc., AVS, and Cardiovascular Systems, Inc.
The coronary artery disease segment dominated the global intravascular lithotripsy market.
During the forecast period, the expected revenue CAGR of the global intravascular lithotripsy market is expected to be 12%.
*Insights on financial performance are subject to the availability of information in the public domain