Extracorporeal Shock Wave Therapy Device Market Competitive Landscape, Market Forecast (2022-2029)

Market Insights

The global extracorporeal shock wave therapy device market size was worth $YY.YY million in 2022 and is forecasted to reach $YY.YY million by 2029, at a CAGR of 5.2% during the forecast period.

The extracorporeal shock wave therapy device is an electronic device used to produce low-energy sound waves that interact directly through a gel medium with an individual's affected area.

As it can be used in orthopedics, physiotherapy, urology, sports drugs, veterinary medicines, rehabilitation centers, plastic surgery and others, shockwave therapy has multidisciplinary usage. It is a non-surgical procedure for treating soft tissue injuries, chronic pain and the reparative phase of affected bones and tendons.

 

Market Dynamics

INCREASING DEMAND FOR EXTRACORPOREAL SHOCK WAVE THERAPY DEVICE

Extracorporeal shock wave therapy works for many treatable medical conditions as a non-invasive solution for treating and healing pain, and is steadily increasing in use in the United States. And for a variety of reasons.

Data from the CDC (Centers for Disease Control and Prevention) estimates that more than 20 percent of adults in the United States struggle with chronic pain.

Chronic pain as a result of injury or illness is one of the most difficult conditions for so many people to live with on a daily basis. It affects every aspect of a person’s day-to-day life and is also incredibly taxing on mental health and wellbeing.

Extracorporeal shock wave therapy is beneficial for patients because there is no down time after the procedure, so time missing work, school or sports practice is not an issue for patients.

 

Market Segmentation – By Product- Hand-Push Type ESWT

The demand for technologically advanced treatment for pain management and non-invasive nature of this therapy is the prime factor that is responsible to drive the global shock therapy market. The ability of shock waves therapy devices to increase cellular activity of the body and metabolic stimulation is also responsible to attract a large population.

Furthermore, increase in the rate of prevalence of bone diseases as well increasing geriatric population are also playing a pivotal role to boost the global shock wave therapy devices market.

 

Market Segmentation – By Geography- Europe

Increasing incidence of musculoskeletal disorders and presence of some key players in this region is expected to drive the market growth.

For instance,STORZ MEDICAL AG, a wholly-owned subsidiary of the KARL STORZ Group. The company is a medical technology manufacturer based in Tägerwilen, Switzerland, creating innovative shock wave systems and high-precision shock wave devices. The company’s extracorporeal shock wave therapy (ESWT) is used in orthopedics, rheumatology, rehabilitation, wound healing, erectile dysfunction, and veterinary medicine.

NICE issues official clinical guidance for treatments in the United Kingdom (National Institute for Health & Clinical Excellence). Their mandate is to make recommendations on various treatments that have been proven and supported by extensive research. Shockwave has six conditions with NICE guidelines, and more conditions are treated each year, resulting in more evidence of successful outcomes.

 

Competitive Scenario

Global extracorporeal shock wave therapy device market is moderately competitive in nature, with the leading players capturing a whopping share in revenues. Colfax Corporation (DJO, LLC), BTL Industries, Storz Medical AG, EMS Electro Medical Systems, MTS Medical, Zimmer MedizinSysteme GmbH, Dornier MedTech GmbH, Gymna International, Likamed GmbH, Inceler Medikal Co. Ltd., Hanil-TM Co., Ltd and HNT MEDICAL Co., Ltd among others, are focused on technology advances for new launches at affordable price points, to remain ahead of the curve.