Global Kidney stones Market – Overview
Kidney stones are hard mineral deposits inside the kidneys that can cause severe pain and discomfort. The global kidney stone market is growing at a steady pace and it is expected to grow at a CAGR of 4.0% during the forecast period of 2017 – 2022. There are a number of protuberant factors associated with this global kidney stone market.
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Growing demand for minimally invasive procedures driven by the surging preference of these is one of the major drivers contributing to the market growth. The preference to minimally invasive procedures is driven by their success rate which is 75-100%. Additionally, according to the National Kidney Foundation, it has been found that more than 73 million adults have high blood pressure and 29 million adults are suffering from diabetes which are the major reason for urolithiasis. That being said, continuously recorded and increasing instances of urolithiasis in the adult is leading to the rise in the prevalence of kidney stone disorder across the globe. Another major reason driving the prevalence of kidney stone disorders is population and poor nutrition. According to experts, individuals who are predisposed to hunger and sub-par nutrition are prone to kidney disorders and thus, add to the total global prevalence to a great extent. With such growth factors the market size is expected to reach $3,000 million in 2022 from $2,277.4 in 2016.
Global Kidney stones Market – Competitive Analysis
Globally there are various players operating in this market. With well-established market in the North America region major companies have their home in the region and generate maximum market share. These companies have expanded their operating unit in various other regions as well. Moreover there are other small and medium scale players that generate revenue from local market.
Minimally invasive procedures for the treatment of kidney stones has been the major factor influencing the growth of the market. A majority of industrial competitors involved in this market have been keen on introducing advanced products for minimally invasive procedures. In November 2016, Boston Scientific Corporation introduced Dakota Nitinol Stone Retrieval Device with OpenSure Handle in US and Europe market.
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This kidney stone retrieval device is designed to allow to release and capture kidney stones of multiple sizes from complex stones as large as 10 millimeters to fragments as small as one millimeter. This product will support the company to imprison its position and resolve a few challenges faced during ureteroscopy procedures. Adding to this in May 2017, Lumenis a well know medical device company launched its New Moses holmium technology in the American Urological Association Annual Meeting. To this technology Dr. Andrew Symes, Consultant Urological Surgeon said “The Moses technology provides a greater sense of control due to minimized retropulsion. This is particularly valuable when dusting large stones in the kidney, but also when dealing with upper ureteric stones”. These advancements are collectively influencing the growth of this market positively.
Global Kidney Stone Market – Geographical Analysis
Geographically, North America is the leading market for Kidney Stone, accounting for the largest i.e. 50.8% of market sharein 2016, followed by the markets of Europe & Asia Pacific, respectively. The market is growing due to the largest contribution from the significantly growing market of the US attributing to the high expenditure on healthcare. Moreover, increasing prevalence of kidney diseases, and rising demand for treatment measures provide impetus to the market growth. Continuing with the same growth trends, the North America market is expected to reach USD 7 million by 2023.
On the other hand, Europe, the world’s second-largest market for Kidney Stone is driven by the high per capita income and strong healthcare penetration in the region. The strong market growth in the countries like Germany & France drives the regional market growth in the large scale. Attributing to the increasing investment in healthcare and rising number of patients with renal diseases, the market is projected to register a phenomenal CAGR
Major TOC of Kidney Stone Market Research Report- Global Forecast to 2023:
1 Report Prologue
2 Market Introduction
3 Research Methodology
4 Market Dynamics
5 Market Factor Analysis
6 Global Kidney Stones Market, by Types
7 Global Kidney Stones Market, by Diagnostic Test
8 Global Kidney Stones Market, by Treatment
9 Global Kidney Stones Market, by Region
10 Company Landscape
11 Company Landscape
12 Company Profiles
13 MRFR Conclusion
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