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Shockwave therapy also known as extracorporeal shockwave therapy (ESWT) is a non-invasive treatment that stimulates the body’s natural healing process. It is often used as a non-invasive treatment option for kidney stones and orthopaedic injuries. It can relieve pain and promote healing of injured tendons, ligaments, and other soft tissues. It accomplishes this by releasing growth factors in the injured tissue. Shockwave therapy is sometimes referred to as EPAT, or extracorporeal pulse activation technology. Recently, urologists have begun using this therapy to treat erectile dysfunction (ED). Additionally, ESWT has been used to treat musculoskeletal conditions, including tennis elbow and bony nonunions. It's based on extracorporeal shock wave lithotripsy (ESWL). Increasing geriatric population, rising prevalence of muscular disorders and sports related injuries are key factors driving the growth of the market in the region. Furthermore, research and development activities and technological advancements in the healthcare sector are anticipated to provide lucrative growth opportunities for key players operating in the market.
The rise in the prevalence of muscular disorders and sports related injuries is a major factor driving the growth of the market. According to the U.S. Consumer Product Safety Commission's National Electronic Injury Surveillance System (NEISS), more than 1.9 million individuals had a sports-related injury that was treated in emergency departments in 2012. Nearly 570,000 basketball injuries were treated in emergency departments nationwide, including over 8,000 that resulted in hospitalization. Nearly 557,000 bicycling injuries were treated in emergency departments nationwide including over 42,000 that resulted in hospitalization. More than 466,000 football injuries were treated in emergency departments nationwide, including about 10,000 that resulted in hospitalization. More than 265,000 baseball and softball injuries were treated in emergency departments nationwide, including over 4,500 that resulted in hospitalization. More than 231,000 soccer injuries were treated in emergency departments nationwide, including over 5,000 that resulted in hospitalization. According to NEISS, in 2012, among adults between the ages of 25 and 40 years, the most common injuries in basketball and soccer were fractured or sprained ankles and knees, followed by facial injuries and broken or dislocated fingers. Thus, rise in sports related injuries is a major factor which is anticipated to drive the growth of the market. Also, several governments are focusing on awareness about musculoskeletal disorders. This is expected to further fuel the market growth over the estimated time period.
The emergence of advanced technologies in orthopaedic surgery is expected to offer significant opportunities for the growth of the market over the forecast period. Also, the implementation of key initiatives to promote awareness regarding sports-related injuries are expected to contribute to the growth of the market.
The high cost involved with shock wave therapy devices and treatment procedure is expected to have a negative impact on the growth of the market.
The lack of awareness about innovative and advanced applications of shock wave therapy devices is expected to pose as a key challenge for the growth. Furthermore, the COVID-19 pandemic has emerged as a major challenge for the growth of the market.
The report provides an in-depth analysis of the North America Shock Wave Therapy market including, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increase in prevalence of sports related injuries has led to rise in the demand for shock wave therapy, and therefore, the market is expected to witness growth at a specific CAGR from 2023-2029.
North America Shock Wave Therapy market comprises of different market segments like type, technology, application, end-user and country.
On the basis of type, the North America Shock Wave Therapy market consists of key segments like
The mobile shockwave therapy device followed by fixed shockwave therapy device segment is expected to gain the major market share over the forecast period. The growth of the segment can be attributed to key advantages provided by these devices which include flexibility and operational efficiency.
Also, high investment in orthopaedic R&D projects by the public as well as private organizations is a key factor driving the growth of the segment.
By technology, the North America Shock Wave Therapy market includes segments like
The electrohydraulic shock wave segment is expected to lead the market over the forecast period. Electrohydraulic shockwaves are high-energy acoustic waves generated under water explosion with high voltage electrode. Electrohydraulic shock wave therapy is widely used in physiotherapy for orthopaedic disorders in the elderly people. Thus, the rising geriatric population is a major factor driving the growth of the segment. For instance, according to a Statistics Canada report in April 2022, the 7 million people aged 65 and above accounted for roughly one-fifth of all Canadians (19.0%) last year. The number of seniors aged 65 and older is increasing six times faster than that of children aged 0–14.
Also, the piezoelectric shockwave therapy segment is expected to witness high growth over the estimated time period. It is a non-invasive process with no side effects and many patients have found it to be an effective alternative to surgery.
The North America Shock Wave Therapy market finds key applications in
The orthopaedic segment is expected to dominate the market over the forecast period. The rise in number of orthopaedic surgeries is expected to stimulate the demand for shock wave therapy devices. According to the American Academy of Orthopaedic Surgeons, overall, 38,741 and 12,245 elective orthopaedic surgeries were conducted from April 2019 to April 2020. The crude readmission rate increased from 1.2% in 2019 to 1.7% in 2020.
The erectile dysfunction segment is expected to witness high growth over the forecast period. The rise in popularity in shock wave therapy devices in the treatment of erectile dysfunction is expected to drive the growth of the segment.
The North America Shock Wave Therapy market finds major end-users like
The hospitals and clinics segment is expected to lead the market during the forecast period. An increasing demand for shock wave therapy in hospitals and clinics due to rise in prevalence of muscle disorders is a major factor which is expected to drive the growth of the segment.
The ambulatory surgical centers segment is expected to witness high growth over the estimated time period. An increase in number of orthopaedic surgeries is a major factor driving the growth of the segment.
The North America Shock Wave Therapy market is studied for the following countries:
The United States is expected to dominate the market over the forecast period. Increase in geriatric population is a key factor which has led to rise in prevalence of musculoskeletal disorders. This is a major factor driving the growth of the market in the region. According to the February 2021 United States Census Bureau data, in the United States, the number of people above 65 years of age is projected to reach 73.1 million by 2030 and reach around 94.7 million by 2060.
Canada is expected to witness high growth over the forecast period. Increasing geriatric population, presence of an established healthcare infrastructure growing incidence of muscular disorders and sports related injuries are key factors likely to fuel the growth of the market in the region. According to the Canadian Community Health Survey, in Canada, 35% of injuries occurred during participation in some type of sports or exercise. Two–thirds (66%) of injuries among young people (aged 12 to 19) were related to sports. This was more than twice as high as working-age adults (29%) and about seven times higher than seniors (9%). Thus, rising prevalence of muscular disorders and sports related injuries is likely to fuel the growth of the market in the region.
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors with regard to the Shock Wave Therapy market. The report involves an exclusive study on COVID-19 impact analysis. In addition, the report also includes a complete analysis of changes in the North America Shock Wave Therapy market, expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on North America economies, international trade, business investments, GDP, and marketing strategies of key players present in the market.
The COVID-19 pandemic is anticipated to have a positive impact on the growth of the market. According to an article published in Medicines and Pharmacology in March 2021 reported the successful treatment of a patient with the diagnosis of COVID-19, severe chest pain, and significant shortness of breath using radial extracorporeal shock wave therapy (rESWT). The article indicated that the non-invasive, non-pharmacologic treatment might help in treating the breathing problems associated with the COVID-19 infection. The rise in the utilization of shock wave therapy for treating SARS-CoV-2-affected patients is expected to drive the demand for Shock Wave Therapy in the upcoming years.
The competitive landscape analysis of the North America Shock Wave Therapy market is primarily focused on expanding the growth of shock wave therapy industry in North America with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in shock wave therapy sector has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfil the requirements of consumers, which further contributes to healthy growth in the market.
The key players studied in the market are
June 2022: Zomedica Corp. announced that the United States Equestrian Federation (USEF) named PulseVet as the Official Shock Wave Therapy Supplier of US Equestrian Team Veterinarians.
March 2022: Shockwave Medical Inc. launched the Shockwave M5+ peripheral IVL catheter after receiving both CE Mark and Food and Drug Administration (FDA) clearance. The Shockwave M5+ catheter was specifically designed to decrease Intravascular Lithotripsy (IVL) treatment time, provide alternative access options, and expand IVL therapy to patients with larger vessel sizes.
The North America Shock Wave Therapy market include segments like type, technology, application, end-user and geography. By type, the market includes segments like fixed shockwave therapy device and mobile shockwave therapy device. The mobile shockwave therapy device segment is expected to gain the major market share over the forecast period. By technology, the North America Shock Wave Therapy market includes segments like radial shock waves, electromagnetic shock waves, fixed shock waves, combined shock wave, electrohydraulic shock wave, piezoelectric shock wave and others. The electrohydraulic shock wave segment is expected to lead the market over the forecast period. The market finds key applications in urology, erectile dysfunction, orthopaedic and cardiology. The orthopaedic segment is expected to witness highest growth over the forecast period. The North America Shock Wave Therapy market includes end-users like hospitals and clinics, ambulatory surgical centers, physiotherapy clinics and others. The hospitals and clinics, segment is expected to lead the market during the forecast period. The North America Shock Wave Therapy Market is studied across countries United States, Canada, and Mexico. United States is expected to dominate the market over the forecast period.
| Market
Sizing for Year: | 2019-2029 |
| Base
Year: | 2022 |
| Forecast
Period: | 2023-2029 |
| Value: | USD Million |
| Market
Segment studied: | Type Technology Application End-user |
| Market
Players and its Competitors: | Olympus Corporation Dornier MedTech GmbH BTL Corporate Inceler Medikal Co. Ltd. SANUWAVE Zimmer MedizinSysteme GmbH Boston Scientific Corporation EMS Electro Medical Systems SA Karl Storz SE & Co KG Siemens Healthineers AG EDAP TMS Medtrue Enterprise Co. Ltd. Lumenis Ltd. |
FREQUENTLY ASKED QUESTIONS
What are the drivers for the North America Shock Wave Therapy market?
The key driving factors of the market are increasing prevalence of muscle and sports-related disorders.
Which is the leading application segment for the North America Shock Wave Therapy market?
Orthopaedic segment is anticipated to dominate the market during the forecast period.
Which country is gaining the majority of market share during the forecast period (2023-2029)?
United States is expected to gain a major share of the market during the forecast period (2023-2029).
