Market Trends of Shock Wave Therapy Industry
This section covers the major market trends shaping the Shock Wave Therapy Market according to our research experts:
Electrohydraulic Shock Waves Segment Expected to Hold the Largest Market Share During the Forecast Period
High-voltage electrode spark discharge underwater explosions produce electrohydraulic shockwaves, which are high-energy acoustic waves that are then focused by an elliptical reflector and directed toward the sick area to achieve a therapeutic effect. The segment dominance is owed to factors such as higher awareness and application of the technology over the past few years, along with the increased preference among physicians.
Electrohydraulic shock wave therapy has been increasingly utilized in the treatment of lithotripsy in the elderly population. Owing to the comorbidities associated with the real problem in the geriatric population, traditional surgical methods are not usually preferred for treatment. Also, electrohydraulic shock wave therapy is widely used in physiotherapy for orthopaedic concerns in the elderly population. Thus, the rising geriatric population worldwide is a major factor contributing to the market's growth. 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. Therefore, owing to the increasing use of shockwave therapy in the geriatric population and the rising elderly population are expected to be significant factors in the growth of the studied market over the forecast period.
Also, its wide range of applicability in various disorders, including cardiovascular diseases, veterinary medicines, and plastic surgery, resulted in a higher demand for the segment, contributing to a significant share fueling the global market. The key market players have also aided in the growth of the segment. For instance, in October 2021, Zomedica Corp., a veterinary point-of-care diagnostic and therapeutic products provider, acquired Pulse Veterinary Technologies, a leading electro-hydraulic shock wave technology provider for the treatment of a wide variety of conditions in veterinary patients.
Thus, owing to the above-mentioned factors, such as the growing geriatric population and strategic activities by market players, the electrohydraulic shock wave therapy segment is expected to grow significantly over the forecast period.
North America Expected to Hold a Significant Market Share over the Forecast Period
North America is expected to dominate the market throughout the forecast period. The dominance is owing to the rapid increase in the geriatric population, highly advanced technology, and established healthcare infrastructure providing the SWT for pain management. Also, the growing incidence of cardiac ischemia, kidney stones, and erectile dysfunction in the United States is expected to add to the market growth in the region.
As per the United States Census Bureau data on Demographic Turning Points for the United States: Population Projections for 2020 to 2060 updated in February 2021, 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, to constitute around 23% of the population in the United States in 2060, showing a positive impact on the market. Also, according to the Action for Seniors report published by the government of Canada in February 2021, the number of people over the age of 65 years living in Canada by 2030 will be around 9.5 million. The rising geriatric population in the region is likely to add to the market growth.
According to the Centers for Disease Control and Prevention 2021 updated statistics, 6 in 10 adults in the United States had at least one chronic disease, and 4 in 10 adults in the United States had two or more chronic diseases. As per the same report, heart disease, cancer, chronic lung disease, stroke, Alzheimer's disease, diabetes, and chronic kidney disease are posing around USD 3.8 trillion in annual healthcare costs to the country's healthcare system. According to an article published in BMC Public Health in May 2021, the prevalence of chronic diseases such as diabetes, excess weight, high blood pressure, and depressive symptoms in Mexico has been on the rise in recent years. The increasing number of people being affected by chronic diseases in the region is expected to add to the market growth.
Additionally, product launches by the market players are expected to support the growth of the market. For instance, in 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.
The North American region is also set to have an enormous potential to grow significantly during the forecast period, driven by the increasing focus on patient care, well-developed infrastructure, and preference for non-invasive technologies.
