The lithotripsy devices market is expected to reach USD 1.76 billion by 2023 from USD 1.41 billion in 2018, at a CAGR of 4.5%. Factors driving the growth of this market include the increasing incidence of urolithiasis and technological advancements in lithotripsy devices.
The lithotripsy devices market is consolidated in nature due to the presence of a large number of players. The key players in the market are Siemens AG (Germany), Boston Scientific (US), Dornier MedTech (Germany), Olympus America (Japan), DirexGroup (Germany), and Richard Wolf (Germany).
The key strategies followed by most companies in the lithotripsy devices market are product launches, acquisitions, and expansions. These strategies accounted for the largest share of the overall growth strategies mapped from 2015 to 2018. Some of the leading players who adopted this strategy include Siemens AG (Germany), Boston Scientific Corporation (US), Olympus (Japan), Dornier (Germany), and Richard Wolf (Germany).
In 2017, Siemens AG accounted for the largest share of the lithotripsy devices market. The company has a wide range of products, covering all major technologies in lithotripsy devices. Siemens offers shock wave lithotripsy devices products for the treatment of ureteral stones. The company further strengthened its position in this market by offering extended products with new technologies.
In 2017, Boston Scientific Corporation accounted for the second-largest market share of the lithotripsy devices market. The company operates through through cardiovascular, rhythm management, and medsurg. The company operates in the lithotripsy devices market through its medsurg segment. It focuses on launching new products and technologies to enhance its product line. For example, in 2016, the company launched LithoVue Single-Use Digital Flexible Ureteroscope.
Olympus ranked third in the lithotripsy devices market in 2017. The company has a strong product line to offer to the lithotripsy devices market. It also has a strong brand image which helps the company to widen its customer base. Moreover, the company is focused on inorganic strategies such as acquisitions to expand its market presence. For instance, the company started acquired Cybersonics to enhance its operations in the US.
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