Shock Wave Therapy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

The shock wave therapy market is anticipated to witness a CAGR of nearly 5.6% during the forecast period.

The healthcare system witnessed enormous challenges as a result of the COVID-19 pandemic. All outpatient treatments were postponed or restricted during the COVID-19 pandemic to reduce the risk of viral transmission, as most chronic therapies were regarded as non-urgent. Moreover, with the advent of COVID-19 infection, innovative therapies for infection treatment came into focus. 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 contributed to the growth of the market during the pandemic. Currently, the market is expected to grow due to the adoption of shock wave therapy for COVID-19 patients and is expected to continue over the forecast period as the prevalence of chronic diseases such as cardiac and musculoskeletal disorders is expected to increase.

The major factors attributing to the growth of the market are the increasing incidences of accidents and sports injuries, the rise in patients with musculoskeletal, urological, and cardiac disorders, and patients undergoing various surgical procedures. For instance, according to the WHO, in 2021, road accidents affected around 40 million people all over the world. Also, as per the same source, developing countries have a high rate of traffic injuries, with major road accidents occurring in low- and middle-income countries. ​ Moreover, according to a report published by the WHO in February 2021, road traffic injuries cost over 3% of countries’ GDP every year. The rise in the prevalence of road traffic injuries, which create several musculoskeletal and cardiological problems in injured people, is expected to drive the market.

Also, as per the ‘Qatar Monthly Statistics - March 2022’ released by the Qatar Planning and Statistics Authority, the number of road accidents in February 2022 was around 682, with a year-on-year increase of about 8.1% from the previous year. The Capital Market Authority of Oman in August 2021 that the total number of traffic accidents in the second quarter of 2021 was around 15,200, a huge increase of 119% from the previous quarter. A large number of road accidents will likely require significant medical attention for the affected passengers, which would provide a lucrative market for shock wave therapy in the region. ​

Shockwave therapy has multidisciplinary use, as it can be used in orthopedics, physiotherapy, urology, sports medicine, veterinary medicine, rehabilitation centers, and plastic surgery, among others. Thus, shock wave therapy provides faster healing, revascularization, and regeneration of the bones, ligaments, and tendons. For instance, in February 2021, the US FDA granted pre-market approval for severely calcified coronary artery disease Intravascular Lithotripsy (IVL), a sonic pressure wave therapy, for severely calcified coronary artery disease. Such approvals focusing on shock wave therapies are expected to add to the growth of the studied market over the forecast period. However, the high costs associated with the shock wave therapy devices and procedures and the lack of skilled healthcare professionals are likely to hinder the market growth during the study period.

Key Market Trends

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.

Competitive Landscape

The shock wave therapy market is moderately competitive and consists of several major players. Some of the companies are expanding their market position and while others are adopting various strategies such as acquisitions, mergers, and introducing new products to maintain their market share. A few of the major players currently dominating the industry in terms of revenue are Karl Storz SE & Co. KG, Olympus Corporation, Dornier MedTech, Siemens, and EMS Electro Medical Systems SA.

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