Shockwave Therapy Market Expected to Reach $2,269.62 million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Shockwave Therapy Market," The global Shockwave Therapy Market Size was valued at $1,171.19 million in 2021 and is projected to reach $2,269.62 million by 2031, registering a CAGR of 6.8% from 2022 to 2031.

Shockwave therapy is a modality that is becoming more common in physiotherapy. Using much lower energy than in medical applications, shockwave therapy, or extracorporeal shock wave therapy (ESWT), is used in the treatment of many musculoskeletal conditions, primarily those involving connective tissues such as ligaments and tendons.  

Shockwave therapy is widely used in the modern healthcare industry as it is a non-invasive solution for chronic pain in the shoulder, back, heel, knee, or elbow. In addition, the main fields of application are orthopedics, rehabilitation, and sports medicine. Extracorporeal shockwave therapy (ESWT) is an advanced treatment that uses acoustic shockwaves to break up soft tissue calcifications, enhance collagen synthesis, release growth factors, and stimulate the body’s healing process to improve pain & help a person to stay active. 

The key Shockwave Therapy Market Trends are rise in the incidence of chronic muscular & tendon disorders, back & neck pain along with sports injuries, and an increase in demand for a non-invasive solution for chronic & acute pain. Moreover, the increase in the geriatric population and the surge in ailments and chronic diseases among the population have led to an increase in demand for better and more advanced technologies for therapeutic purposes. In addition, cardiovascular diseases and urological disorders are mainly treated using these advanced methods where results are obtained with greater precision and accuracy are the factors that propel the growth of the market. Furthermore, the surge in investments in R&D activities by pharmaceutical companies for the development of technologically advanced medical devices boosts the growth of the shockwave therapy market. For instance, in March 2022, Shockwave Medical, Inc. launched its Shockwave M5+ peripheral IVL catheter after receiving both CE Mark and U.S. Food and Drug Administration (FDA) clearance. The Shockwave M5+ catheter is specifically designed to decrease IVL treatment time, provide alternative access options, and expand IVL therapy to patients with larger vessel sizes. 

However, the high cost associated with these advanced techniques and the lack of awareness regarding the availability of shockwave therapy is the major barrier to the growth of the market. Emerging economies such as India, China, Mexico, and Brazil are anticipated to create new opportunities during the forecast period owing to the rise in the geriatric population, rapid increase in the number of chronic diseases, and lack of healthcare facilities in underdeveloped and developing nations.  

On the basis of technology, the Shockwave Therapy Market Analysis is done across electrohydraulic shockwaves, electromagnetic shockwaves, piezoelectric shockwaves, and radial shockwaves. In 2021, the electrohydraulic shockwave segment accounted for the largest share of the market. The dominance of this segment can be attributed to the widespread use of electrohydraulic shock wave therapy for orthopedic physiotherapy in elderly patients in order to treat lithotripsy.  

On the basis of product, the Shockwave Therapy Industry is bifurcated into mobile and fixed. In 2021, the mobile segment accounted for the largest Shockwave Therapy Market Share in 2021. The dominance of this segment can be attributed to their flexibility and mobility also it is easily accessible from remote places where the patient can't be brought to the hospital setup. 

On the basis of application, it is classified into urology, orthopedics, cardiology, and others. In 2021, the orthopedics segment accounted for the largest share of the market. The dominance of this segment can be attributed to increases in the prevalence of musculoskeletal disorders, sports-related injuries, arthritis, and bone diseases, as well as rising geriatric populations. 

By end user the Shockwave Therapy Industry is categorized into hospitals, clinics, and others, The hospital segment exhibited the highest growth in 2021 and is anticipated to lead during the forecast period, owing to the advantages offered such as hospitals providing specialized, individualized therapeutic, and emergency care for patients with symptoms of chronic muscular and tendon disorders, back and neck pain along with sports injuries. Hospitals are better equipped to handle any post-operative complications and they include facilities for physical rehabilitation post surgeries are the key factors that drive the Shockwave Therapy Market Size in upcoming years. 

North America accounted for a majority of the shockwave therapy market share in 2021 and is anticipated to remain dominant during the forecast period. Owing to the high adoption rate of technologically advanced medical devices, increase in healthcare expenditure, and presence of major key players in the country and the strategies they adopt for the development of shockwave therapy devices to treat chronic muscular and tendon disorders, back and neck pain along with sports injuries.  

Asia-Pacific is expected to register the fastest CAGR during the forecast period. The market growth in the Asia-Pacific region is supplemented by highly populated countries along with a high prevalence of road accidents and chronic disease. In addition, the increasing number of sports tournaments, increases the demand for shockwave therapy owing to the surge in the prevalence of arthritis and musculoskeletal disorders in this region are expected to further drive the market growth.  

The key players that operate in the shockwave therapy market are BioMed India, Boston Scientific Corporation, BTL Corporate, Dornier MedTech, EDAP TMS, EMS Dolorclast, Inceler Medikal Co. Ltd, Karl Storz SE & Co, SANUWAVE and SANUWAVE Health, Inc. and Shockwave Medical Inc.

Key Findings of The Study

• By technique, the electrohydraulic segment was the highest contributor to the market in 2021. 
• By product, the mobile shockwave therapy device segment was the highest contributor to the market in 2021. 
• By application, the orthopedic segment was the highest contributor to the market in 2021. 
• By end-user, the hospitals segment was the highest contributor to the market in 2021. 
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 7.8% during the forecast period.