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).
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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.
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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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