Shockwave Therapy Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Technique (Radial Shock Waves, Electrohydraulic Shock Waves, Piezoelectric Shock Waves, and Electromagnetic Shock Waves), By Product Type (Fixed Shockwave Therapy Devices, and Mobile Shockwave Therapy Devices), By Application (Orthopedics, Cardiology, Urology, and Others), By End User (Hospitals, Clinics, Ambulatory Care, Radiology Labs, and Others) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The Global Shockwave Therapy Market was valued at USD 1,260 Million in 2022 and is anticipated to reach a value of USD 2,765.5 Million by 2030 expanding at a CAGR of 10.4% between 2023 and 2030.

Shockwave therapy is a non-invasive medical treatment that stimulates the body’s natural healing process. Shockwave therapy uses high-energy acoustic waves to stimulate natural healing. Shockwaves are sound waves that have specific physical characteristics including nonlinearity, high peak pressure followed by a low tensile amplitude and short duration. Shockwaves are associated with the sudden rise from ambient pressure to their maximum pressure. Direct shockwave and indirect cavitation effects cause hematoma formation and focal cell death, which then stimulate new bone or tissue formation. Shockwave therapy is primarily used in the treatment of common musculoskeletal conditions include tendonitis, knee osteoarthritis, shoulder pain, plantar fasciopathy, chronic prostatitis, erectile dysfunction and many others. It was mostly used to break up painful kidney stones to make them easier for patients to pass. Shockwave therapy uses have grown in number as researchers continue to discover new ways to use low-energy shockwaves to help patients deal with pain and regenerative tissue. It is a non-surgical procedure for plantar fasciitis, bursitis, or tennis elbow instead of setting aside time for a lengthy surgical recovery. Shockwave therapy is an ideal treatment for athletes who do not yet want or need surgery for chronic pain or injuries.

Shockwave Therapy Market Major Driving Forces

Increasing Prevalence of Musculoskeletal Disorders: Increasing incidences of musculoskeletal disorders which causes disability across the world has driven demand for shockwave therapy. Shockwave therapy is non-invasive and effective treatment for various musculoskeletal disorders.

Rise in Geriatric Population: The rise in geriatric population is a significant driver for the growth of the global shockwave therapy market. Owing to increasing use of shockwave therapy in the geriatric population and increasing elderly population are expected to be significant factors for the market growth.

Rising Healthcare Expenditure: Healthcare expenditure is rising across the globe leading to an increase in demand for effective treatments. As healthcare costs are continuously increasing, patients are looking for cost-effective treatment options.

Increasing Demand for Non-invasive Treatments: Shockwave therapy is a non-invasive therapy for musculoskeletal disorders. With increasing research and development, this therapy effectively manages total hip replacement, orthopedic surgery, and other fracture procedures. 

Shockwave Therapy Market Key Opportunities

Technological Advancements: Continuous innovation and development of shockwave therapy devices for improved precision, efficiency, and more powerful. Technologically advanced shockwave therapy devices are anticipated create opportunities for market growth. Increase in demand for better and more advanced technologies for therapeutic purposes to reduce pain within a shorter period of time drives the demand for shockwave therapy.

Growth of Sports Medicine Sector:

The rapid globalization has encouraged the involvement of sports all over the world into daily lifestyle. This has led to rise in numerous international sport events which gives rise to numerous opportunities for the sports medicines and other medical procedures to be involved in the event.  

Increasing Investment in Research and Development:

The rise in investments in research and development activities for the development of new and innovative medical devices in the healthcare sector is expected to create new opportunities for the shockwave therapy market.

Shockwave Therapy Market Key Trends

·         Rise in the prevalence of sports-related injuries is the major factor in shockwave therapy market as it is a non-invasive and effective treatment for treating various sport-related injury

·         Increase in the cases of muscle and tendon disorders is the significant factor boosting the market growth

·         Growing adoption of shockwave therapy as an effective treatment for a wide range of musculoskeletal disorders

·         Implementation of advanced technologies for the development of new and innovative shockwave therapy devices with advanced features 

·         Growing use of shockwave therapy for orthopedic application owing to increase in the prevalence of musculoskeletal disorders, arthritis and bone diseases

·         Growing demand for minimally invasive treatments that provide with rapid relief from pain and discomfort

Region-wise Market Insights

North America accounted for the largest market share at 35.6% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 11.1% between 2023 and 2030.

In North America, the demand is driven by the rapid increase in the geriatric population, highly advanced technology, and established healthcare infrastructure. In addition, the increasing incidence of cardiac diseases, kidney stones, and arthritis in the United States drives the market growth in the region.  The existence of several major players, the advancement in technology of shockwave therapy devices and the rising prevalence of sports-related injuries in the region drive the growth of the market. In Europe, the growth is being driven by growing aging population, the increasing prevalence of chronic diseases, and the growing adoption of minimally invasive treatments in this region.  In Asia-Pacific, the market is characterized by increasing prevalence of arthritis and musculoskeletal disorders, presence of pharmaceutical companies, and rise in the geriatric population of the countries such as China, and India. Furthermore, Asia Pacific region has largest supply of medical devices and the largest pharmaceutical industry with the advanced medical devices. The Middle East and Africa has been witnessing a growing demand for shockwave therapy due to rising prevalence of musculoskeletal disorders, growing awareness of shockwave therapy, and increasing demand for minimally invasive treatments.  

Market Competition Landscape

The global shockwave therapy market is highly competitive and consists of several major players. Key players in the shockwave therapy market are involved in several organic marketing strategies aimed at gaining a competitive edge. These strategies include product innovation, design differentiation, and the incorporation of sustainable and eco-friendly materials to meet evolving consumer preferences. Furthermore, these prominent players in the industry have adopted product launches, product expansions, mergers and acquisitions, partnerships and more for strengthen their position in the market. Established brands leverage their reputation for quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

Key players in the global shockwave therapy market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         Bio-Med Inc.

·         DJO Global Inc.

·         BTL corporate

·         Zimmer MedizinSysteme GmbH

·         Dornier MedTech

·         KARL STORZ SE & Co. KG

·         Boston Scientific Corporation

·         Richard Wolf GmbH

·         Inceler Medikal Co. Ltd

·         Medtrue Enterprise Co. Ltd.

·         MS Electro Medical Systems S.A.

·         Olympus Corporation

·         Siemens Healthineers AG