Medical professionals looking to improve patient well-being while simultaneously boosting profits drastically — pay attention. The shockwave therapy market is exploding and is predicted to be worth over $2 billion by 2029. For those not already in the know, shockwave therapy is a non-invasive therapy that uses acoustic sound wave pulses to repair and regenerate damaged muscle areas. This therapy benefits those suffering from sports accidents or constant muscular pain — such as plantar fasciitis and low back pain. When examining the shockwave therapy market, it’s essential to consider various factors: technique, application, end-user, and region. So, let’s take a moment to explore some key insights into the market, including major applications, drivers, challenges, and growth opportunities.
What’s most important to note is that the shockwave therapy market is expected to grow exponentially in the forecast period (a growth rate of 6.9%) with factors such as increasing patient demand, the neurological side effects of the COVID-19 pandemic, the rise in orthopedic diseases, and an increase in R&D by leading manufacturing companies as the main drivers. In the UK alone, the shockwave therapy market treats various joint problems, with approximately 20.3 million individuals having musculoskeletal disorders such as tendinitis or back discomfort.
The shockwave therapy market strategies followed by prominent players have been analyzed based on industry growth in the last few years. Shockwave therapy has benefited the general population, especially chiropractic patients suffering from sports accidents or constant muscular pain. In addition, shockwave therapy can also treat Achilles Tendinitis, Stress Fractures, Tennis Elbow, and more.
As was previously mentioned, the shockwave therapy market is segmented based on technique, application, end-user, and region. The method of technique includes focused and radial shockwave therapy. The application comprises musculoskeletal, urology, and cellulite. The end-user consists of hospitals, clinics, and others. Finally, the regional segment includes North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
The shockwave therapy market has an increasingly high demand pattern, with the musculoskeletal segment dominating the market growth. The factors driving this demand include:
- The rise in the prevalence of musculoskeletal disorders.
- High demand for non-invasive treatments.
- The increasing geriatric population.
- An increase in sports activities.
Due to its non-invasive nature, shockwave therapy treatment is an excellent alternative for individuals hesitant to undergo surgery or medication treatment.
Of the various regions, North America held the largest share of the shockwave therapy market, with the US being the dominant country in the area. The factors driving the growth in North America include:
- The high prevalence of musculoskeletal disorders.
- An increase in R&D activities by leading manufacturing companies.
- The presence of well-established healthcare infrastructure.
Similarly, experts predict that Europe will witness significant growth in the shockwave therapy market due to its increasing demand for non-invasive treatments and the growing geriatric population.
The fact of the matter is that shockwave therapy is here to stay. Unfortunately, the market demand dictates that medical experts either jump on board or risk getting left behind. Chiropractors, physiotherapists, sports medicine clinics, and medical experts can’t afford to miss out on what promises to be a $2 billion piece of the pie. By incorporating shockwave therapy into their practice, medical professionals will benefit a wide range of patients and help themselves to stay relevant, informed, and profitable.