Advances in endoscopic imaging techniques and minimal invasive high-tech stone retrieval products are the key factors behind the growth of the pancreatic and bile duct stone management market. Clinical effectiveness and safety gaps are being bridged by leading industry players through extensive technical advancements, by channelizing high research & development funding.
Increasing research funding and exclusive technology developments are becoming a mainstream force in establishing clinical efficacy and safety with minimal post-operative complications, leading to higher adoption of stone management devices such as ERCP extraction catheters, self-expanding stents, and sphincterotome products.
For instance, in June 2018, the world’s first biodegradable biliary and pancreatic stent was granted CE approval in Europe. Q3 Medical Devices Limited, an Irish company, was issued the CE mark approval for its ARCHIMEDES biodegradable biliary and pancreatic stent. In conclusion, industry players have focused on clinical research and are actively engaged in funding the research & development of novel pancreatic and bile duct stone management products.
Acquisitions, Collaborations, and Agreements by Leading Players to Accelerate Market Growth
Leading manufacturers in the pancreatic and bile duct stone management market are focusing on various deals and external collaborative approaches to increase their sales and market presence. Few leaders in the industry are acquiring innovative bile duct and pancreatic stone medical device developers and manufacturers to strengthen their market positioning. These industry-led deals are expected to launch cutting-edge bile duct and pancreatic stone retrieval products with technical advancements. In addition, marketing and exclusive distribution partnerships are fuelling product awareness in the pancreatic and bile duct stone management market, resulting in higher adoption of products within the scientific community.
For instance, in May 2019, Cook Medical and Ambu A/S announced a collaboration to address endoscope-related infections. This is a partnership under which Cook will distribute Ambu’s single-use, disposable duodenoscopes in the U.S., following FDA clearance. In another industry deal, in November 2018, Cook Medical Inc. started distribution of Taewoong Medical products in the U.S., and in this distribution, the deal includes specialty products such as the Niti-S TTS esophageal stent and Niti-S biliary stent.
ERCP Sphincterotome and Extraction Balloon Catheters Gaining Traction
The European Society of Gastrointestinal Endoscopy (ESGE) has recommended the endoscopic approach as the first-line treatment option for pancreatic and bile duct stone retrieval. As per ESGE, ERCP techniques are capable of successful treating 80% to 90% of pancreatic and bile duct stones conditions. Such huge demand and effectiveness of ERCP is expected to drive future demand for sphincterotome and extraction balloon catheters.
Cannulating sphincterotomes are preferred over precut sphincterotomes, owing to less post-ERCP complications and high effectiveness in overall stone retrieval treatment. Among the stone extraction catheters, extraction balloon catheters are superior to extraction basket catheters, due to less chances of pancreatitis and easy retrieval of difficult stones. Other product types such as stents and lithotripsy devices are being preferred only in 10 to 20% cases to remove difficult stones of the pancreatic and common bile duct. Recently, in 2019, Boston Scientific Corporation received U. S. FDA 510 (k) premarket notification for its class II ERCP sphincterotome - Stonetome Stone Removal Device.
Impact of COVID-19 on Pancreatic and Bile Duct Stone Management Market
The outbreak of COVID-19 is expected to adversely influence the global pancreatic and bile duct stone management market. With the number of cases of the infection exploding all over the globe, healthcare institutes and clinics are primarily focusing on patients of COVID-19. On this premise, hospitals are postponing non-essential surgeries and medical procedures such as extracorporeal shock wave lithotripsy, pancreatic treatments, bile duct stone treatment, and follow-up visits for non-urgent reasons, among other non-essential treatments. The current situation, which has asserted medical bodies to revise their priorities to bestow support and assistance to COVID-19 patients, is expected to hold the growth of the global pancreatic and bile duct stone management market in the near future.
An extensive analysis of the pancreatic and bile duct stone management market has brought our analysts to a conclusion that, the market is growing at a significant pace. Currently, sphincterotomes and extraction balloon catheters are almost equally targeted segments by major players. Hence, these segments dominate the global pancreatic and bile duct stone management market by product in terms of revenue. North America and Europe collectively hold more than 75% of revenue share, due to rapid adoption of minimal invasive ERCP procedures in these region. Emerging countries such as China, India, and Brazil are expected to offer lucrative opportunities for the growth of the pancreatic and bile duct stone management market, owing to increasing healthcare expenditure, early diagnosis, and increasing awareness among the population.
Pancreatic and Bile Duct Stone Management Market - Scope of the Report
The latest publication by Persistence Market Research (PMR) on the global pancreatic and bile duct stone management market evaluates the opportunities and current market landscape, and provides detailed analysis and updates about corresponding sections affecting the global pancreatic and bile duct stone management market. The study offers detailed insights on key market dynamics, which includes the drivers, restraints, trends, and opportunities of the pancreatic and bile duct stone management market. The principal aim of the market study is to present exclusive information about how the market will perform over the forecast period of 2019-2029.
Important indicators for successful growth in the pancreatic and bile duct stone management market are presented in this comprehensive report, which include supply chain analysis, value chain analysis, Year-on-Year (Y-o-Y) growth analysis of the market, and compounded annual growth rate (CAGR), are described in an exhaustive way in PMR's research. This research study can support readers to know the demand for pancreatic and bile duct stone management devices with quantitative development opportunities during the study period.
The research is beneficial for shareholders in the pancreatic and bile duct stone management market, including investors and service providers, and can help them in developing suitable business strategies to flourish in the pancreatic and bile duct stone management market. The insights and wisdom presented in this PMR study can be leveraged by shareholders, industry experts, investors, researchers, and reporters, as well as business enthusiasts in the pancreatic and bile duct stone management.
Market statistics as well as information linked to the macro- as well as microeconomic variables affecting the business scenario in the pancreatic and bile duct stone management market are also included in the current study. Depending on potential developments in the pancreatic and bile duct stone management market, substantive insights are also provided in this report. Additionally, by virtue of the data submitted in this market report, minor companies and new entrants in the pancreatic and bile duct stone management industry can aid in making suitable choices to achieve traction in the global pancreatic and bile duct stone management market.
Key Segments of Pancreatic and Bile Duct Stone Management Market
PMR’s study on the pancreatic and bile duct stone management market offers information divided into four important segments—product, indication, end user, and region. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
Key Questions Answered in PMR’s Pancreatic and Bile Duct Stone Management Market Report
Pancreatic and Bile Duct Stone Management Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the pancreatic and bile duct stone management market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the pancreatic and bile duct stone management market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed specialized neurosurgeons, medical professionals with pancreatic and bile duct stone management neurosurgeries, and key executive of product manufacturing companies, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the pancreatic and bile duct stone management market, and makes PMR’s projection on the growth prospects of the pancreatic and bile duct stone management market more accurate and reliable.