Persistence Market Research (PMR), in its new study, forecasts the global pancreatic and bile duct stone management market to exhibit a promising 4.4% CAGR during the forecast period (2019-2029).
Global demand for pancreatic and bile duct stone treatment devices is expected to grow considerably, owing to rising prevalence of common bile duct and pancreatic stone diseases leading to increasing stone retrieval procedures, and rapid technological advancements in pancreatic and bile duct stone management products.
Moreover, rising global adoption of minimally-invasive stone extraction procedures, extensive clinical research, and increasing launches of highly sophisticated endoscopic medical devices are responsible for increasing adoption of pancreatic and bile duct stone management products. For instance, according to a 2013 U.S. study, utilization trends of inpatient endoscopic retrograde cholangiopancreatography (ERCP) for pancreatic and bile duct stone extraction indicated that, there was a significant increase in therapeutic ERCPs by 37?% from 2002 to 2013.
Key Takeaways of Pancreatic and Bile Duct Stone Management Market Study
- Sphincterotomes along with extraction balloon catheters are expected to gain traction during the forecast period.
- Cutting-edge product developments and subsequent pancreatic and bile duct stone management product launches in North America and Europe are expected to contribute to significant dominance of these regions during the forecast period.
- Common bile duct stone indication is expected to hold more than 75% share in the global pancreatic and bile duct stone management market.
- The hospitals end user segment is expected to gain significant traction and grow 1.5 by 2029.
- Leading pancreatic and bile duct stone management device manufacturing companies are partnering with innovative product developers and specialized distributors to strengthen their market position.
- Rising healthcare expenditure and increasing public awareness in East Asia and South Asia are expected to offer significant opportunities for market growth.
“Increasing scientific evidence from clinical research and technological advancements in pancreatic & bile duct stone treatment techniques are expected to support significant adoption of ERCP-based pancreatic and bile duct stone management devices,” says a PMR analyst.
Impact of COVID-19 to Cause a Downtrend in the Pancreatic and Bile Duct Stone Management Market
As the number of COVID-19 infections across the world increases day-by-day, the shortage of resources and the heightened need for assistance facilities are mounting pressure on hospitals to elect care for COVID-19 patients over other non-essential medical treatments. On the back of the priority of hospitals to provide treatment to COVID-19 patients, all other non-emergency medical procedures, under which pancreatic and bile duct stone management falls, are expected to witness a downtrend. Unless the medical complications are serious, all non-emergency treatments are being postponed. On the back of this factor, the growth of the pancreatic and bile duct stone management market will be hindered in the near future.
Common Bile Duct Stone Indication Dominating Pancreatic and Bile Duct Stone Management Market
Prevalence of common bile duct stones due to gallstones and other conditions are growing rapidly. Gallstone-related bile duct stone conditions requiring stone retrieval ERCP procedures are becoming more frequent. Growing risk of such bile duct stone conditions demands minimally-invasive procedures for effective and safe treatment outcomes. For instance, in 2016, diagnosed common bile duct stones were estimated to be present in 10-20% of patients with symptomatic gallstones, worldwide. This epidemic is estimated to continue in the future.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the pancreatic and bile duct stone management market in its latest study, presenting historical demand assessment of 2014–2018 and projections for 2019–2029, on the basis of product (ERCP catheters, guidewires, sphincterotomes, dilation balloon catheters, extraction balloon catheters, extraction basket catheters, biliary stents, self-expandable biliary stents, dilation large-balloon catheters, mechanical lithotripsy, and electrohydraulic/laser lithotripsy), indication (bile duct stones and pancreatic stones), and end user (hospitals, ambulatory surgical centers, and specialty clinics), across seven key regions.
For additional insights on how the growth of the pancreatic and bile duct stone management market will unfold over the next decade, write to the analyst at email@example.com
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