Rockville, MD, Oct. 07, 2024 (GLOBE NEWSWIRE) -- According to a new industry report released by Fact.MR, the global pancreatic and bile duct stone management market is estimated to reach US$ 1.36 billion in 2024 and further increase at 4.5% CAGR from 2024 to 2034.
Market expansion is being primarily driven by the increasing prevalence of common bile duct and pancreatic stone diseases, which has resulted in an increase in stone retrieval and minimally invasive stone extraction techniques. Introduction of highly sophisticated endoscopic medical devices and ongoing technological advancements in products for managing pancreatic and bile duct stones are also benefitting market players.
Factors such as rising healthcare costs, early diagnosis, and increased awareness of treatment options are important market trends. Increasing focus on clinical efficacy and funding for the creation of novel products for the treatment of pancreatic and bile duct stones are contributing to market expansion. North America is a key regional market and accounts for over half of global revenue generation at present. It will maintain its leading position over the next ten years as well.
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Key Takeaways from Market Study
- The global pancreatic and bile duct stone management market is projected to expand at a CAGR of 4.5% from 2024 to 2034.
- The market is forecasted to reach US$ 2.12 billion by the end of 2034.
- Revenue generated from the United States market is set to reach US$ 655 million in 2024.
- China accounts for 42.1% market share in East Asia in 2024.
- The market in South Korea is expected to reach US$ 36 million in 2024.
- The North American market is forecasted to expand at a CAGR of 4.3% from 2024 to 2034.
“Advancements in equipment and endoscopic devices contribute to market growth, enhancing the efficiency of managing pancreatic and bile duct stones. Increased demand for minimally invasive stone retrieval procedures is driving market growth,” says a Fact.MR analyst.
Leading Players Driving Innovation in Pancreatic and Bile Duct Stone Management Market:
Conmed Endoscopic Technologies; Boston Scientific Corporation; CR BARD Inc. (Becton, Dickinson and Company); Cordis (Cardinal Health Inc.); Zeon Medical Co., Ltd.; Medi-Globe (ENDO-Flex) GmbH; Taewoong Medical Co. Ltd.; Q3 Medical Device; Medtronic Inc.
Presence of Highly Qualified Medical Staff in South Korea Enhancing Patient Confidence
Improvements in South Korea's healthcare system and medical technology are driving the adoption of pancreatic and bile duct stone management procedures. Patients are seeking treatment for bile duct and pancreatic disorders because of its advanced medical facilities and highly qualified medical staff. The need for management solutions is further fueled by the rising incidence of pancreatic and bile duct disorders in South Korea among the country's aging population.
Pancreatic and Bile Duct Stone Management Industry News:
Boston Scientific Corporation stated in December 2022 that it would make a partial offer, up to a maximum of 65% of the company's shares, to acquire a majority stake in Acotec, a Chinese medical technology company that manufactures products for a range of interventional procedures.
- In December 2022, Calci Medica, Inc. conducted a Phase II clinical dose-ranging trial for Auxora in patients suffering from acute pancreatitis and systemic inflammatory response syndrome.
- In March 2022, AcelRx Pharmaceuticals, Inc. published findings from a comparison of two distinct dialysis circuit anticoagulants, citrate anticoagulation (RCA) and napamostat, in pediatric patients receiving continuous renal replacement therapy (CRRT).
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the pancreatic and bile duct stone management market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges the pancreatic and bile duct stone management market based on 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, electrohydraulic/laser lithotripsy), indication (pancreatic stones, bile duct stones), and end user (hospitals, ambulatory surgical centers, specialty clinics), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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