The global market for managing pancreatic and bile duct stones is on a trajectory of significant growth, projected to reach a value of US$ 1.36 billion in 2024. This momentum is expected to continue, with a projected Compound Annual Growth Rate (CAGR) of 4.5% from 2024 to 2034, ultimately reaching US$ 2.12 billion by the end of the forecast period. The primary driver behind this expansion is the increasing prevalence of common bile duct and pancreatic stone diseases, leading to a surge in demand for stone retrieval and minimally invasive extraction techniques. The introduction of highly sophisticated endoscopic medical devices, coupled with ongoing technological advancements in products designed for managing pancreatic and bile duct stones, is further fueling this market growth.
Rising healthcare costs, early diagnosis, and a growing awareness of treatment options are shaping the market landscape. The focus on clinical efficacy and dedicated funding for the development of innovative products to treat these conditions are also contributing to market expansion. North America holds a commanding position in this market, currently accounting for over half of global revenue generation. This dominance is expected to persist throughout the next decade.
Key Takeaways:
* The global market for pancreatic and bile duct stone management is anticipated to expand at a CAGR of 4.5% from 2024 to 2034.
* By 2034, the market is expected to reach a value of US$ 2.12 billion.
* The United States market is projected to generate revenue of US$ 655 million in 2024.
* In 2024, China holds a significant 42.1% market share in East Asia.
* The South Korean market is poised to reach US$ 36 million in 2024.
* The North American market is projected to experience a CAGR of 4.3% from 2024 to 2034.
Innovation in Pancreatic and Bile Duct Stone Management
Advancements in equipment and endoscopic devices are playing a pivotal role in driving market growth. These advancements enhance the efficiency of managing pancreatic and bile duct stones, leading to increased demand for minimally invasive stone retrieval procedures. This is driving market growth. Key players in the market include 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, and Medtronic Inc.
South Korea: A Promising Market
South Korea’s healthcare system, characterized by its advancements in medical technology, is driving the adoption of pancreatic and bile duct stone management procedures. Patients are increasingly seeking treatment for these conditions due to the availability of sophisticated medical facilities and highly qualified medical staff. The rising incidence of pancreatic and bile duct disorders among the country’s aging population is further fueling the need for management solutions.
Recent Industry News:
* In December 2022, Boston Scientific Corporation announced its intention to acquire a majority stake in Acotec, a Chinese medical technology company specializing in products for interventional procedures.
* Calci Medica, Inc. conducted a Phase II clinical dose-ranging trial for Auxora in December 2022, focusing on patients with acute pancreatitis and systemic inflammatory response syndrome.
* AcelRx Pharmaceuticals, Inc. published findings in March 2022 from a comparison of two dialysis circuit anticoagulants, citrate anticoagulation (RCA) and napamostat, in pediatric patients undergoing continuous renal replacement therapy (CRRT).
Conclusion:
The global pancreatic and bile duct stone management market is poised for sustained growth, driven by a combination of factors, including the rising prevalence of these conditions, advancements in medical technology, and increased awareness of treatment options. The market is expected to continue to evolve, with innovation playing a key role in shaping the future of treatment and management.
