NEW YORK, March 16, 2022 (GLOBE NEWSWIRE) — The Global Biliary Stents Market size is estimated to grow at a CAGR of around 5.3% during the forecast period and touch a value of over US$ 500 Mn by 2028.
The growing prevalence of bile duct and pancreatic cancer is the prominent factor contributing to the growth of global biliary stents market. According to the American Cancer Society, Inc., roughly 8,000 people in the United States are diagnosed with bile duct cancer each year. Furthermore, the same organization states that pancreatic cancer accounted for around 3% of all malignancies in the United States and approximately 7% of all cancer deaths in 2019. Thus, the growing number of cancer cases has upsurged the demand for the biliary stents market. However, the market suffered a significant downturn during the COVID-19 pandemic as most of the gastrointestinal treatments were postponed in 2020. The UK’s National Endoscopy Database (NED) statistics suggest that cancer detection was also decreased by 58%, which eventually reduced pancreatic cancer surgical procedures.
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Global Biliary Stents Market Dynamics
Growing awareness for the biliary stents procedures worldwide has driven the demand for the biliary stents market. An increasing number of government initiatives to provide quality treatment for gastrointestinal disorders is the key reason for the widespread awareness of biliary stents among developed and developing economies. Gastrointestinal disorders such as gallstones are a serious concern among the U.S. population, which is creating a growth opportunity for the biliary stents industry. Additionally, the rising number of chronic liver disease cases is also expected to propel the biliary stent market. According to the Center for Disease Control and Prevention (CDC), in 2021, more than 4 million cases were diagnosed with chronic liver diseases in the United States. Chronic liver disease can cause an inflammation in the liver potentially leading to bile duct blockage, thereby requiring the placement of the biliary stent.
However, stringent guidelines from government organization such as FDA and post-operative complications due to the placement of biliary stents are some of the factors that are creating hurdle in the widespread growth of the market. Furthermore, growing technological advancements in the stents industry and development of biodegradable stents are likely to provide numerous growth opportunities for the market in the coming years.
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Global Biliary Stents Market Segmentation
The biliary stents market is categorized into product type, application, and region. The product type segment is bifurcated into metal stents and plastic stents. Based on application, the market is split into pancreatic cancer, gallstones, bilio-pancreatic leakages, benign biliary structures, and others. Hospitals, ambulatory surgical centers, specialty clinics, and others are covered under the end-use segment. Furthermore, the regional segmentation includes North America, Latin America, Asia-Pacific, Europe, and the Middle East, and Africa.
Numerous advantages of metal stents as compared to plastic stents have created an opportunity for the market
Among product types, the metal stents segment held the majority of the share in 2020 and is likely to continue its dominance throughout the forecast period 2021 – 2028. High growth in the segment is credited to the ease of insertion, longer patency because of the large luminal diameters, lower possibility of dislodgement or migration, higher longevity, and widespread use in interventional endoscopy for various malignant obstructions.
Increasing number of ERCP and PTC procedures boost the hospitals segment growth
Based on end-use, the hospitals segment occupied the largest share in 2020. The growing number of procedures performed in the hospitals such as percutaneous transhepatic cholangiography (PTC) and endoscopic retrograde cholangio-pancreatography (ERCP) for different disease indications are fueling the market demand. In addition to that, favorable reimbursement policies, the presence of skilled medical professionals, and increased government initiatives to provide quality treatment for different types of cancers are the factors that are also driving the segmental growth in the coming years.
Biliary Stents Market Regional Analysis
The widespread growth in cancer patients in the U.S. stimulates the North American market
In 2020, the North American region was the highest revenue-generating segment among all the regions. The growing incidence of cancer cases in the region primarily drives the North America biliary stents market demand. For instance, according to the American Cancer Society, Inc., in 2021 there were around 1.9 million new cases of cancer diagnosed and 608,570 cancer deaths in the U.S. Then again, favorable government scenarios, presence of major players, high incidence of gastrointestinal disorders, and growing elderly population are some of the factors that are likely to surge the demand for North America region during the forecast timeframe.
The biliary stents market involves many key players. The top players presented in the report include Abbott Laboratories, B. Braun Melsungen AG, Becton, Dickinson and Company, Boston Scientific Corporation, Cardinal Health, CONMED Corporation, Cook Medical Inc., ENDO-FLEX GmbH, M.I. Tech, Medtronic plc, Merit Medical Systems, and Olympus Corporation.
Producers of biliary stents are working on expanding their operations to boost production capacity and fulfill increased consumer demand in different locations.
For instance, in October 2020 – Olympus Corporation announced the launch of its VorticCatchV and StoneMasterV EndoTherapy devices. These devices are designed to increase efficiency in bile duct stone management and retrieval for endoscopic retrograde cholangiopancreatography (ERCP).
Furthermore, in July 2020 – Olympus Corporation announced the launch of their self-expanding metal stent (SEMS) – HANAROSTENT Esophagus TTS. Also, the company announced the 510(k) clearance for HANAROSTENT Esophagus TTS on the same date.
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