United States, Rockville MD, Sept. 13, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global demand for biliary stents is currently valued at US$ 315.4 million and is expected to rise at a CAGR of 5% from 2022 to 2027.
A stent is a plastic or metal tube that is put into a human body’s lumen or duct to maintain the passageway's openness. The term 'biliary' refers to the bile duct, a long, tube-like structure that carries bile fluid. In the process of breaking down food, bile is crucial. Biliary stents are used to treat biliary diseases.
In 1979, biliary stents were initially used to treat malignant biliary strictures, which marked a paradigm shift in the treatment of biliary disorders. Biliary stents are utilized for a variety of conditions, including biliary strictures, leaking bile ducts, and malignant biliary blockage.
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The growing number of people across the world being diagnosed with chronic liver disease and bile duct cancer is anticipated to fuel global demand for biliary stents.
The market is also expected to increase as a result of the rapidly increasing number of minimally-invasive surgeries and the use of robotics, which enable physicians to carry out a variety of difficult procedures with accuracy and adaptability. Furthermore, compared to conventional surgery, robotic-associated bile duct surgical procedure offers advantages such as shorter hospital stays, lower infection risks, and speedier recovery.
For instance,
- The American Cancer Society (2021) estimates that 8,000 Americans would be diagnosed with bile duct cancer each year.
Since these tumours can frequently be difficult to identify and may be mistakenly categorized as another type of cancer, the real number of cases is anticipated to be greater. An existing tumour that is blocking the bile duct may become larger as a result of bile duct cancer. In such cases, biliary stent insertion can aid in optimal bile drainage.
High Prevalence of Gastrointestinal Disorders Needing Treatment
The number of choices for treating pancreatic and biliary illnesses has risen as a result of improvements in gastrointestinal surgery during the past few decades. Compared to conventional open surgical procedures, gastrointestinal therapies have lesser risks.
Before the emergence of stents, surgery was the main treatment for biliary blockage. The mainstay of pancreas divisum therapy is done with the use of pancreatic and biliary stents, as well as emerging technologies such as biodegradable biliary stents and bioabsorbable stents, which have expanded the possibilities for the open surgical treatment of complicated lesions.
Key Takeaways from Market Study
- Global sales of biliary stents are projected to reach US$ 402.5 million by 2027.
- The hospitals segment is predicted to expand at a CAGR of 6% in the biliary stents market from 2022 to 2027.
- The market for biliary stents in China is anticipated to reach a valuation of US$ 83 million by 2027.
- Currently, biliary stent sales account for 2.3% share of the global stents market.
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Key Segments in Biliary Stents Industry Research
- By Type :
- Metal Biliary Stents
- Plastic Biliary Stents
- By Application :
- Bilio-pancreatic Leakages
- Pancreatic Cancer
- Benign Biliary Structures
- Gallstones
- Others
- By End User :
- Hospitals
- Specialty Clinics
- Ambulatory Surgical Centres
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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Winning Strategy
The biliary stents market is fragmented and characterized by oligopolistic rivalry between select groups of well-known manufacturers. The market has a patent pool, and therefore, established manufacturers are looking towards newer ways to generate income.
Several businesses, including Cook Medical Inc., CONMED Corporation, Boston Scientific Corporation, and many others, are vying for a higher market share in emerging markets due to the lucrative growth opportunities in these markets.
To increase their market shares, manufacturers of biliary stents are investing heavily and putting strong emphasis on the introduction of cutting-edge technologies.
- For instance, in January 2019, AMG International GmbH's 'ARCHIMEDES' biodegradable biliary and pancreatic stents got European CE mark clearance.
Recent Developments and Innovations in Biliary Stents Market
- Boston Scientific Corporation declared in October 2021 that its Advanix biliary plastic stents now have both the CE Mark and 510(k) clearance from the U.S. Food and Drug Administration. The clearance will expand the company's product line, increasing the company's revenue.
- Olympus Corporation introduced its self-expanding metal stent, the HANAROSTENT, in July 2020. FDA 510(k) clearance has been granted for the Hanarostent biliary stent.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the biliary stents market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of type (metal biliary stents, plastic biliary stents), application (bilio-pancreatic leakages, pancreatic cancer, benign biliary structures, gallstones, others), and end user (hospitals, specialty clinics, ambulatory surgery centers, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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Bio-Engineered Stent Market: Rapidly increasing incidence as well as prevalence of the cardiovascular diseases in developed as well as developing world expected to be the major driving factor in the bio-engineered stent market. Increasing early diagnosis rate of CVD through scheduled body checkup subsequently increases treatment seeking rate which in turn expected to drive the growth of the bio-engineered stent market.
Endovascular Stent market: The global endovascular stent market manifests a considerable growth during the forecast period owing to rise in prevalence of cardiovascular complications. Based on the product, the endovascular aneurysm repair (EVAR) stent segment hold the largest share owing to the technological advancement in the surgical devices anticipated the rising demand for the EVAR stents in the global endovascular stent market.
Iliac Artery Stents Market : An iliac artery stent is small wire mesh which is used to treat the patient suffering from cardiovascular disorder. Iliac artery stent has its crucial application in holding open the iliac artery for the patent suffering from arteriosclerosis. Generally, iliac arteries are of two types, internal and external iliac arteries. The major role of the iliac artery is to carry blood from the heart to pelvis and legs. Atherosclerosis is a severe disease which affects the blood vessels such as iliac artery.
Arterial Stents Market : According to the latest analysis and report published by Fact.MR, the demand for arterial stents market is likely to grow at a steady pace between 2021 and 2031. Sensing the opportunities, key players are relying on innovations, sustainability, and product development to gain a major share in the market. For instance, in April 2021, BIOTRONIK announced the launch of its newest suite of tools for the more specialized implanting procedures in the His-bundle cardiac conduction system. The company plans to present the tools to cardiologists of the European Heart Rhythm Association’s (EHRA) online congress.
Coronary Stents Market : Global sales of coronary stents were valued at around US$ 10.1 Bn in 2020. The global coronary stents market is projected to register 12.9% CAGR and reach a valuation of US$ 25.7 Bn by the end of 2028. Increasing consumption of drug eluting stents, which contribute around 80% share to the overall market size, is significantly driving market expansion.
Bioabsorbable Stents Market : The bioabsorbable stents market is predicted to grow at a moderate CAGR of 9.6% through 2032. The bioabsorbable stents market share is estimated to reach a value of nearly US$ 1 Billion by 2032 from US$ 372 Million in 2021. The benefit of such stents is their disintegrating within the body within a definite time period that has effected it as the most preferred mode of treatment, propelling the bioabsorbable stents market opportunities in the healthcare sector.
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