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Biliary stent is a tube that is inserted into the bile duct to alleviate the narrowing of the duct. Furthermore, they help in the treatment of hepatic blockage which includes jaundice, cholecystitis, cholangitis, and others. Additionally, various severe conditions like pancreatic cancer, liver cancer, bile duct, large intestine, gall stones, radiation therapy are some of the conditions that cause bile duct disorders. Furthermore, the rise in patient care management and increase in pancreatic cancer are anticipated to experience the market growth during the forecast period. Hence, biliary stents find wide applications among patients referring decreased cost of benign biliary strictures. According to, National Pancreas Foundation estimation in 2019 the prevalence of pancreatitis is 50 in 100,000 people.
Rise in biliary duct disorders, rise in geriatric population, rise in urbanization influencing sedentary lifestyle is the major driving factors of the biliary stent market during the forecast period. Moreover, a rise in surgical procedures, malignant biliary obstruction, biliary stricture and leakage of the bile duct are also propelling the growth of the market in the near future. Furthermore, the rise in technological advancement are boosting the growth of the market. For instance, minimally invasive procedures that help in the patient’s early diagnosis, quick treatment, and faster recovery, plastic stents provide greater procedure control, efficiency for navigation into tight strictures in the bile duct.
Key Market Driver -
Increase in prevalence of biliary duct and pancreatic disorders
Key Market Restraint -
Stringent government regulation
In addition to this, manufacturers are focusing on product development, more market penetration owing to rise in biliary and pancreatic disorders, rise in chronic diseases is positively influencing the market growth. For instance, Boston Scientific Corporation has positioned all its biliary stents for treatment of benign biliary strictures which is secondary to chronic pancreatic. Moreover, increase in government initiatives towards biliary disorders awareness is propelling the growth the market. In addition to this, the usage of biodegradable stents and smart phones applications is emerging as the potential opportunities for the growth of the market.
However, lack of skilled professionals, lack of technology penetration, high cost of the procedures, and increase in usage of substitutes for the procedure are hindering the growth of the market.
The major companies in the biliary stent market report include Boston Scientific Corporation, Cook, Medtronic, Richard Wolf GmbH, Olympus Corporation, BD, Stryker, CONMED Corporation, and KARL STORZ.
Geographically, the biliary stents market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is dominating the market owing to the rise in the prevalence of bile duct disorders, a rise in healthcare expenditure, and early adoption of technology. Europe is the second-largest contributor in the market owing to the rise in healthcare awareness and improved healthcare infrastructure.
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Asia Pacific is anticipated to witness lucrative growth owing to the rise in geriatric population, increase in healthcare awareness, and government initiatives related to bile duct disorder treatments, increases in pancreatic and bile duct infections research and development activities. Middle East and Africa are also expecting to experience lucrative growth owing to rise healthcare awareness.
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